ABM Industries (NYSE:ABM) Reaches New 52-Week High at $54.69

ABM Industries Incorporated (NYSE:ABM)’s share price reached a new 52-week high on Tuesday . The company traded as high as $54.69 and last traded at $54.61, with a volume of 19867 shares trading hands. The stock had previously closed at $54.42.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. StockNews.com upgraded ABM Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, June 12th. Robert W. Baird lifted their price target on ABM Industries from $48.00 to $49.00 and gave the company a “neutral” rating in a research note on Monday, June 10th. Finally, UBS Group boosted their target price on ABM Industries from $45.00 to $51.00 and gave the stock a “neutral” rating in a research report on Friday, June 7th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $48.80.

ABM Industries Price Performance

The company has a debt-to-equity ratio of 0.67, a current ratio of 1.44 and a quick ratio of 1.44. The company has a 50-day moving average price of $49.60 and a 200-day moving average price of $45.13. The firm has a market capitalization of $3.42 billion, a PE ratio of 14.24 and a beta of 1.16.

ABM Industries (NYSE:ABM) last issued its quarterly earnings data on Thursday, June 6th. The business services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.08. ABM Industries had a return on equity of 12.52% and a net margin of 3.04%. The business had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $2 billion. During the same period in the prior year, the business earned $0.90 earnings per share. The business’s revenue was up 1.7% on a year-over-year basis. Sell-side analysts forecast that ABM Industries Incorporated will post 3.47 EPS for the current year.

ABM Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Friday, July 5th will be given a $0.225 dividend. The ex-dividend date of this dividend is Friday, July 5th. This represents a $0.90 annualized dividend and a dividend yield of 1.65%. ABM Industries’s dividend payout ratio is currently 23.56%.

Insider Activity

In related news, CAO Dean A. Chin sold 2,042 shares of the company’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $50.70, for a total value of $103,529.40. Following the completion of the transaction, the chief accounting officer now directly owns 18,493 shares in the company, valued at $937,595.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Dean A. Chin sold 2,042 shares of the company’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $50.70, for a total value of $103,529.40. Following the completion of the transaction, the chief accounting officer now directly owns 18,493 shares in the company, valued at $937,595.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Andrea R. Newborn sold 12,615 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $45.00, for a total value of $567,675.00. Following the completion of the transaction, the executive vice president now owns 45,847 shares of the company’s stock, valued at $2,063,115. The disclosure for this sale can be found here. Insiders have sold 79,657 shares of company stock worth $3,960,504 over the last three months. 1.04% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ABM Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Neo Ivy Capital Management acquired a new stake in ABM Industries during the second quarter worth about $3,682,000. Naples Global Advisors LLC increased its stake in ABM Industries by 52.7% during the second quarter. Naples Global Advisors LLC now owns 11,308 shares of the business services provider’s stock worth $572,000 after acquiring an additional 3,901 shares during the last quarter. Brown Lisle Cummings Inc. acquired a new stake in ABM Industries during the second quarter worth about $147,000. Cornerstone Wealth Management LLC increased its stake in ABM Industries by 6.8% during the second quarter. Cornerstone Wealth Management LLC now owns 10,003 shares of the business services provider’s stock worth $506,000 after acquiring an additional 635 shares during the last quarter. Finally, Simplicity Wealth LLC increased its stake in ABM Industries by 1.5% during the second quarter. Simplicity Wealth LLC now owns 79,164 shares of the business services provider’s stock worth $4,003,000 after acquiring an additional 1,167 shares during the last quarter. 91.62% of the stock is currently 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. It operates through Business & Industry, Manufacturing & Distribution, Education, Aviation, and Technical Solutions segments.