ABM Industries (NYSE:ABM) Posts Quarterly Earnings Results, Beats Estimates By $0.08 EPS

ABM Industries (NYSE:ABM) issued its earnings results on Friday. The business services provider reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.08, Briefing.com reports. The firm had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.04 billion. ABM Industries had a net margin of 3.04% and a return on equity of 12.52%. The company’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the business earned $0.79 earnings per share. ABM Industries updated its FY24 guidance to $3.48-3.55 EPS and its FY 2024 guidance to 3.480-3.550 EPS.

ABM Industries Trading Down 8.6 %

NYSE:ABM opened at $51.29 on Monday. The company has a 50-day moving average price of $53.53 and a 200-day moving average price of $48.29. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.67. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of 13.43 and a beta of 1.14. ABM Industries has a 12 month low of $37.61 and a 12 month high of $59.78.

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 paid a dividend of $0.225 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.90 annualized dividend and a dividend yield of 1.75%. ABM Industries’s dividend payout ratio (DPR) is presently 23.56%.

Wall Street Analyst Weigh In

ABM has been the subject of several analyst reports. UBS Group raised 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 report on Friday, August 2nd. Finally, Robert W. Baird boosted their price objective on shares of ABM Industries from $48.00 to $49.00 and gave the stock a “neutral” rating in a report on Monday, June 10th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $50.25.

Insiders Place Their Bets

In related news, CEO Scott B. Salmirs sold 11,736 shares of the stock in a transaction dated Wednesday, July 24th. The shares were 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 directly owns 366,655 shares in the company, valued at approximately $20,195,357.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other ABM Industries news, CEO Scott B. Salmirs sold 11,736 shares of ABM Industries stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $55.08, for a total transaction of $646,418.88. Following the completion of the transaction, the chief executive officer now owns 366,655 shares in the company, valued at $20,195,357.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Rene Jacobsen sold 40,000 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $51.67, for a total transaction of $2,066,800.00. Following the completion of the transaction, the chief operating officer now owns 72,062 shares in the company, valued at approximately $3,723,443.54. The disclosure for this sale can be found here. In the last quarter, insiders have sold 78,778 shares of company stock worth $4,039,248. Company insiders own 1.04% of the company’s stock.

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.