ABM Industries (NYSE:ABM) Upgraded to Buy by StockNews.com

StockNews.com upgraded shares of ABM Industries (NYSE:ABM) from a hold rating to a buy rating in a research note published on Monday morning.

ABM has been the topic of several other reports. Robert W. Baird cut their target price on ABM Industries from $52.00 to $40.00 and set a neutral rating on the stock in a research note on Friday, September 8th. KeyCorp lowered their price objective on shares of ABM Industries from $51.00 to $48.00 and set an overweight rating for the company in a report on Monday, September 11th. Deutsche Bank Aktiengesellschaft lowered shares of ABM Industries from a buy rating to a hold rating and lowered their price objective for the stock from $65.00 to $43.00 in a report on Friday, September 8th. Truist Financial started coverage on shares of ABM Industries in a report on Monday. They issued a hold rating and a $43.00 price objective for the company. Finally, UBS Group lowered their price objective on shares of ABM Industries from $50.00 to $42.00 and set a neutral rating for the company in a report on Friday, September 8th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $43.20.

ABM Industries Stock Down 0.9 %

NYSE ABM opened at $41.04 on Monday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.47 and a quick ratio of 1.47. The stock has a market capitalization of $2.69 billion, a PE ratio of 11.53 and a beta of 1.11. ABM Industries has a 1 year low of $37.61 and a 1 year high of $49.58. The business’s 50-day moving average is $40.59 and its 200 day moving average is $42.80.

ABM Industries (NYSE:ABM) last posted its earnings results on Thursday, September 7th. The business services provider reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.09). The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.01 billion. ABM Industries had a return on equity of 12.69% and a net margin of 2.96%. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 earnings per share. Sell-side analysts forecast that ABM Industries will post 3.41 earnings per share for the current year.

ABM Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, November 6th. Stockholders of record on Thursday, October 5th were issued a dividend of $0.22 per share. The ex-dividend date was Wednesday, October 4th. This represents a $0.88 annualized dividend and a dividend yield of 2.14%. ABM Industries’s payout ratio is 24.72%.

Insider Activity

In other news, COO Rene Jacobsen sold 6,341 shares of ABM Industries stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $44.00, for a total transaction of $279,004.00. Following the completion of the transaction, the chief operating officer now directly owns 59,059 shares in the company, valued at $2,598,596. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On ABM Industries

A number of hedge funds have recently added to or reduced their stakes in ABM. BOKF NA purchased a new position in ABM Industries in the 1st quarter worth approximately $27,000. Amundi bought a new stake in ABM Industries in the 4th quarter worth approximately $36,000. Exchange Traded Concepts LLC grew its position in ABM Industries by 140.9% in the 2nd quarter. Exchange Traded Concepts LLC now owns 937 shares of the business services provider’s stock worth $40,000 after purchasing an additional 548 shares during the period. Point72 Asset Management L.P. bought a new stake in ABM Industries in the 2nd quarter worth approximately $46,000. Finally, Quarry LP bought a new stake in ABM Industries in the 2nd quarter worth approximately $64,000. 86.42% of the stock is currently owned by hedge funds and other institutional investors.

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. The company operates through Business & Industry, Manufacturing & Distribution, Education, Aviation, and Technical Solutions segments.