KeyCorp Brokers Cut Earnings Estimates for ABM Industries Incorporated (NYSE:ABM)

ABM Industries Incorporated (NYSE:ABMGet Rating) – Research analysts at KeyCorp reduced their Q4 2022 earnings estimates for ABM Industries in a report issued on Wednesday, September 14th. KeyCorp analyst S. Eastman now expects that the business services provider will post earnings of $0.89 per share for the quarter, down from their previous forecast of $0.90. The consensus estimate for ABM Industries’ current full-year earnings is $3.66 per share. KeyCorp also issued estimates for ABM Industries’ FY2023 earnings at $3.76 EPS.

ABM Industries (NYSE:ABMGet Rating) last issued its earnings results on Friday, September 9th. The business services provider reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.04. The firm had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.91 billion. ABM Industries had a net margin of 2.88% and a return on equity of 14.88%. The business’s revenue was up 27.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.90 earnings per share.

A number of other analysts have also issued reports on the stock. TheStreet raised shares of ABM Industries from a “c+” rating to a “b-” rating in a research note on Monday, August 15th. Robert W. Baird decreased their price objective on ABM Industries from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Monday, September 12th. Finally, StockNews.com downgraded 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 assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $57.33.

ABM Industries Stock Down 2.5 %

Shares of ABM opened at $40.13 on Friday. The firm has a market capitalization of $2.65 billion, a P/E ratio of 12.62 and a beta of 1.04. ABM Industries has a 12-month low of $38.08 and a 12-month high of $54.00. The company has a current ratio of 1.21, a quick ratio of 1.18 and a debt-to-equity ratio of 0.60. The firm has a fifty day moving average price of $44.85 and a 200-day moving average price of $45.48.

Hedge Funds Weigh In On ABM Industries

Large investors have recently added to or reduced their stakes in the company. Pinebridge Investments L.P. raised its holdings in ABM Industries by 487.0% in the second quarter. Pinebridge Investments L.P. now owns 587 shares of the business services provider’s stock worth $25,000 after purchasing an additional 487 shares in the last quarter. C M Bidwell & Associates Ltd. bought a new position in ABM Industries in the second quarter worth about $38,000. Operose Advisors LLC bought a new position in ABM Industries in the first quarter worth about $41,000. Assetmark Inc. grew its stake in shares of ABM Industries by 104.1% during the second quarter. Assetmark Inc. now owns 951 shares of the business services provider’s stock worth $41,000 after acquiring an additional 485 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its stake in shares of ABM Industries by 1,691.7% during the second quarter. First Horizon Advisors Inc. now owns 2,150 shares of the business services provider’s stock worth $92,000 after acquiring an additional 2,030 shares during the last quarter. 94.21% of the stock is currently owned by institutional investors.

Insider Activity at ABM Industries

In other ABM Industries news, CAO Dean A. Chin sold 1,209 shares of the business’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $48.00, for a total value of $58,032.00. Following the completion of the transaction, the chief accounting officer now directly owns 23,515 shares in the company, valued at $1,128,720. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.54% of the stock is currently owned by corporate insiders.

ABM Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 7th. Investors of record on Thursday, October 6th will be issued a $0.195 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.78 annualized dividend and a dividend yield of 1.94%. ABM Industries’s payout ratio is currently 24.53%.

About ABM Industries

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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.

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Earnings History and Estimates for ABM Industries (NYSE:ABM)

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