Analysts Expect ABM Industries Incorporated (ABM) Will Post Quarterly Sales of $1.49 Billion
Equities research analysts expect ABM Industries Incorporated (NYSE:ABM) to report $1.49 billion in sales for the current quarter, Zacks reports. Two analysts have issued estimates for ABM Industries’ earnings, with the lowest sales estimate coming in at $1.48 billion and the highest estimate coming in at $1.51 billion. ABM Industries reported sales of $1.32 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 12.9%. The company is scheduled to report its next quarterly earnings results after the market closes on Wednesday, December 13th.
On average, analysts expect that ABM Industries will report full-year sales of $1.49 billion for the current fiscal year, with estimates ranging from $5.43 billion to $5.47 billion. For the next fiscal year, analysts expect that the company will post sales of $6.47 billion per share, with estimates ranging from $6.44 billion to $6.49 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover ABM Industries.
A number of equities research analysts have commented on ABM shares. Robert W. Baird set a $47.00 target price on ABM Industries and gave the company a “buy” rating in a research report on Thursday, August 24th. BidaskClub upgraded ABM Industries from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 26th. KeyCorp upgraded ABM Industries from a “sector weight” rating to an “overweight” rating and set a $48.00 price objective on the stock in a report on Monday, September 11th. Finally, Zacks Investment Research upgraded ABM Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 7th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $48.20.
In other news, insider Scott J. Giacobbe sold 11,094 shares of the stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $39.92, for a total transaction of $442,872.48. Following the completion of the transaction, the insider now directly owns 59,152 shares of the company’s stock, valued at approximately $2,361,347.84. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Dean A. Chin sold 880 shares of the stock in a transaction that occurred on Wednesday, October 4th. The stock was sold at an average price of $42.90, for a total value of $37,752.00. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of ABM. Zurcher Kantonalbank Zurich Cantonalbank raised its position in ABM Industries by 9.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,629 shares of the business services provider’s stock valued at $109,000 after purchasing an additional 229 shares during the period. Riverhead Capital Management LLC increased its position in shares of ABM Industries by 60.4% during the second quarter. Riverhead Capital Management LLC now owns 3,528 shares of the business services provider’s stock worth $146,000 after acquiring an additional 1,328 shares during the last quarter. Hillsdale Investment Management Inc. increased its position in shares of ABM Industries by 12,666.7% during the second quarter. Hillsdale Investment Management Inc. now owns 3,830 shares of the business services provider’s stock worth $159,000 after acquiring an additional 3,800 shares during the last quarter. Bruderman Asset Management LLC bought a new stake in ABM Industries in the second quarter valued at about $164,000. Finally, D.A. Davidson & CO. bought a new stake in ABM Industries in the second quarter valued at about $171,000. Hedge funds and other institutional investors own 96.21% of the company’s stock.
TRADEMARK VIOLATION WARNING: This report was first posted by American Banking News and is the property of of American Banking News. If you are reading this report on another publication, it was illegally copied and reposted in violation of international trademark and copyright law. The original version of this report can be read at https://www.americanbankingnews.com/2017/12/12/analysts-expect-abm-industries-incorporated-abm-will-post-quarterly-sales-of-1-49-billion.html.
ABM Industries Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for ABM Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ABM Industries and related companies with MarketBeat.com's FREE daily email newsletter.