ABM Industries Incorporated (ABM) Upgraded at BidaskClub
BidaskClub upgraded shares of ABM Industries Incorporated (NYSE:ABM) from a buy rating to a strong-buy rating in a research report released on Saturday.
Other equities research analysts have also recently issued research reports about the company. Zacks Investment Research upgraded ABM Industries from a hold rating to a buy rating and set a $48.00 price objective for the company in a research note on Monday, July 17th. Robert W. Baird set a $47.00 price objective on ABM Industries and gave the company a buy rating in a research note on Thursday, August 24th. Finally, Sidoti upgraded ABM Industries from a neutral rating to a buy rating and boosted their price objective for the company from $49.00 to $55.00 in a research note on Thursday, July 13th. One investment analyst has rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. ABM Industries presently has an average rating of Buy and an average target price of $48.25.
Shares of ABM Industries (NYSE ABM) opened at 44.08 on Friday. ABM Industries has a 1-year low of $37.60 and a 1-year high of $45.12. The firm’s 50-day moving average is $43.62 and its 200-day moving average is $42.60. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of 195.91 and a beta of 0.80.
ABM Industries (NYSE:ABM) last issued its quarterly earnings data on Wednesday, June 7th. The business services provider reported $0.49 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.06. ABM Industries had a return on equity of 11.44% and a net margin of 0.25%. The company had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the previous year, the business earned $0.31 earnings per share. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. Analysts forecast that ABM Industries will post $1.95 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Thursday, July 6th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date was Monday, July 3rd. ABM Industries’s payout ratio is currently 283.33%.
In other news, SVP Dean A. Chin sold 632 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $44.95, for a total value of $28,408.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Rene Jacobsen sold 950 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $43.95, for a total value of $41,752.50. Following the completion of the transaction, the insider now directly owns 16,594 shares in the company, valued at approximately $729,306.30. The disclosure for this sale can be found here. In the last three months, insiders sold 8,925 shares of company stock worth $385,575. Corporate insiders own 1.30% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teachers Advisors LLC raised its position in ABM Industries by 8.3% in the fourth quarter. Teachers Advisors LLC now owns 94,147 shares of the business services provider’s stock worth $3,845,000 after buying an additional 7,191 shares during the last quarter. Bank of Montreal Can raised its position in ABM Industries by 14.0% in the first quarter. Bank of Montreal Can now owns 7,576 shares of the business services provider’s stock worth $331,000 after buying an additional 931 shares during the last quarter. Louisiana State Employees Retirement System raised its position in ABM Industries by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 22,600 shares of the business services provider’s stock worth $985,000 after buying an additional 200 shares during the last quarter. State of Alaska Department of Revenue raised its position in ABM Industries by 1.8% in the first quarter. State of Alaska Department of Revenue now owns 6,160 shares of the business services provider’s stock worth $268,000 after buying an additional 110 shares during the last quarter. Finally, ProShare Advisors LLC raised its position in ABM Industries by 15.2% in the first quarter. ProShare Advisors LLC now owns 160,657 shares of the business services provider’s stock worth $7,005,000 after buying an additional 21,231 shares during the last quarter. 91.49% of the stock is currently owned by institutional investors and hedge funds.
About ABM Industries
ABM Industries Incorporated is a provider of integrated facility solutions. The Company operates through five segments: Janitorial, Facility Services, Parking, Building & Energy Solutions, and other. Its Janitorial segment provides a range of cleaning services for commercial office buildings, data centers, educational institutions, government buildings, health facilities, industrial buildings, retail stores, sport event facilities and transportation hubs.
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