ABM Industries (NYSE:ABM – Get Rating) will release quarterly earnings data before the market opens on Tuesday, June 6. Analysts expect the company to report earnings of $0.86 per share in the quarter. ABM Industries has set FY23 guidance at EPS of $3.40 to $3.60 and FY23 guidance at EPS $3.40 to $3.60. Parties wishing to listen to the company’s conference call can do so using this link.
ABM Industries (NYSE:ABM – Get Rating) last reported earnings on Wednesday, March 8th. The business services provider reported earnings per share (EPS) of $0.79 for the quarter, beating analyst consensus expectations 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, up from $2.02 billion expected by analysts. The company posted earnings per share of $0.94 in the year-ago quarter. The segment’s revenue increased by 2.8% year-on-year. On average, analysts expect ABM Industries’ EPS to be $4 this fiscal year and $4 next year.
ABM Industries inventory 3.6%
NYSE:ABM opened at $44.64 on Tuesday. ABM Industries hit a one-year low of $37.68 and a one-year high of $50.47. The company’s 50-day moving average is $43.28 and its 200-day moving average is $45.08. The company has a market cap of $2.95 billion, a P/E of 15.50 times, and a beta of 1.09 times. 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 Announces Dividend
The company also recently announced a quarterly dividend, which was paid out on Monday, May 1st. Shareholders of record on Thursday, April 6 were given a dividend of $0.22 per share. This equates to a $0.88 annual dividend and his 1.97% dividend yield. The ex-dividend date for this dividend was Wednesday, April 5. ABM Industries’ dividend payout ratio is 30.56%.
In related news, CEO Scott B. Salmiers sold 3,000 shares in a transaction that took place on Tuesday, March 21st. The shares were sold at an average price of $45.07 for a total of $135,210.00. After the transaction, the CEO now owns 371,743 shares of the company, valued at approximately $16,754,457.01. The sale was disclosed in his SEC filings, which are available at this link. 0.85% of the shares are owned by corporate insiders.
Hedge funds impact the ABM industry
Several institutional investors have recently changed their positions in ABM. Ameriprise Financial Inc. increased its stake in ABM Industries by 2.5% in the first quarter. Ameriprise Financial Inc. now owns 873,115 shares of the business service provider, valued at $39,238,000, after acquiring an additional 21,116 shares during the period. JPMorgan Chase increased its stake in ABM Industries by 5.1% in the first quarter. JPMorgan Chase & Company acquired an additional 53,052 shares during the period and now owns 1,094,631 shares in the business service provider valued at $49,193,000. State Street Corporation increased its stake in ABM Industries by 2.2% in the first quarter. State Street Corp acquired an additional 152,756 shares during the period and now owns 6,955,289 shares of the business services provider, valued at $312,571,000. Squarepoint Ops LLC increased his ABM Industries stake by 71.4% in the first quarter. Squarepoint Ops LLC now owns 47,851 shares of business service provider stock, valued at $2,150,000, after acquiring an additional 19,933 shares during the period. Finally, First Trust Advisors LP increased his stake in ABM Industries by 29.6% during the first quarter. First Trust Advisors LP purchased an additional 20,660 of his shares during the last quarter and now owns 90,485 shares of the business services provider, valued at $4,066,000. 92.15% of the shares are owned by hedge funds and other institutional investors.
Wall Street analysts forecast growth
Several research firms have commented on ABM. StockNews.com began coverage of ABM Industries shares in a research report on Thursday, May 18. They set a “Hold” rating on the company. In a report on Thursday, March 9, Robert W. Baird downgraded ABM Industries’ stock from an “outperform” rating to a “neutral” rating and lowered the company’s price target to $51.00 from $52.00.
About ABM Industries
ABM Industries, Inc is committed to providing facilities, infrastructure and mobility solutions. It operates through the Business & Industrial, Manufacturing & Distribution, Education, Aviation, and Technology Solutions segments. The Business and Industrial segment includes cleaning, equipment engineering, and parking services for commercial real estate, sports and entertainment venues, traditional hospitals and non-acute care facilities.
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