ABM Industries (NYSE:ABM) Releases Earnings Results, Beats Expectations By $0.05 EPS

ABM Industries (NYSE:ABMGet Rating) posted its quarterly earnings results on Wednesday. The business services provider reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.05, Briefing.com reports. The business had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. ABM Industries had a net margin of 2.06% and a return on equity of 15.11%. ABM Industries’s revenue for the quarter was up 26.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.82 earnings per share. ABM Industries updated its FY 2022 guidance to $3.50-$3.70 EPS and its FY22 guidance to $3.50-$3.70 EPS.

ABM Industries stock opened at $43.48 on Friday. The stock has a market capitalization of $2.91 billion, a PE ratio of 20.41 and a beta of 1.10. ABM Industries has a twelve month low of $38.44 and a twelve month high of $54.00. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.59. The company has a 50 day moving average of $47.71 and a 200-day moving average of $45.03.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Thursday, July 7th will be paid a $0.195 dividend. This represents a $0.78 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Wednesday, July 6th. ABM Industries’s payout ratio is presently 36.62%.

A number of equities research analysts recently weighed in on the stock. StockNews.com raised shares of ABM Industries from a “hold” rating to a “buy” rating in a research note on Friday, May 13th. Deutsche Bank Aktiengesellschaft upped their target price on shares of ABM Industries from $62.00 to $65.00 in a research note on Wednesday, April 20th. Finally, Zacks Investment Research downgraded shares of ABM Industries from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a research note on Friday. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, ABM Industries currently has a consensus rating of “Buy” and an average price target of $56.67.

In other news, EVP Raul Javier Valentin sold 1,109 shares of the company’s stock in a transaction that occurred on Monday, May 9th. The shares were sold at an average price of $45.64, for a total value of $50,614.76. Following the completion of the transaction, the executive vice president now owns 14,337 shares in the company, valued at $654,340.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Dean A. Chin sold 3,657 shares of the company’s stock in a transaction that occurred on Monday, May 2nd. The shares were sold at an average price of $48.13, for a total transaction of $176,011.41. Following the completion of the transaction, the chief accounting officer now owns 26,052 shares of the company’s stock, valued at approximately $1,253,882.76. The disclosure for this sale can be found here. Insiders sold 22,132 shares of company stock valued at $1,049,088 in the last quarter. Corporate insiders own 0.54% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its holdings in ABM Industries by 3.5% during the fourth quarter. BlackRock Inc. now owns 10,841,075 shares of the business services provider’s stock worth $442,858,000 after purchasing an additional 369,857 shares during the last quarter. State Street Corp boosted its holdings in ABM Industries by 19.3% during the first quarter. State Street Corp now owns 7,059,579 shares of the business services provider’s stock worth $325,023,000 after purchasing an additional 1,140,097 shares during the last quarter. Wasatch Advisors Inc. boosted its holdings in ABM Industries by 11.3% during the first quarter. Wasatch Advisors Inc. now owns 676,742 shares of the business services provider’s stock worth $31,157,000 after purchasing an additional 68,587 shares during the last quarter. Morgan Stanley boosted its holdings in ABM Industries by 75.9% during the second quarter. Morgan Stanley now owns 380,239 shares of the business services provider’s stock worth $16,863,000 after purchasing an additional 164,051 shares during the last quarter. Finally, Barclays PLC boosted its holdings in ABM Industries by 0.8% during the fourth quarter. Barclays PLC now owns 320,613 shares of the business services provider’s stock worth $13,097,000 after purchasing an additional 2,521 shares during the last quarter. Institutional investors and hedge funds own 94.65% of the company’s stock.

About ABM Industries (Get Rating)

ABM Industries Incorporated provides integrated facility solutions in the United States and internationally. The company operates through Business & Industry, Technology & Manufacturing, Education, Aviation, and Technical Solutions segments. It provides janitorial, facilities engineering, parking, custodial, landscaping and ground, and mechanical and electrical services; and vehicle maintenance and other services to rental car providers.

Further Reading

Earnings History for ABM Industries (NYSE:ABM)

Receive News & Ratings for ABM Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ABM Industries and related companies with MarketBeat.com's FREE daily email newsletter.