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KeyCorp Research Analysts Boost Earnings Estimates for ABM Industries Incorporated (NYSE:ABM)

Defense World · Sep 16, 2022 01:22

ABM Industries Incorporated (NYSE:ABM – Get Rating) – Equities research analysts at KeyCorp increased their FY2022 earnings estimates for ABM Industries in a research note issued on Wednesday, September 14th. KeyCorp analyst S. Eastman now forecasts that the business services provider will post earnings per share of $3.67 for the year, up from their previous estimate of $3.65. The consensus estimate for ABM Industries' current full-year earnings is $3.66 per share. KeyCorp also issued estimates for ABM Industries' Q1 2023 earnings at $0.92 EPS, Q2 2023 earnings at $0.90 EPS, Q3 2023 earnings at $0.98 EPS, Q4 2023 earnings at $0.95 EPS, FY2024 earnings at $4.26 EPS and FY2025 earnings at $4.59 EPS.

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ABM has been the topic of a number of other research reports. StockNews.com cut shares of ABM Industries from a "buy" rating to a "hold" rating in a report on Monday, June 13th. TheStreet raised ABM Industries from a "c+" rating to a "b-" rating in a research report on Monday, August 15th. Finally, Robert W. Baird lowered their price target on ABM Industries from $53.00 to $52.00 and set an "outperform" rating for the company in a research report on Monday. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $57.33.

ABM Industries Stock Performance

NYSE:ABM opened at $41.17 on Thursday. The stock has a market cap of $2.72 billion, a P/E ratio of 12.95 and a beta of 1.04. The firm's fifty day simple moving average is $44.91 and its 200 day simple moving average is $45.51. ABM Industries has a twelve month low of $38.08 and a twelve month high of $54.00. The company has a quick ratio of 1.18, a current ratio of 1.21 and a debt-to-equity ratio of 0.60.

ABM Industries (NYSE:ABM – Get Rating) last issued its earnings results on Friday, September 9th. The business services provider reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.04. The firm had revenue of $1.96 billion for the quarter, compared to analysts' expectations of $1.91 billion. ABM Industries had a net margin of 2.88% and a return on equity of 14.88%. The business's revenue was up 27.1% on a year-over-year basis. During the same quarter last year, the business earned $0.90 earnings per share.

ABM Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 7th. Investors of record on Thursday, October 6th will be paid a dividend of $0.195 per share. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 1.89%. ABM Industries's dividend payout ratio (DPR) is presently 24.53%.

Insider Activity at ABM Industries

In other ABM Industries news, CAO Dean A. Chin sold 1,209 shares of the company's stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $48.00, for a total value of $58,032.00. Following the completion of the transaction, the chief accounting officer now directly owns 23,515 shares in the company, valued at approximately $1,128,720. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.54% of the stock is currently owned by corporate insiders.

Institutional Trading of ABM Industries

Several hedge funds have recently modified their holdings of ABM. Pinebridge Investments L.P. raised its holdings in shares of ABM Industries by 487.0% during the 2nd quarter. Pinebridge Investments L.P. now owns 587 shares of the business services provider's stock worth $25,000 after acquiring an additional 487 shares in the last quarter. C M Bidwell & Associates Ltd. purchased a new stake in ABM Industries during the 2nd quarter valued at $38,000. Operose Advisors LLC purchased a new stake in ABM Industries during the 1st quarter valued at $41,000. Assetmark Inc. raised its holdings in ABM Industries by 104.1% during the 2nd quarter. Assetmark Inc. now owns 951 shares of the business services provider's stock valued at $41,000 after buying an additional 485 shares during the period. Finally, First Horizon Advisors Inc. raised its holdings in ABM Industries by 1,691.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,150 shares of the business services provider's stock valued at $92,000 after buying an additional 2,030 shares during the period. 94.21% of the stock is owned by hedge funds and other institutional investors.

About ABM Industries

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ABM Industries Incorporated provides integrated facility solutions in the United States and internationally. The company operates through Business & Industry, Technology & Manufacturing, Education, Aviation, and Technical Solutions segments. It provides janitorial, facilities engineering, parking, custodial, landscaping and ground, and mechanical and electrical services; and vehicle maintenance and other services to rental car providers.