ABM Industries Incorporated (NYSE:ABM) to Post FY2024 Earnings of $3.51 Per Share, Zacks Research Forecasts

ABM Industries Incorporated (NYSE:ABM) – Zacks Research boosted their FY2024 EPS estimates for shares of ABM Industries in a research report issued to clients and investors on Thursday, September 26th. Zacks Research analyst R. Department now anticipates that the business services provider will post earnings per share of $3.51 for the year, up from their previous estimate of $3.43. The consensus estimate for ABM Industries’ current full-year earnings is $3.53 per share. Zacks Research also issued estimates for ABM Industries’ Q4 2024 earnings at $0.84 EPS, Q1 2025 earnings at $0.76 EPS, Q2 2025 earnings at $0.87 EPS, Q3 2025 earnings at $0.95 EPS and FY2025 earnings at $3.49 EPS.

A number of other research firms have also recently issued reports on ABM. UBS Group boosted their price objective on shares of ABM Industries from $51.00 to $55.00 and gave the company a “neutral” rating in a research report on Monday, September 9th. Robert W. Baird boosted their price objective on shares of ABM Industries from $49.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, September 9th. StockNews.com lowered shares of ABM Industries from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. Finally, Truist Financial lifted their target price on shares of ABM Industries from $49.00 to $55.00 and gave the company a “hold” rating in a research note on Monday, September 9th.

ABM Industries Price Performance

ABM stock opened at $51.65 on Monday. The firm’s 50-day moving average price is $53.44 and its two-hundred day moving average price is $49.37. ABM Industries has a 12-month low of $38.48 and a 12-month high of $59.78. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 13.61 and a beta of 1.14. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.71.

ABM Industries (NYSE:ABM) last issued its earnings results on Friday, September 6th. The business services provider reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.08. The company had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.04 billion. ABM Industries had a net margin of 1.89% and a return on equity of 12.93%. The firm’s revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.79 EPS.

Institutional Investors Weigh In On ABM Industries

Several hedge funds have recently bought and sold shares of ABM. Pacer Advisors Inc. bought a new position in shares of ABM Industries in the second quarter worth approximately $125,118,000. LSV Asset Management lifted its stake in shares of ABM Industries by 92.3% in the second quarter. LSV Asset Management now owns 760,321 shares of the business services provider’s stock worth $38,449,000 after buying an additional 364,879 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of ABM Industries by 2.0% in the second quarter. Bank of New York Mellon Corp now owns 656,652 shares of the business services provider’s stock worth $33,207,000 after buying an additional 13,126 shares in the last quarter. Pzena Investment Management LLC bought a new position in shares of ABM Industries in the second quarter worth approximately $21,032,000. Finally, SG Capital Management LLC bought a new position in shares of ABM Industries in the first quarter worth approximately $13,730,000. Institutional investors own 91.62% of the company’s stock.

Insider Activity

In other news, CEO Scott B. Salmirs sold 25,000 shares of ABM Industries stock in a transaction dated 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 sale, the chief executive officer now owns 378,391 shares of the company’s stock, valued at approximately $18,503,319.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Rene Jacobsen sold 40,000 shares of the business’s stock in a transaction dated 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 owns 72,062 shares of the company’s stock, valued at $3,723,443.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Scott B. Salmirs sold 25,000 shares of the business’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $48.90, for a total transaction of $1,222,500.00. Following the sale, the chief executive officer now directly owns 378,391 shares in the company, valued at approximately $18,503,319.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 78,778 shares of company stock valued at $4,039,248. Corporate insiders own 1.04% of the company’s stock.

ABM Industries Dividend Announcement

The business 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. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Thursday, October 3rd. ABM Industries’s payout ratio is 23.56%.

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.