ABM Industries (NYSE:ABM) Shares Gap Down – What’s Next?

ABM Industries Incorporated (NYSE:ABM)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $54.91, but opened at $49.73. ABM Industries shares last traded at $51.66, with a volume of 94,047 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on ABM shares. Robert W. Baird upped their target price on shares of ABM Industries from $49.00 to $56.00 and gave the stock a “neutral” rating in a research note on Monday, September 9th. Truist Financial boosted 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. Finally, UBS Group boosted their target price on ABM Industries from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Thursday.

ABM Industries Stock Up 1.6 %

The stock has a market capitalization of $3.21 billion, a P/E ratio of 21.13 and a beta of 1.14. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a fifty day moving average price of $55.36 and a 200 day moving average price of $53.32.

ABM Industries (NYSE:ABM) last posted its earnings results on Wednesday, December 18th. The business services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. ABM Industries had a return on equity of 12.93% and a net margin of 1.89%. The business had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.08 billion. During the same quarter in the previous year, the firm earned $1.01 EPS. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. On average, research analysts forecast that ABM Industries Incorporated will post 3.53 earnings per share for the current year.

ABM Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Thursday, January 2nd will be given a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date is Thursday, January 2nd. This is an increase from ABM Industries’s previous quarterly dividend of $0.23. ABM Industries’s dividend payout ratio (DPR) is 83.46%.

Insider Buying and Selling

In other ABM Industries news, CFO Earl Ray Ellis sold 40,000 shares of ABM Industries stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $53.96, for a total transaction of $2,158,400.00. Following the completion of the sale, the chief financial officer now owns 45,260 shares of the company’s stock, valued at $2,442,229.60. The trade was a 46.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On ABM Industries

A number of hedge funds have recently made changes to their positions in ABM. Louisiana State Employees Retirement System lifted its position in ABM Industries by 2.3% in the second quarter. Louisiana State Employees Retirement System now owns 31,800 shares of the business services provider’s stock valued at $1,608,000 after purchasing an additional 700 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in ABM Industries by 2.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 656,652 shares of the business services provider’s stock worth $33,207,000 after acquiring an additional 13,126 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in ABM Industries by 652,535.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 110,948 shares of the business services provider’s stock worth $5,611,000 after acquiring an additional 110,931 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of ABM Industries by 15.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,072 shares of the business services provider’s stock valued at $712,000 after acquiring an additional 1,856 shares during the last quarter. Finally, Innealta Capital LLC purchased a new stake in shares of ABM Industries during the second quarter worth about $142,000. 91.62% of the stock is currently owned by 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.