Q2 2024 EPS Estimates for ABM Industries Incorporated Lifted by Analyst (NYSE:ABM)

ABM Industries Incorporated (NYSE:ABM) – Equities researchers at Zacks Research lifted their Q2 2024 earnings estimates for ABM Industries in a research report issued on Thursday, March 28th. Zacks Research analyst S. Bose now expects that the business services provider will post earnings of $0.76 per share for the quarter, up from their prior estimate of $0.75. The consensus estimate for ABM Industries’ current full-year earnings is $3.38 per share. Zacks Research also issued estimates for ABM Industries’ Q3 2024 earnings at $0.78 EPS, FY2024 earnings at $3.31 EPS, Q4 2025 earnings at $0.85 EPS, Q1 2026 earnings at $0.89 EPS and FY2026 earnings at $4.04 EPS.

ABM Industries (NYSE:ABM) last released its earnings results on Thursday, March 7th. The business services provider reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.14. ABM Industries had a net margin of 3.15% and a return on equity of 12.88%. The business had revenue of $2.07 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter in the previous year, the company earned $0.79 earnings per share. The company’s quarterly revenue was up 3.9% on a year-over-year basis.

A number of other analysts also recently commented on ABM. StockNews.com downgraded shares of ABM Industries from a “buy” rating to a “hold” rating in a report on Saturday, February 3rd. Truist Financial increased their price objective on shares of ABM Industries from $43.00 to $53.00 and gave the company a “hold” rating in a report on Thursday, December 14th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $45.20.

ABM Industries Stock Up 0.5 %

ABM opened at $44.62 on Friday. The company has a market cap of $2.82 billion, a PE ratio of 11.41 and a beta of 1.15. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.71. ABM Industries has a twelve month low of $37.61 and a twelve month high of $53.05. The company has a 50-day moving average price of $41.73 and a 200 day moving average price of $41.88.

Institutional Investors Weigh In On ABM Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Quadrature Capital Ltd raised its holdings in shares of ABM Industries by 203.0% in the 4th quarter. Quadrature Capital Ltd now owns 37,990 shares of the business services provider’s stock valued at $1,703,000 after purchasing an additional 25,453 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of ABM Industries by 8.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 235,754 shares of the business services provider’s stock valued at $10,569,000 after purchasing an additional 18,892 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of ABM Industries in the 4th quarter valued at $381,000. Price T Rowe Associates Inc. MD raised its stake in ABM Industries by 6.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 38,138 shares of the business services provider’s stock worth $1,710,000 after acquiring an additional 2,305 shares in the last quarter. Finally, Clarity Asset Management Inc. acquired a new stake in ABM Industries during the 4th quarter worth $54,000. 91.62% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, COO Rene Jacobsen sold 5,563 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $43.59, for a total transaction of $242,491.17. Following the completion of the transaction, the chief operating officer now owns 111,677 shares of the company’s stock, valued at approximately $4,868,000.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other ABM Industries news, COO Rene Jacobsen sold 5,563 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $43.59, for a total value of $242,491.17. Following the completion of the transaction, the chief operating officer now owns 111,677 shares of the company’s stock, valued at approximately $4,868,000.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Dean A. Chin sold 5,465 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $44.89, for a total transaction of $245,323.85. Following the completion of the transaction, the chief accounting officer now directly owns 19,972 shares of the company’s stock, valued at approximately $896,543.08. The disclosure for this sale can be found here. 1.04% of the stock is currently owned by corporate insiders.

ABM Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 6th. Investors of record on Thursday, April 4th will be given a dividend of $0.225 per share. The ex-dividend date of this dividend is Wednesday, April 3rd. This represents a $0.90 dividend on an annualized basis and a dividend yield of 2.02%. ABM Industries’s payout ratio is currently 23.02%.

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.