ABM Industries Incorporated (ABM) To Go Ex-Dividend on October 4th

Posted by Defense World Staff on Oct 2nd, 2023

ABM Industries Incorporated (NYSE:ABM – Get Free Report) declared a quarterly dividend on Thursday, September 7th, Zacks reports. Stockholders of record on Thursday, October 5th will be paid a dividend of 0.22 per share by the business services provider on Monday, November 6th. This represents a $0.88 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Wednesday, October 4th.

ABM Industries has increased its dividend by an average of 2.7% annually over the last three years and has raised its dividend annually for the last 55 consecutive years. ABM Industries has a dividend payout ratio of 26.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect ABM Industries to earn $3.33 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 26.4%.

ABM Industries Price Performance

ABM opened at $40.01 on Monday. The company’s 50-day simple moving average is $43.54 and its two-hundred day simple moving average is $43.39. ABM Industries has a 52-week low of $37.61 and a 52-week high of $49.58. The stock has a market capitalization of $2.62 billion, a P/E ratio of 11.24 and a beta of 1.07. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.47 and a current ratio of 1.47.

ABM Industries (NYSE:ABM – Get Free Report) last released its quarterly earnings results on Thursday, September 7th. The business services provider reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.09). ABM Industries had a net margin of 2.96% and a return on equity of 12.69%. The firm had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the previous year, the company earned $0.94 earnings per share. ABM Industries’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, analysts predict that ABM Industries will post 3.41 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ABM shares. UBS Group cut their price target on ABM Industries from $50.00 to $42.00 and set a “neutral” rating for the company in a research note on Friday, September 8th. Deutsche Bank Aktiengesellschaft cut shares of ABM Industries from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $65.00 to $43.00 in a research note on Friday, September 8th. Robert W. Baird lowered their price target on shares of ABM Industries from $52.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, September 8th. William Blair cut ABM Industries from an “outperform” rating to a “market perform” rating in a research note on Thursday, September 7th. Finally, StockNews.com started coverage on ABM Industries in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, ABM Industries presently has an average rating of “Hold” and a consensus target price of $43.25.

Read Our Latest Analysis on ABM

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. purchased a new position in ABM Industries during the 1st quarter valued at about $284,000. Bank of Montreal Can grew its position in shares of ABM Industries by 2.2% in the 1st quarter. Bank of Montreal Can now owns 21,837 shares of the business services provider’s stock worth $1,000,000 after buying an additional 473 shares during the last quarter. MetLife Investment Management LLC lifted its position in ABM Industries by 53.8% during the first quarter. MetLife Investment Management LLC now owns 35,527 shares of the business services provider’s stock valued at $1,636,000 after acquiring an additional 12,425 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of ABM Industries by 2.2% during the 1st quarter. Rhumbline Advisers now owns 193,026 shares of the business services provider’s stock valued at $8,887,000 after purchasing an additional 4,196 shares during the last quarter. Finally, Great West Life Assurance Co. Can boosted its position in shares of ABM Industries by 2.1% in the 1st quarter. Great West Life Assurance Co. Can now owns 60,453 shares of the business services provider’s stock worth $2,860,000 after purchasing an additional 1,246 shares in the last quarter. 86.42% of the stock is currently owned by hedge funds and other institutional investors.

About ABM Industries

(Get Free Report)

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.