ABM Industries Incorporated (NYSE:ABM – Free Report) – Equities researchers at KeyCorp cut their FY2023 earnings per share (EPS) estimates for shares of ABM Industries in a report issued on Sunday, September 10th. KeyCorp analyst S. Eastman now expects that the business services provider will earn $3.32 per share for the year, down from their prior forecast of $3.51. KeyCorp currently has a “Overweight” rating and a $48.00 price objective on the stock. The consensus estimate for ABM Industries’ current full-year earnings is $3.48 per share. KeyCorp also issued estimates for ABM Industries’ FY2024 earnings at $3.78 EPS.
ABM Industries (NYSE:ABM – Get Free Report) last announced its earnings results on Thursday, September 7th. The business services provider reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.09). ABM Industries had a net margin of 2.96% and a return on equity of 12.69%. The business had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same period in the previous year, the company earned $0.94 earnings per share. The business’s revenue for the quarter was up 3.4% on a year-over-year basis.
Several other equities research analysts have also issued reports on the company. Deutsche Bank Aktiengesellschaft lowered ABM Industries from a “buy” rating to a “hold” rating and dropped their price target for the company from $65.00 to $43.00 in a research report on Friday. UBS Group dropped their price target on ABM Industries from $50.00 to $42.00 and set a “neutral” rating on the stock in a research report on Friday. Robert W. Baird dropped their price target on ABM Industries from $52.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday. William Blair lowered ABM Industries from an “outperform” rating to a “market perform” rating in a research report on Thursday, September 7th. Finally, StockNews.com assumed coverage on ABM Industries in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Five equities research 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, the company presently has a consensus rating of “Hold” and a consensus price target of $43.25.
View Our Latest Analysis on ABM Industries
ABM Industries Stock Performance
Shares of ABM opened at $39.10 on Tuesday. The business’s 50 day moving average is $44.26 and its two-hundred day moving average is $44.09. ABM Industries has a 52-week low of $37.61 and a 52-week high of $49.58. The firm has a market cap of $2.59 billion, a price-to-earnings ratio of 10.98 and a beta of 1.07. The company has a quick ratio of 1.53, a current ratio of 1.47 and a debt-to-equity ratio of 0.69.
ABM Industries Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, November 6th. Shareholders of record on Thursday, October 5th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.25%. The ex-dividend date is Wednesday, October 4th. ABM Industries’s dividend payout ratio is presently 24.72%.
Institutional Investors Weigh In On ABM Industries
Several large investors have recently added to or reduced their stakes in ABM. Comerica Bank bought a new position in shares of ABM Industries in the second quarter worth $8,490,000. Teachers Retirement System of The State of Kentucky grew its stake in shares of ABM Industries by 5.7% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 21,694 shares of the business services provider’s stock worth $925,000 after purchasing an additional 1,172 shares in the last quarter. Neo Ivy Capital Management bought a new position in shares of ABM Industries in the second quarter worth $123,000. Wells Fargo & Company MN grew its stake in shares of ABM Industries by 52.6% in the second quarter. Wells Fargo & Company MN now owns 38,200 shares of the business services provider’s stock worth $1,629,000 after purchasing an additional 13,160 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new position in shares of ABM Industries in the second quarter worth $46,000. 86.42% of the stock is owned by institutional investors and hedge funds.
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. The company operates through Business & Industry, Manufacturing & Distribution, Education, Aviation, and Technical Solutions segments.
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Read More: ABM Industries Incorporated to Post FY2023 Earnings of $3.32 Per Share, KeyCorp