ABM Industries (NYSE:ABM) Downgraded by StockNews.com to Hold

StockNews.com cut shares of ABM Industries (NYSE:ABM) from a buy rating to a hold rating in a research report report published on Friday.

A number of other brokerages also recently issued reports on ABM. UBS Group boosted their price target on ABM Industries from $45.00 to $51.00 and gave the company a neutral rating in a report on Friday, June 7th. Robert W. Baird boosted their target price on ABM Industries from $48.00 to $49.00 and gave the company a neutral rating in a research note on Monday, June 10th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $48.80.

ABM Industries Price Performance

Shares of ABM Industries stock opened at $54.75 on Friday. The stock has a market capitalization of $3.44 billion, a P/E ratio of 14.33 and a beta of 1.16. ABM Industries has a one year low of $37.61 and a one year high of $56.30. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.44 and a quick ratio of 1.44. The business’s 50 day simple moving average is $51.03 and its two-hundred day simple moving average is $45.88.

ABM Industries (NYSE:ABM) last posted its quarterly earnings results on Thursday, June 6th. The business services provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.08. The company had revenue of $2.02 billion during the quarter, compared to analyst estimates of $2 billion. ABM Industries had a net margin of 3.04% and a return on equity of 12.52%. The firm’s revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.90 EPS. Analysts forecast that ABM Industries will post 3.46 EPS for the current year.

ABM Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Friday, July 5th will be given a $0.225 dividend. This represents a $0.90 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Friday, July 5th. ABM Industries’s dividend payout ratio is currently 23.56%.

Insider Activity at ABM Industries

In other ABM Industries news, CEO Scott B. Salmirs sold 25,000 shares of the stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $48.90, for a total value of $1,222,500.00. Following the completion of the transaction, the chief executive officer now owns 378,391 shares in the company, valued at $18,503,319.90. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Scott B. Salmirs sold 25,000 shares of the business’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $48.90, for a total transaction of $1,222,500.00. Following the sale, the chief executive officer now owns 378,391 shares of the company’s stock, valued at $18,503,319.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Dean A. Chin sold 2,042 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $50.70, for a total transaction of $103,529.40. Following the completion of the sale, the chief accounting officer now owns 18,493 shares in the company, valued at approximately $937,595.10. The disclosure for this sale can be found here. Insiders have sold 78,778 shares of company stock worth $4,039,248 over the last ninety days. 1.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. TD Asset Management Inc bought a new position in shares of ABM Industries during the second quarter valued at $496,000. Pzena Investment Management LLC bought a new stake in ABM Industries during the 2nd quarter valued at about $21,032,000. Farther Finance Advisors LLC raised its holdings in ABM Industries by 32,916.7% in the second quarter. Farther Finance Advisors LLC now owns 5,943 shares of the business services provider’s stock worth $298,000 after buying an additional 5,925 shares during the last quarter. Innealta Capital LLC bought a new position in shares of ABM Industries in the second quarter worth approximately $142,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of ABM Industries by 15.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,072 shares of the business services provider’s stock valued at $712,000 after buying an additional 1,856 shares during the last quarter. Hedge funds and other institutional investors own 91.62% of the company’s stock.

ABM Industries Company Profile

ABM Industries Incorporated, through its subsidiaries, engages in the provision of integrated facility, infrastructure, and mobility solutions in the United States and internationally. It operates through Business & Industry, Manufacturing & Distribution, Education, Aviation, and Technical Solutions segments.