ABM Industries Inc. (ABM) Upgraded to Buy by Zacks Investment Research

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ABM Industries Inc. (NYSE:ABM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage presently has a $45.00 price objective on the stock.
According to Zacks, “ABM recorded solid third-quarter fiscal 2016 results on the back of healthy revenues across most of the operating segments. Adjusted earnings of $0.54 per share for the quarter comprehensively beat the Zacks Consensus Estimate of $0.39. ABM has realigned its operational structure to improve growth prospects and generate high-margin opportunities in the future. The company has also embarked on a Vision 2020 Plan that outlines its long-term vision for the next five years. These systematic and strategic plan of actions are likely to help ABM to fuel its growth momentum. The company has further increased its fiscal 2016 guidance on higher-than-expected 2020 Vision savings in the reported quarter. However, ABM has a significant presence in the U.K. and is likely to be stifled by the renegotiated deals and restrictions imposed on trade with other European Union members post Brexit referendum, lowering its productivity.”
A number of other research firms also recently weighed in on ABM. Robert W. Baird restated an “outperform” rating and issued a $40.00 target price on shares of ABM Industries in a research report on Wednesday, August 31st. Imperial Capital increased their price objective on ABM Industries from $33.00 to $38.00 and gave the company a “hold” rating in a research report on Thursday, June 23rd. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of C$31.05.

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Shares of ABM Industries (NYSE:ABM) opened at 39.619 on Friday. ABM Industries has a 52-week low of $26.50 and a 52-week high of $40.47. The firm’s 50-day moving average price is $37.89 and its 200-day moving average price is $34.61. The stock has a market cap of $2.22 billion, a P/E ratio of 38.690 and a beta of 0.78.
ABM Industries (NYSE:ABM) last released its earnings results on Wednesday, September 7th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.14. During the same quarter last year, the company earned $0.47 earnings per share. The firm earned $1.30 billion during the quarter, compared to analyst estimates of $1.31 billion. The business’s revenue for the quarter was down 3.8% on a year-over-year basis. On average, equities research analysts forecast that ABM Industries will post $1.60 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 7th. Stockholders of record on Thursday, October 6th will be issued a $0.165 dividend. The ex-dividend date of this dividend is Tuesday, October 4th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.63%. ABM Industries’s payout ratio is currently 42.58%.
In other news, insider Thomas J. Marano sold 25,725 shares of the stock in a transaction on Monday, June 13th. The stock was sold at an average price of C$36.91, for a total value of C$949,509.75. Following the completion of the sale, the insider now owns 15,288 shares in the company, valued at C$564,280.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Scott J. Giacobbe sold 13,700 shares of the stock in a transaction on Thursday, September 8th. The shares were sold at an average price of C$39.33, for a total value of C$538,821.00. Following the completion of the sale, the insider now owns 33,383 shares of the company’s stock, valued at approximately C$1,312,953.39. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.
Other hedge funds have added to or reduced their stakes in the company. Chicago Equity Partners LLC raised its stake in ABM Industries by 471.8% in the second quarter. Chicago Equity Partners LLC now owns 80,165 shares of the company’s stock worth $2,924,000 after buying an additional 66,145 shares during the last quarter. Bank of Montreal Can acquired a new stake in ABM Industries during the second quarter worth about $257,000. Acadian Asset Management LLC acquired a new stake in ABM Industries during the second quarter worth about $168,000. Creative Planning raised its stake in ABM Industries by 3.7% in the second quarter. Creative Planning now owns 14,310 shares of the company’s stock worth $522,000 after buying an additional 510 shares during the last quarter. Finally, Alpha Windward LLC acquired a new stake in ABM Industries during the second quarter worth about $444,000. Institutional investors own 90.65% of the company’s stock.
ABM Industries Company Profile
ABM Industries Incorporated, formerly American Building Maintenance Industries, Inc, is a provider of end-to-end integrated facility solutions. The Company’s segments are Janitorial, Facility Services, Parking, Building & Energy Solutions, and Other. Its Janitorial segment provides a range of essential cleaning services, which include carpet cleaning and dusting, floor cleaning and finishing, window washing, and other building cleaning services.
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