ABM Industries (NYSE:ABM) Updates FY24 Earnings Guidance

ABM Industries (NYSE:ABM) updated its FY24 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of $3.48-3.55 for the period, compared to the consensus estimate of $3.47. ABM Industries also updated its FY 2024 guidance to 3.480-3.550 EPS.

ABM Industries Stock Performance

NYSE ABM opened at $51.29 on Friday. The stock has a market capitalization of $3.22 billion, a price-to-earnings ratio of 13.43 and a beta of 1.14. The business’s 50 day moving average is $53.53 and its two-hundred day moving average is $48.23. ABM Industries has a 12-month low of $37.61 and a 12-month high of $59.78. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.67.

ABM Industries (NYSE:ABM) last posted its quarterly earnings results on Friday, September 6th. The business services provider reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.09. The firm had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.04 billion. ABM Industries had a return on equity of 12.52% and a net margin of 3.04%. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.79 earnings per share. Research analysts expect that ABM Industries will post 3.46 EPS for the current year.

ABM Industries Dividend Announcement

The business also recently declared 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 is Thursday, October 3rd. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.75%. ABM Industries’s dividend payout ratio (DPR) is presently 23.56%.

Analysts Set New Price Targets

A number of analysts recently commented on ABM shares. StockNews.com downgraded shares of ABM Industries from a buy rating to a hold rating in a report on Friday, August 2nd. Robert W. Baird lifted their price target on shares of ABM Industries from $48.00 to $49.00 and gave the company a neutral rating in a research report on Monday, June 10th. Finally, UBS Group upped their price target on ABM Industries from $45.00 to $51.00 and gave the stock a neutral rating in a report on Friday, June 7th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, ABM Industries has a consensus rating of Hold and an average price target of $48.80.

Insiders Place Their Bets

In other ABM Industries news, CEO Scott B. Salmirs sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $48.90, for a total value of $1,222,500.00. Following the sale, the chief executive officer now directly owns 378,391 shares of the company’s stock, valued at approximately $18,503,319.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other ABM Industries news, CEO Scott B. Salmirs sold 25,000 shares of the stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $48.90, for a total transaction of $1,222,500.00. Following the transaction, the chief executive officer now owns 378,391 shares of the company’s stock, valued at $18,503,319.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Rene Jacobsen sold 40,000 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $51.67, for a total transaction of $2,066,800.00. Following the sale, the chief operating officer now directly owns 72,062 shares of the company’s stock, valued at $3,723,443.54. The disclosure for this sale can be found here. Insiders have sold a total of 78,778 shares of company stock valued at $4,039,248 in the last quarter. 1.04% of the stock is currently owned by company insiders.

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. It operates through Business & Industry, Manufacturing & Distribution, Education, Aviation, and Technical Solutions segments.