ABM Industries (NYSE:ABM) Updates FY24 Earnings Guidance

ABM Industries (NYSE:ABM) issued an update on its FY24 earnings guidance on Friday morning. 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.

Analyst Ratings Changes

ABM has been the subject of a number of research reports. StockNews.com cut shares of ABM Industries from a buy rating to a hold rating in a research note on Friday, August 2nd. Robert W. Baird boosted their price objective on ABM Industries from $48.00 to $49.00 and gave the stock a neutral rating in a research note on Monday, June 10th. Finally, UBS Group increased their target price on ABM Industries from $45.00 to $51.00 and gave the company a neutral rating in a report on Friday, June 7th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, ABM Industries has a consensus rating of Hold and a consensus target price of $48.80.

ABM Industries Stock Down 8.6 %

ABM stock opened at $51.29 on Friday. The firm has a market cap of $3.22 billion, a PE ratio of 13.43 and a beta of 1.14. ABM Industries has a one year low of $37.61 and a one year high of $59.78. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.44 and a current ratio of 1.44. The firm’s 50 day moving average price is $53.53 and its 200-day moving average price is $48.23.

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

ABM Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Thursday, October 3rd will be given a dividend of $0.225 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.90 annualized dividend and a dividend yield of 1.75%. ABM Industries’s dividend payout ratio is presently 23.56%.

Insider Buying and Selling

In related news, CEO Scott B. Salmirs sold 25,000 shares of ABM Industries stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 378,391 shares in the company, valued at $18,503,319.90. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Dean A. Chin sold 2,042 shares of the 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 transaction, the chief accounting officer now owns 18,493 shares of the company’s stock, valued at $937,595.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Scott B. Salmirs sold 25,000 shares of ABM Industries 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 $18,503,319.90. 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 ninety days. Company insiders own 1.04% of the company’s stock.

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.