ABM Industries (NYSE:ABM) Shares Gap Up on Strong Earnings

ABM Industries Incorporated (NYSE:ABM) shares gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $56.10, but opened at $59.78. ABM Industries shares last traded at $52.92, with a volume of 94,677 shares.

The business services provider reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.09. ABM Industries had a return on equity of 12.52% and a net margin of 3.04%. The business had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.04 billion. During the same period last year, the business posted $0.79 EPS. The business’s revenue was up 3.3% compared to the same quarter last year.

ABM Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Thursday, October 3rd will be paid a dividend of $0.225 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.90 annualized dividend and a yield of 1.75%. ABM Industries’s dividend payout ratio (DPR) is 23.56%.

Analyst Ratings Changes

ABM has been the topic of several research analyst reports. UBS Group boosted their target price on ABM Industries from $45.00 to $51.00 and gave the stock a “neutral” rating in a research note on Friday, June 7th. StockNews.com downgraded ABM Industries from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. Finally, Robert W. Baird boosted their target price on ABM Industries from $48.00 to $49.00 and gave the stock a “neutral” rating in a research note on Monday, June 10th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $48.80.

Insider Buying and Selling at ABM Industries

In other ABM Industries 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 transaction of $1,222,500.00. Following the sale, the chief executive officer now owns 378,391 shares in the company, valued at approximately $18,503,319.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other ABM Industries 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 transaction of $1,222,500.00. Following the sale, the chief executive officer now owns 378,391 shares in the company, valued at approximately $18,503,319.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Dean A. Chin sold 2,042 shares of the business’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $50.70, for a total value of $103,529.40. Following the completion of the transaction, the chief accounting officer now directly owns 18,493 shares of the company’s stock, valued at approximately $937,595.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 78,778 shares of company stock worth $4,039,248. 1.04% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ABM Industries

Several institutional investors and hedge funds have recently modified their holdings of ABM. Charles Schwab Investment Management Inc. raised its holdings in ABM Industries by 3.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 634,363 shares of the business services provider’s stock worth $28,438,000 after purchasing an additional 22,665 shares during the period. Principal Securities Inc. acquired a new position in shares of ABM Industries during the fourth quarter valued at approximately $80,000. Versor Investments LP acquired a new position in shares of ABM Industries during the fourth quarter valued at approximately $550,000. Teacher Retirement System of Texas raised its holdings in shares of ABM Industries by 133.6% during the fourth quarter. Teacher Retirement System of Texas now owns 11,940 shares of the business services provider’s stock valued at $535,000 after acquiring an additional 6,828 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in shares of ABM Industries by 136.5% during the fourth quarter. BNP Paribas Financial Markets now owns 78,729 shares of the business services provider’s stock valued at $3,529,000 after acquiring an additional 45,442 shares during the last quarter. Institutional investors and hedge funds own 91.62% of the company’s stock.

ABM Industries Stock Down 8.6 %

The business has a fifty day simple moving average of $53.53 and a 200 day simple moving average of $48.23. The firm has a market cap of $3.22 billion, a price-to-earnings ratio of 13.43 and a beta of 1.16. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.44 and a quick ratio of 1.44.

About ABM Industries

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.