Maxim Group reissued their buy rating on shares of ABM Industries (NYSE:ABM) in a report published on Friday, AnalystRatings.com reports. They currently have a $50.00 price objective on the business services provider’s stock.
“We increase our $2.62 (from $2.56) as we believe recent results and guidance from Cintas (CTAS – Not Rated) suggest demand for ABM’s facility services, including energy efficiency projects, will continue to increase.”,” Maxim Group’s analyst wrote.
ABM has been the subject of several other reports. Zacks Investment Research lowered GENEL ENERGY PL/ADR from a buy rating to a hold rating in a report on Tuesday, May 7th. KeyCorp lifted their price target on Vipshop from $10.00 to $11.00 and gave the company an overweight rating in a report on Friday, April 5th. Finally, ValuEngine upgraded YY from a sell rating to a hold rating in a report on Friday, June 7th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $41.71.
ABM Industries (NYSE:ABM) last announced its quarterly earnings results on Wednesday, June 5th. The business services provider reported $0.47 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.06. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.61 billion. ABM Industries had a return on equity of 8.82% and a net margin of 1.33%. The firm’s revenue was up .9% on a year-over-year basis. During the same period in the previous year, the company earned $0.47 EPS. On average, equities research analysts predict that ABM Industries will post 2.03 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Investors of record on Friday, July 5th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date is Wednesday, July 3rd. ABM Industries’s payout ratio is 38.10%.
In related news, CAO Dean A. Chin sold 8,758 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $37.53, for a total value of $328,687.74. Following the transaction, the chief accounting officer now directly owns 28,644 shares of the company’s stock, valued at approximately $1,075,009.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Scott B. Salmirs sold 7,699 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $41.41, for a total value of $318,815.59. Following the completion of the transaction, the insider now directly owns 160,758 shares in the company, valued at $6,656,988.78. The disclosure for this sale can be found here. Insiders sold a total of 22,457 shares of company stock worth $887,503 over the last three months. 0.94% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Valeo Financial Advisors LLC bought a new position in shares of ABM Industries in the 2nd quarter valued at approximately $41,000. Strs Ohio bought a new position in ABM Industries in the 1st quarter worth approximately $47,000. Cutler Group LP bought a new position in ABM Industries in the 1st quarter worth approximately $47,000. Investors Research Corp bought a new position in ABM Industries in the 1st quarter worth approximately $113,000. Finally, Violich Capital Management Inc. bought a new position in ABM Industries in the 2nd quarter worth approximately $205,000.
ABM Industries Company Profile
ABM Industries Incorporated provides integrated facility solutions in the United States and internationally. It operates through Business & Industry, Aviation, Technology & Manufacturing, Education, Technical Solutions, and Healthcare segments. The company offers janitorial, electrical and lighting, energy, facilities engineering, HVAC and mechanical, landscape and turf, mission critical, and parking solutions.
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