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

ABM Industries Incorporated (NYSE:ABM)’s share 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.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. UBS Group upped their target price on ABM Industries from $51.00 to $55.00 and gave the company a “neutral” rating in a research report on Monday, September 9th. Truist Financial raised their target price on shares of ABM Industries from $49.00 to $55.00 and gave the company a “hold” rating in a report on Monday, September 9th. Finally, Robert W. Baird upped their price target on shares of ABM Industries from $49.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, September 9th.

ABM Industries Price Performance

The business’s fifty day moving average price is $55.42 and its 200 day moving average price is $53.36. 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 market cap of $3.17 billion, a P/E ratio of 20.90 and a beta of 1.14.

ABM Industries (NYSE:ABM) last issued 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. The firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.08 billion. ABM Industries had a net margin of 1.89% and a return on equity of 12.93%. The company’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the business posted $1.01 earnings per share. Sell-side analysts forecast that ABM Industries Incorporated will post 3.53 EPS for the current fiscal year.

ABM Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Thursday, January 2nd will be given a $0.265 dividend. The ex-dividend date of this dividend is Thursday, January 2nd. This is an increase from ABM Industries’s previous quarterly dividend of $0.23. This represents a $1.06 annualized dividend and a yield of 2.10%. ABM Industries’s dividend payout ratio (DPR) is currently 43.80%.

Insider Transactions at ABM Industries

In other news, CFO Earl Ray Ellis sold 40,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 45,260 shares in the company, valued at approximately $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 accessible through this link. Company insiders own 1.04% of the company’s stock.

Hedge Funds Weigh In On ABM Industries

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Foundry Partners LLC lifted its stake in ABM Industries by 694.2% in the third quarter. Foundry Partners LLC now owns 86,868 shares of the business services provider’s stock valued at $4,583,000 after buying an additional 75,930 shares during the period. Citigroup Inc. raised its holdings in shares of ABM Industries by 51.3% during the third quarter. Citigroup Inc. now owns 101,006 shares of the business services provider’s stock valued at $5,329,000 after purchasing an additional 34,254 shares during the period. Algert Global LLC grew its stake in shares of ABM Industries by 50.8% in the 2nd quarter. Algert Global LLC now owns 200,497 shares of the business services provider’s stock valued at $10,139,000 after buying an additional 67,560 shares during the period. Intech Investment Management LLC raised its stake in ABM Industries by 138.3% during the 3rd quarter. Intech Investment Management LLC now owns 25,810 shares of the business services provider’s stock worth $1,362,000 after buying an additional 14,977 shares during the period. Finally, Natixis Advisors LLC acquired a new stake in ABM Industries in the third quarter valued at approximately $543,000. Institutional investors and hedge funds own 91.62% of the company’s stock.

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.