ABM Industries (NYSE:ABM) Releases Earnings Results, Beats Expectations By $0.04 EPS

ABM Industries (NYSE:ABMGet Rating) released its earnings results on Friday. The business services provider reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.04, Briefing.com reports. The company had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.91 billion. ABM Industries had a return on equity of 14.99% and a net margin of 2.06%. The company’s revenue for the quarter was up 27.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 earnings per share. ABM Industries updated its FY 2022 guidance to $3.60-$3.70 EPS and its FY22 guidance to $3.60-3.70 EPS.

ABM Industries Stock Performance

Shares of NYSE:ABM traded down $0.06 during midday trading on Friday, hitting $46.00. The company’s stock had a trading volume of 480,037 shares, compared to its average volume of 206,646. The stock has a market capitalization of $3.07 billion, a price-to-earnings ratio of 14.47 and a beta of 1.04. The stock’s 50 day simple moving average is $44.96 and its 200 day simple moving average is $45.60. ABM Industries has a fifty-two week low of $38.08 and a fifty-two week high of $54.00. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.18 and a current ratio of 1.18.

Wall Street Analyst Weigh In

ABM has been the subject of several recent research reports. TheStreet upgraded ABM Industries from a “c+” rating to a “b-” rating in a report on Monday, August 15th. Robert W. Baird increased their price objective on ABM Industries from $50.00 to $53.00 and gave the stock an “outperform” rating in a report on Friday, August 19th. Finally, StockNews.com lowered ABM Industries from a “buy” rating to a “hold” rating in a report on Monday, June 13th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.67.

Insider Buying and Selling

In related news, CAO Dean A. Chin sold 1,209 shares of ABM Industries stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $48.00, for a total transaction of $58,032.00. Following the sale, the chief accounting officer now directly owns 23,515 shares of the company’s stock, valued at $1,128,720. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CAO Dean A. Chin sold 1,209 shares of ABM Industries stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $48.00, for a total transaction of $58,032.00. Following the sale, the chief accounting officer now directly owns 23,515 shares of the company’s stock, valued at $1,128,720. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Joshua H. Feinberg bought 6,330 shares of the firm’s stock in a transaction that occurred on Monday, June 13th. The shares were purchased at an average cost of $39.16 per share, for a total transaction of $247,882.80. Following the completion of the transaction, the executive vice president now owns 63,048 shares of the company’s stock, valued at $2,468,959.68. The disclosure for this purchase can be found here. 0.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Delphia USA Inc. bought a new position in ABM Industries during the first quarter worth about $202,000. Ethic Inc. bought a new position in shares of ABM Industries in the first quarter valued at approximately $212,000. Walleye Capital LLC bought a new position in shares of ABM Industries in the second quarter valued at approximately $202,000. Wellington Management Group LLP bought a new position in shares of ABM Industries in the first quarter valued at approximately $253,000. Finally, Captrust Financial Advisors raised its stake in shares of ABM Industries by 18.5% in the first quarter. Captrust Financial Advisors now owns 5,913 shares of the business services provider’s stock valued at $272,000 after acquiring an additional 922 shares during the last quarter. Institutional investors own 94.21% of the company’s stock.

ABM Industries Company Profile

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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.

See Also

Earnings History for ABM Industries (NYSE:ABM)

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