ABM Industries Incorporated (NYSE:ABM – Get Rating) – Analysts at KeyCorp increased their Q2 2023 earnings estimates for shares of ABM Industries in a note issued to investors on Tuesday, May 23rd. KeyCorp analyst S. Eastman now forecasts that the business services provider will post earnings of $0.86 per share for the quarter, up from their previous forecast of $0.84. The consensus estimate for ABM Industries’ current full-year earnings is $3.50 per share. KeyCorp also issued estimates for ABM Industries’ Q3 2023 earnings at $0.89 EPS, FY2024 earnings at $3.99 EPS and FY2025 earnings at $4.34 EPS.
ABM Industries (NYSE:ABM – Get Rating) last issued its earnings results on Wednesday, March 8th. The business services provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02. ABM Industries had a net margin of 2.45% and a return on equity of 13.85%. The company had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $2.02 billion. During the same period in the prior year, the firm earned $0.94 EPS. ABM Industries’s quarterly revenue was up 2.8% compared to the same quarter last year.
ABM Industries Stock Performance
Shares of ABM Industries stock opened at $43.08 on Thursday. The firm has a market capitalization of $2.85 billion, a P/E ratio of 14.96 and a beta of 1.09. The company’s 50 day moving average price is $43.26 and its two-hundred day moving average price is $45.06. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.30 and a quick ratio of 1.30. ABM Industries has a fifty-two week low of $37.68 and a fifty-two week high of $50.47.
Institutional Investors Weigh In On ABM Industries
A number of hedge funds and other institutional investors have recently made changes to their positions in ABM. State Street Corp boosted its stake in ABM Industries by 19.3% during the 1st quarter. State Street Corp now owns 7,059,579 shares of the business services provider’s stock worth $325,023,000 after purchasing an additional 1,140,097 shares during the last quarter. Dimensional Fund Advisors LP grew its position in ABM Industries by 1.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,563,501 shares of the business services provider’s stock valued at $205,082,000 after acquiring an additional 56,435 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of ABM Industries by 9.1% during the first quarter. Victory Capital Management Inc. now owns 2,108,188 shares of the business services provider’s stock worth $94,742,000 after buying an additional 176,455 shares in the last quarter. Boston Partners grew its position in shares of ABM Industries by 1.1% during the first quarter. Boston Partners now owns 1,842,154 shares of the business services provider’s stock worth $81,981,000 after buying an additional 20,696 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its holdings in ABM Industries by 2.1% in the first quarter. Macquarie Group Ltd. now owns 1,836,382 shares of the business services provider’s stock valued at $82,527,000 after purchasing an additional 38,047 shares in the last quarter. Institutional investors and hedge funds own 92.15% of the company’s stock.
Insider Transactions at ABM Industries
In other ABM Industries news, CEO Scott B. Salmirs sold 3,000 shares of the stock in a transaction dated Tuesday, March 21st. The shares were sold at an average price of $45.07, for a total transaction of $135,210.00. Following the transaction, the chief executive officer now directly owns 371,743 shares in the company, valued at approximately $16,754,457.01. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.85% of the company’s stock.
ABM Industries Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, May 1st. Stockholders of record on Thursday, April 6th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.04%. The ex-dividend date was Wednesday, April 5th. ABM Industries’s dividend payout ratio is currently 30.56%.
About ABM Industries
ABM Industries, Inc engages in the provision of facility, infrastructure, and mobility solutions. It operates through the following segments: Business and Industry, Manufacturing and Distribution, Education, Aviation, and Technical Solutions. The Business and Industry segment encompasses janitorial, facilities engineering, and parking services for commercial real estate properties, sports and entertainment venues, and traditional hospitals and non-acute healthcare facilities.
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