Zacks Investment Research upgraded shares of ABM Industries Incorporated (NYSE:ABM) from a hold rating to a buy rating in a research note issued to investors on Monday, June 12th. They currently have $49.00 price objective on the business services provider’s stock.
According to Zacks, “ABM has developed a platform to deliver an end-to-end service model to improve its long-term growth prospects. It aims to extend the global footprint through both inorganic and organic growth across the industry verticals. The company has embarked on a Vision 2020 Plan that outlines its vision for the next five years. ABM’s comprehensive, strategic and transformative initiatives are focused on driving sustainable profitability by effectively allocating resources to high-margin services and business verticals with a strong competitive edge. The company has a healthy pipeline of future businesses with strength particularly seen in its government business. ABM has also affirmed its bullish guidance for fiscal 2017. However, the company has underperformed the industry in the last one month due to macroeconomic concerns. Strong competitive pressures and risks due to Brexit remain headwinds.”
Separately, Robert W. Baird set a $50.00 price objective on shares of ABM Industries and gave the stock a buy rating in a report on Wednesday, May 31st.
Shares of ABM Industries (NYSE ABM) traded up 0.40% during mid-day trading on Monday, reaching $42.90. The company had a trading volume of 246,590 shares. The firm has a 50-day moving average of $42.14 and a 200-day moving average of $41.77. The company has a market capitalization of $2.39 billion, a P/E ratio of 190.67 and a beta of 0.78. ABM Industries has a 12-month low of $36.54 and a 12-month high of $45.03.
ABM Industries (NYSE:ABM) last issued its quarterly earnings data on Wednesday, June 7th. The business services provider reported $0.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.06. ABM Industries had a net margin of 0.25% and a return on equity of 11.44%. The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same period last year, the business posted $0.31 earnings per share. ABM Industries’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, equities analysts anticipate that ABM Industries will post $1.95 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 7th. Shareholders of record on Thursday, July 6th will be issued a $0.17 dividend. The ex-dividend date of this dividend is Monday, July 3rd. This represents a $0.68 annualized dividend and a yield of 1.59%. ABM Industries’s dividend payout ratio (DPR) is presently 283.33%.
In other news, insider James P. Mcclure sold 1,970 shares of ABM Industries stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $40.87, for a total transaction of $80,513.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Rene Jacobsen sold 940 shares of ABM Industries stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $40.92, for a total transaction of $38,464.80. Following the transaction, the insider now owns 22,729 shares of the company’s stock, valued at $930,070.68. The disclosure for this sale can be found here. Insiders sold 14,751 shares of company stock valued at $632,937 over the last 90 days. 1.30% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its position in ABM Industries by 65.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,400 shares of the business services provider’s stock valued at $105,000 after buying an additional 946 shares during the last quarter. Elkfork Partners LLC acquired a new position in ABM Industries during the fourth quarter valued at about $110,000. Meadow Creek Investment Management LLC raised its position in ABM Industries by 2.5% in the first quarter. Meadow Creek Investment Management LLC now owns 3,500 shares of the business services provider’s stock valued at $153,000 after buying an additional 84 shares during the last quarter. PNC Financial Services Group Inc. raised its position in ABM Industries by 6.6% in the first quarter. PNC Financial Services Group Inc. now owns 3,839 shares of the business services provider’s stock valued at $167,000 after buying an additional 236 shares during the last quarter. Finally, Independent Portfolio Consultants Inc. acquired a new position in ABM Industries during the second quarter valued at about $162,000. Hedge funds and other institutional investors own 91.55% of the company’s stock.
ABM Industries Company Profile
ABM Industries Incorporated is a provider of integrated facility solutions. The Company operates through five segments: Janitorial, Facility Services, Parking, Building & Energy Solutions, and other. Its Janitorial segment provides a range of cleaning services for commercial office buildings, data centers, educational institutions, government buildings, health facilities, industrial buildings, retail stores, sport event facilities and transportation hubs.
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