UBS Group Issues Positive Forecast for ABM Industries (NYSE:ABM) Stock Price

ABM Industries (NYSE:ABM) had its price target lifted by UBS Group from $55.00 to $56.00 in a report issued on Thursday,Benzinga reports. They currently have a neutral rating on the business services provider’s stock.

A number of other equities research analysts have also recently commented on ABM. Robert W. Baird increased their target price on 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 lifted their target price on ABM Industries from $49.00 to $55.00 and gave the stock a “hold” rating in a report on Monday, September 9th.

ABM Industries Price Performance

Shares of ABM stock opened at $51.14 on Thursday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.71. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of 21.13 and a beta of 1.14. The business’s fifty day moving average is $55.36 and its 200 day moving average is $53.32. ABM Industries has a twelve month low of $39.64 and a twelve month high of $59.78.

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

ABM Industries Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Thursday, January 2nd will be paid a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date of this dividend is Thursday, January 2nd. This is a positive change from ABM Industries’s previous quarterly dividend of $0.23. ABM Industries’s dividend payout ratio is presently 43.80%.

Insider Transactions at ABM Industries

In other ABM Industries news, CFO Earl Ray Ellis sold 40,000 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $53.96, for a total value of $2,158,400.00. Following the sale, the chief financial officer now owns 45,260 shares in the company, valued at $2,442,229.60. The trade was a 46.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.04% of the company’s stock.

Institutional Investors Weigh In On ABM Industries

A number of hedge funds have recently made changes to their positions in ABM. Pacer Advisors Inc. purchased a new position in ABM Industries in the second quarter worth about $125,118,000. Pzena Investment Management LLC bought a new stake in shares of ABM Industries in the 2nd quarter worth about $21,032,000. LSV Asset Management boosted its stake in shares of ABM Industries by 92.3% during the 2nd quarter. LSV Asset Management now owns 760,321 shares of the business services provider’s stock worth $38,449,000 after purchasing an additional 364,879 shares during the period. Allspring Global Investments Holdings LLC raised its position 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 purchasing an additional 110,931 shares during the period. Finally, Barclays PLC raised its position in ABM Industries by 238.7% in the 3rd quarter. Barclays PLC now owns 113,850 shares of the business services provider’s stock worth $6,004,000 after purchasing an additional 80,238 shares during the period. 91.62% of the stock is currently owned by hedge funds and other institutional investors.

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.