$1.49 Billion in Sales Expected for ABM Industries Incorporated (ABM) This Quarter
Wall Street brokerages forecast that ABM Industries Incorporated (NYSE:ABM) will announce $1.49 billion in sales for the current quarter, Zacks reports. Two analysts have made estimates for ABM Industries’ earnings, with estimates ranging from $1.48 billion to $1.51 billion. ABM Industries posted sales of $1.32 billion in the same quarter last year, which suggests a positive year over year growth rate of 12.9%. The firm is scheduled to announce its next quarterly earnings report on Tuesday, December 12th.
On average, analysts expect that ABM Industries will report full year sales of $1.49 billion for the current financial year, with estimates ranging from $5.43 billion to $5.47 billion. For the next fiscal year, analysts forecast that the firm will report sales of $6.47 billion per share, with estimates ranging from $6.44 billion to $6.49 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow ABM Industries.
ABM Industries (NYSE:ABM) last issued its earnings results on Wednesday, September 6th. The business services provider reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.03). The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.32 billion. ABM Industries had a return on equity of 11.37% and a net margin of 0.29%. The business’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period last year, the company posted $0.54 earnings per share.
Several equities research analysts recently commented on the company. Zacks Investment Research raised ABM Industries from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a report on Monday, July 17th. KeyCorp raised ABM Industries from a “sector weight” rating to an “overweight” rating and set a $48.00 target price on the stock in a report on Monday, September 11th. BidaskClub raised ABM Industries from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 26th. Robert W. Baird reissued an “outperform” rating and set a $47.00 target price (down previously from $49.00) on shares of ABM Industries in a report on Thursday, July 13th. Finally, Sidoti raised ABM Industries from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $49.00 to $55.00 in a report on Thursday, July 13th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. ABM Industries presently has an average rating of “Buy” and an average price target of $48.20.
In other ABM Industries news, insider James P. Mcclure sold 1,963 shares of ABM Industries stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $44.44, for a total transaction of $87,235.72. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Dean A. Chin sold 880 shares of ABM Industries stock in a transaction that occurred on Wednesday, October 4th. The stock was sold at an average price of $42.90, for a total transaction of $37,752.00. The disclosure for this sale can be found here. Insiders sold 15,069 shares of company stock worth $618,769 in the last ninety days. 1.30% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Phocas Financial Corp. grew its position in ABM Industries by 4.7% during the 2nd quarter. Phocas Financial Corp. now owns 139,647 shares of the business services provider’s stock worth $5,798,000 after purchasing an additional 6,230 shares in the last quarter. Koch Industries Inc. purchased a new position in shares of ABM Industries during the 2nd quarter valued at $261,000. Piedmont Investment Advisors LLC purchased a new position in shares of ABM Industries during the 2nd quarter valued at $500,000. Raymond James Financial Services Advisors Inc. purchased a new position in shares of ABM Industries during the 2nd quarter valued at $277,000. Finally, Shelton Capital Management purchased a new position in shares of ABM Industries during the 2nd quarter valued at $229,000. Hedge funds and other institutional investors own 78.23% of the company’s stock.
ABM Industries (NYSE:ABM) opened at 43.30 on Friday. The stock’s 50 day moving average price is $41.83 and its 200-day moving average price is $42.57. ABM Industries has a 52 week low of $37.12 and a 52 week high of $45.12. The stock has a market capitalization of $2.82 billion, a P/E ratio of 169.14 and a beta of 0.80.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 6th. Shareholders of record on Thursday, October 5th will be issued a $0.17 dividend. The ex-dividend date is Wednesday, October 4th. This represents a $0.68 annualized dividend and a dividend yield of 1.57%. ABM Industries’s dividend payout ratio is currently 251.86%.
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About ABM Industries
ABM Industries Incorporated is a provider of integrated facility solutions. The Company operates through five segments: Janitorial, Facility Services, Parking, Building & Energy Solutions, and other. Its Janitorial segment provides a range of cleaning services for commercial office buildings, data centers, educational institutions, government buildings, health facilities, industrial buildings, retail stores, sport event facilities and transportation hubs.
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