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Zacks Research Weighs in on ABM Industries Incorporated's FY2022 Earnings (NYSE:ABM)

Defense World · Sep 26, 2022 01:31

ABM Industries Incorporated (NYSE:ABM – Get Rating) – Research analysts at Zacks Research upped their FY2022 EPS estimates for shares of ABM Industries in a report released on Thursday, September 22nd. Zacks Research analyst S. Dey 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 $3.69 per share. Zacks Research also issued estimates for ABM Industries' Q4 2022 earnings at $0.90 EPS, Q1 2023 earnings at $0.90 EPS, Q2 2023 earnings at $0.90 EPS, Q3 2023 earnings at $0.99 EPS, Q4 2023 earnings at $1.01 EPS, FY2023 earnings at $3.81 EPS, Q1 2024 earnings at $1.10 EPS, Q2 2024 earnings at $1.02 EPS, Q3 2024 earnings at $1.04 EPS and FY2024 earnings at $4.20 EPS.

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

Other research analysts have also issued research reports about the stock. StockNews.com lowered shares of ABM Industries from a "buy" rating to a "hold" rating in a research note on Monday, June 13th. TheStreet raised shares of ABM Industries from a "c+" rating to a "b-" rating in a research note on Monday, August 15th. Finally, Robert W. Baird reduced their price objective on shares of ABM Industries from $53.00 to $52.00 and set an "outperform" rating on the stock in a research note on Monday, September 12th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $57.33.

ABM Industries Stock Down 2.5 %

ABM Industries stock opened at $38.26 on Monday. The company's 50 day simple moving average is $44.55 and its 200 day simple moving average is $45.26. ABM Industries has a fifty-two week low of $37.90 and a fifty-two week high of $54.00. The firm has a market capitalization of $2.53 billion, a price-to-earnings ratio of 12.03 and a beta of 1.04. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.21 and a quick ratio of 1.21.

ABM Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 7th. Shareholders of record on Thursday, October 6th will be paid a $0.195 dividend. This represents a $0.78 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend is Wednesday, October 5th. ABM Industries's payout ratio is currently 24.53%.

Insider Buying and Selling at ABM Industries

In other ABM Industries news, CAO Dean A. Chin sold 1,209 shares of ABM Industries stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $48.00, for a total value of $58,032.00. Following the transaction, the chief accounting officer now owns 23,515 shares of the company's stock, valued at $1,128,720. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.54% of the company's stock.

Institutional Trading of ABM Industries

A number of institutional investors have recently made changes to their positions in ABM. Citigroup Inc. lifted its position in shares of ABM Industries by 36.0% in the fourth quarter. Citigroup Inc. now owns 59,555 shares of the business services provider's stock worth $2,433,000 after purchasing an additional 15,757 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of ABM Industries by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 1,284,713 shares of the business services provider's stock worth $52,480,000 after purchasing an additional 57,840 shares in the last quarter. Invesco Ltd. lifted its position in shares of ABM Industries by 9.8% in the fourth quarter. Invesco Ltd. now owns 478,677 shares of the business services provider's stock worth $19,554,000 after purchasing an additional 42,908 shares in the last quarter. State Street Corp raised its position in ABM Industries by 1.9% during the fourth quarter. State Street Corp now owns 5,919,482 shares of the business services provider's stock worth $241,811,000 after acquiring an additional 108,388 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in ABM Industries during the fourth quarter worth $274,000. Institutional investors own 94.21% of the company's stock.

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.