Maxim Group Reiterates “Buy” Rating for ABM Industries (NYSE:ABM)
Maxim Group reiterated their buy rating on shares of ABM Industries (NYSE:ABM) in a report published on Friday, AnalystRatings.com reports. They currently have a $50.00 price objective on the business services provider’s stock.
“We increase our $2.62 (from $2.56) as we believe recent results and guidance from Cintas (CTAS – Not Rated) suggest demand for ABM’s facility services, including energy efficiency projects, will continue to increase.”,” the firm’s analyst commented.
Other analysts have also issued research reports about the company. Zacks Investment Research lowered GENEL ENERGY PL/ADR from a buy rating to a hold rating in a research note on Tuesday, May 7th. ValuEngine raised YY from a sell rating to a hold rating in a research note on Friday, June 7th. Finally, KeyCorp boosted their price objective on Vipshop from $10.00 to $11.00 and gave the stock an overweight rating in a research note on Friday, April 5th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $41.71.
ABM Industries (NYSE:ABM) last announced its quarterly earnings results on Wednesday, June 5th. The business services provider reported $0.47 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.06. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.61 billion. ABM Industries had a return on equity of 8.82% and a net margin of 1.33%. ABM Industries’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.47 EPS. As a group, research analysts anticipate that ABM Industries will post 2.03 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Friday, July 5th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend is Wednesday, July 3rd. ABM Industries’s dividend payout ratio is currently 38.10%.
In other ABM Industries news, Director Linda Chavez sold 6,000 shares of the business’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $40.00, for a total value of $240,000.00. Following the transaction, the director now owns 21,070 shares of the company’s stock, valued at $842,800. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Scott B. Salmirs sold 7,699 shares of the business’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $41.41, for a total value of $318,815.59. Following the completion of the transaction, the insider now directly owns 160,758 shares in the company, valued at approximately $6,656,988.78. The disclosure for this sale can be found here. In the last three months, insiders sold 22,457 shares of company stock worth $887,503. Insiders own 0.94% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp raised its position in shares of ABM Industries by 14.4% in the fourth quarter. Bank of New York Mellon Corp now owns 1,121,460 shares of the business services provider’s stock valued at $36,010,000 after buying an additional 140,814 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of ABM Industries by 7.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,308,210 shares of the business services provider’s stock valued at $138,334,000 after buying an additional 314,837 shares during the last quarter. California State Teachers Retirement System increased its position in ABM Industries by 2.6% during the fourth quarter. California State Teachers Retirement System now owns 107,831 shares of the business services provider’s stock worth $3,462,000 after purchasing an additional 2,728 shares during the last quarter. Geode Capital Management LLC increased its position in ABM Industries by 7.4% during the fourth quarter. Geode Capital Management LLC now owns 700,426 shares of the business services provider’s stock worth $22,490,000 after purchasing an additional 47,990 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in ABM Industries by 2.1% during the fourth quarter. Principal Financial Group Inc. now owns 542,699 shares of the business services provider’s stock worth $17,426,000 after purchasing an additional 10,988 shares during the last quarter.
ABM Industries Company Profile
ABM Industries Incorporated provides integrated facility solutions in the United States and internationally. It operates through Business & Industry, Aviation, Technology & Manufacturing, Education, Technical Solutions, and Healthcare segments. The company offers janitorial, electrical and lighting, energy, facilities engineering, HVAC and mechanical, landscape and turf, mission critical, and parking solutions.
Read More: Cost of Goods Sold (COGS)
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