ABM Industries Incorporated (NYSE:ABM) Expected to Post Q2 2024 Earnings of $0.84 Per Share

Posted by Defense World Staff on Jun 23rd, 2023

ABM Industries Incorporated (NYSE:ABM – Get Rating) – Stock analysts at Zacks Research dropped their Q2 2024 EPS estimates for shares of ABM Industries in a note issued to investors on Tuesday, June 20th. Zacks Research analyst S. Dey now anticipates that the business services provider will post earnings per share of $0.84 for the quarter, down from their prior estimate of $0.97. The consensus estimate for ABM Industries’ current full-year earnings is $3.50 per share. Zacks Research also issued estimates for ABM Industries’ FY2024 earnings at $3.78 EPS, Q1 2025 earnings at $1.05 EPS and FY2025 earnings at $4.07 EPS.

Other analysts also recently issued reports about the stock. UBS Group assumed coverage on shares of ABM Industries in a report on Wednesday, May 31st. They set a “neutral” rating and a $48.00 price objective for the company. Robert W. Baird cut shares of ABM Industries from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $52.00 to $51.00 in a report on Thursday, March 9th. Finally, StockNews.com assumed coverage on ABM Industries in a research note on Thursday, May 18th. They issued a “hold” rating on the stock.

ABM Industries Stock Down 1.5 %

Shares of ABM Industries stock opened at $41.02 on Thursday. ABM Industries has a 12-month low of $37.68 and a 12-month high of $50.20. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 0.76. The stock has a 50 day moving average price of $43.44 and a two-hundred day moving average price of $44.94. The stock has a market capitalization of $2.71 billion, a P/E ratio of 13.95 and a beta of 1.10.

ABM Industries (NYSE:ABM – Get Rating) last announced its quarterly earnings results on Tuesday, June 6th. The business services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. The company had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $2 billion. ABM Industries had a return on equity of 13.63% and a net margin of 2.47%. The business’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.89 earnings per share.

Hedge Funds Weigh In On ABM Industries

Several large investors have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. increased its position in shares of ABM Industries by 2.5% during the first quarter. Ameriprise Financial Inc. now owns 873,115 shares of the business services provider’s stock valued at $39,238,000 after purchasing an additional 21,116 shares during the period. JPMorgan Chase & Co. increased its holdings in ABM Industries by 5.1% in the 1st quarter. JPMorgan Chase & Co. now owns 1,094,631 shares of the business services provider’s stock valued at $49,193,000 after buying an additional 53,052 shares during the period. State Street Corp raised its stake in shares of ABM Industries by 2.2% in the 1st quarter. State Street Corp now owns 6,955,289 shares of the business services provider’s stock valued at $312,571,000 after buying an additional 152,756 shares in the last quarter. Squarepoint Ops LLC lifted its holdings in shares of ABM Industries by 71.4% during the 1st quarter. Squarepoint Ops LLC now owns 47,851 shares of the business services provider’s stock worth $2,150,000 after acquiring an additional 19,933 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of ABM Industries by 29.6% during the 1st quarter. First Trust Advisors LP now owns 90,485 shares of the business services provider’s stock valued at $4,066,000 after acquiring an additional 20,660 shares in the last quarter. Institutional investors and hedge funds own 93.66% of the company’s stock.

Insider Buying and Selling at ABM Industries

In other news, CEO Scott B. Salmirs sold 14,983 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $45.44, for a total transaction of $680,827.52. Following the completion of the transaction, the chief executive officer now owns 350,391 shares of the company’s stock, valued at $15,921,767.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.85% of the company’s stock.

ABM Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 7th. Investors of record on Thursday, July 6th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend is Wednesday, July 5th. ABM Industries’s payout ratio is currently 29.93%.

ABM Industries Company Profile

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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.