ABM Industries (NYSE:ABM) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Key Points

• ABM Industries beat quarterly EPS expectations, reporting $1.04 per share versus the $1.01 consensus estimate. Revenue was $2.32 billion, in line with expectations.
• Shares opened at $46.98 and were down 0.1%, while the stock carries an average analyst rating of “Hold” and an average price target of $47.00.
• CEO Scott Salmirs sold 50,000 shares worth approximately $2.32 million under a pre-arranged Rule 10b5-1 plan; institutional investors own 91.62% of the company.

ABM Industries (NYSE:ABM - Get Free Report) released its quarterly earnings results on Tuesday. The business services provider reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.01 by $0.03, FiscalAI reports. ABM Industries had a net margin of 1.75% and a return on equity of 11.84%. The company had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.32 billion.

ABM Industries Stock Down 0.1%

Shares of ABM Industries stock opened at $46.98 on Tuesday. ABM Industries has a 1 year low of $36.96 and a 1 year high of $50.12. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 1.23 and a beta of 0.68. The company has a 50-day moving average of $46.99 and a 200 day moving average of $43.13. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.46 and a quick ratio of 1.46.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ABM. Weiss Ratings raised ABM Industries from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. Robert W. Baird raised their target price on ABM Industries from $45.00 to $48.00 and gave the company a "neutral" rating in a research note on Monday, June 8th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, ABM Industries currently has an average rating of "Hold" and an average price target of $47.00.

Insider Buying and Selling

In other ABM Industries news, CEO Scott Salmirs sold 50,000 shares of the company's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $46.34, for a total value of $2,317,000.00. Following the sale, the chief executive officer owned 395,285 shares in the company, valued at approximately $18,317,506.90. This represents a 11.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.90% of the stock is owned by insiders.

Hedge Funds Weigh In On ABM Industries

Several large investors have recently made changes to their positions in ABM. Caitong International Asset Management Co. Ltd grew its stake in shares of ABM Industries by 590.9% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 608 shares of the business services provider's stock worth $28,000 after buying an additional 520 shares during the last quarter. Quarry LP raised its stake in ABM Industries by 667.0% during the third quarter. Quarry LP now owns 882 shares of the business services provider's stock valued at $41,000 after buying an additional 767 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in ABM Industries during the fourth quarter valued at $57,000. Headlands Technologies LLC bought a new stake in ABM Industries in the second quarter worth $94,000. Finally, Quadrant Capital Group LLC bought a new stake in ABM Industries in the third quarter worth $177,000. 91.62% of the stock is currently owned by hedge funds and other institutional investors.

About ABM Industries

ABM Industries Incorporated is a leading provider of integrated facility services, offering a comprehensive suite of solutions designed to support the operation, maintenance and enhancement of commercial properties. The company's core services include janitorial and custodial maintenance, HVAC and mechanical systems support, electrical and lighting solutions, and energy optimization. Additional offerings span parking management, security services, landscaping, and specialized support such as technical solutions and sustainability consulting.

Serving a diverse range of markets, ABM caters to clients in commercial real estate, aviation, healthcare, manufacturing, education, government entities, and technology campuses.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.