ABM Industries Incorporated (NYSE:ABM) Expected to Post FY2024 Earnings of $3.51 Per Share

ABM Industries Incorporated (NYSE:ABM) – Zacks Research raised their FY2024 earnings estimates for shares of ABM Industries in a report issued on Thursday, September 26th. Zacks Research analyst R. Department now anticipates that the business services provider will earn $3.51 per share for the year, up from their prior forecast of $3.43. The consensus estimate for ABM Industries’ current full-year earnings is $3.53 per share. Zacks Research also issued estimates for ABM Industries’ Q4 2024 earnings at $0.84 EPS, Q1 2025 earnings at $0.76 EPS, Q2 2025 earnings at $0.87 EPS, Q3 2025 earnings at $0.95 EPS and FY2025 earnings at $3.49 EPS.

A number of other equities analysts also recently weighed in on the stock. Robert W. Baird boosted their target price on shares of ABM Industries from $49.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, September 9th. UBS Group lifted their price objective on shares of ABM Industries from $51.00 to $55.00 and gave the stock a “neutral” rating in a research report on Monday, September 9th. StockNews.com cut shares of ABM Industries from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Finally, Truist Financial lifted their price objective on shares of ABM Industries from $49.00 to $55.00 and gave the stock a “hold” rating in a research report on Monday, September 9th.

ABM Industries Price Performance

Shares of ABM opened at $51.36 on Monday. The company has a market cap of $3.22 billion, a price-to-earnings ratio of 13.45 and a beta of 1.14. ABM Industries has a 1-year low of $38.48 and a 1-year high of $59.78. The company’s fifty day simple moving average is $53.47 and its 200 day simple moving average is $49.29. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.71.

ABM Industries (NYSE:ABM) last posted its quarterly earnings data on Friday, September 6th. The business services provider reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.08. The company had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.04 billion. ABM Industries had a net margin of 1.89% and a return on equity of 12.93%. The firm’s revenue was up 3.3% compared to the same quarter last year. During the same period last year, the company earned $0.79 earnings per share.

ABM Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Thursday, October 3rd will be given a $0.225 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.75%. ABM Industries’s payout ratio is presently 23.56%.

Insider Activity

In related news, CEO Scott B. Salmirs sold 25,000 shares of the business’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $48.90, for a total value of $1,222,500.00. Following the completion of the transaction, the chief executive officer now owns 378,391 shares of the company’s stock, valued at $18,503,319.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Scott B. Salmirs sold 11,736 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $55.08, for a total value of $646,418.88. Following the completion of the transaction, the chief executive officer now owns 366,655 shares of the company’s stock, valued at $20,195,357.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Scott B. Salmirs sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $48.90, for a total value of $1,222,500.00. Following the completion of the sale, the chief executive officer now owns 378,391 shares in the company, valued at $18,503,319.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 78,778 shares of company stock valued at $4,039,248. 1.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On ABM Industries

A number of institutional investors and hedge funds have recently modified their holdings of the business. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of ABM Industries during the 2nd quarter worth approximately $1,467,000. Creative Planning boosted its holdings in shares of ABM Industries by 35.0% during the 2nd quarter. Creative Planning now owns 20,996 shares of the business services provider’s stock worth $1,062,000 after buying an additional 5,448 shares in the last quarter. Algert Global LLC boosted its holdings in shares of ABM Industries by 50.8% during the 2nd quarter. Algert Global LLC now owns 200,497 shares of the business services provider’s stock worth $10,139,000 after buying an additional 67,560 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of ABM Industries by 1.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,036 shares of the business services provider’s stock worth $1,772,000 after purchasing an additional 539 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of ABM Industries by 21.2% in the 2nd quarter. AQR Capital Management LLC now owns 219,831 shares of the business services provider’s stock worth $11,117,000 after purchasing an additional 38,429 shares in the last quarter. 91.62% of the stock is currently owned by 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. It operates through Business & Industry, Manufacturing & Distribution, Education, Aviation, and Technical Solutions segments.