ABM Industries (NYSE:ABM) Raised to "Buy" at Truist Financial

ABM Industries (NYSE:ABM - Get Free Report) was upgraded by stock analysts at Truist Financial from a "hold" rating to a "buy" rating in a research report issued on Wednesday, MarketBeat.com reports. The firm presently has a $58.00 target price on the business services provider's stock, up from their prior target price of $55.00. Truist Financial's price objective indicates a potential upside of 21.01% from the company's previous close.

Several other brokerages have also recently commented on ABM. Baird R W upgraded shares of ABM Industries from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 9th. Wall Street Zen cut shares of ABM Industries from a "buy" rating to a "hold" rating in a research note on Saturday, May 31st. UBS Group upgraded shares of ABM Industries from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $50.00 to $54.00 in a research note on Monday, June 9th. Finally, Robert W. Baird upgraded shares of ABM Industries from a "neutral" rating to an "outperform" rating and set a $56.00 price objective for the company in a research note on Monday, June 9th. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $56.00.

ABM Industries Stock Performance

ABM stock traded down $0.35 during trading on Wednesday, reaching $47.93. The company had a trading volume of 345,528 shares, compared to its average volume of 476,595. The firm has a 50-day simple moving average of $48.99 and a 200-day simple moving average of $49.79. The company has a market cap of $2.98 billion, a price-to-earnings ratio of 38.65, a price-to-earnings-growth ratio of 2.48 and a beta of 0.78. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.55 and a current ratio of 1.55. ABM Industries has a twelve month low of $40.85 and a twelve month high of $59.78.

ABM Industries (NYSE:ABM - Get Free Report) last released its earnings results on Friday, June 6th. The business services provider reported $0.86 EPS for the quarter, missing analysts' consensus estimates of $0.87 by ($0.01). The company had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.07 billion. ABM Industries had a return on equity of 12.54% and a net margin of 0.93%. The firm's revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter last year, the business earned $0.87 earnings per share. As a group, sell-side analysts expect that ABM Industries will post 3.71 earnings per share for the current year.

Insider Activity

In other news, Director Thomas M. Gartland sold 3,711 shares of ABM Industries stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $45.52, for a total transaction of $168,924.72. Following the completion of the transaction, the director directly owned 30,958 shares of the company's stock, valued at $1,409,208.16. The trade was a 10.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sean Michael Mahoney sold 1,800 shares of ABM Industries stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $50.03, for a total transaction of $90,054.00. Following the transaction, the executive vice president directly owned 47,425 shares of the company's stock, valued at approximately $2,372,672.75. This trade represents a 3.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 56,085 shares of company stock valued at $2,902,227 in the last three months. 0.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ABM Industries

Several institutional investors have recently made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new stake in ABM Industries in the 4th quarter worth $33,000. Summit Securities Group LLC purchased a new stake in ABM Industries in the 1st quarter worth $38,000. Federated Hermes Inc. increased its holdings in ABM Industries by 107.7% in the 1st quarter. Federated Hermes Inc. now owns 920 shares of the business services provider's stock worth $44,000 after acquiring an additional 477 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in ABM Industries in the 1st quarter worth $45,000. Finally, Smartleaf Asset Management LLC increased its holdings in ABM Industries by 193.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 903 shares of the business services provider's stock worth $46,000 after acquiring an additional 595 shares in the last quarter. 91.62% of the stock is owned by hedge funds and other institutional investors.

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.