ABM Industries Incorporated (ABM) Lifted to “Hold” at Zacks Investment Research
ABM Industries Incorporated (NYSE:ABM) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “ABM has underperformed the industry year to date due to macroeconomic concerns. Brexit could further result in higher tariff and non-tariff barriers to trade between the U.K. and the European Union, lowering its productivity. The company is likely to be stifled by the renegotiated deals and restrictions imposed on trade with other European Union members. Strong competitive pressures could also limit ABM’s success rate in bidding for profitable businesses and its ability to increase prices in accordance with the rising costs. However, the acquisition of GCA Services Group is likely to offer profitable growth opportunities, yielding greater efficiencies and costs synergies. ABM’s comprehensive, strategic and transformative initiatives are focused on driving sustainable profitability by effectively allocating resources to higher margin services and business verticals with a strong competitive edge.”
Other equities analysts also recently issued research reports about the company. Sidoti upgraded ABM Industries from a “neutral” rating to a “buy” rating and raised their target price for the company from $49.00 to $55.00 in a research report on Thursday, July 13th. 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 downgraded ABM Industries from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 11th. Finally, KeyCorp upgraded ABM Industries from a “sector weight” rating to an “overweight” rating and set a $48.00 target price on the stock in a research report on Monday, September 11th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. ABM Industries currently has a consensus rating of “Buy” and an average target price of $48.20.
Shares of ABM Industries (NYSE:ABM) traded down $0.43 during mid-day trading on Tuesday, reaching $40.63. The company’s stock had a trading volume of 129,217 shares, compared to its average volume of 239,047. The stock has a market capitalization of $2,674.48, a P/E ratio of 21.73 and a beta of 0.81. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.27. ABM Industries has a 52 week low of $37.12 and a 52 week high of $45.12.
ABM Industries (NYSE:ABM) last released its earnings results on Wednesday, September 6th. The business services provider reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.03). The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.32 billion. ABM Industries had a net margin of 0.29% and a return on equity of 11.37%. The business’s revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.54 EPS. equities research analysts anticipate that ABM Industries will post 1.85 EPS for the current year.
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In related 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 value of $442,872.48. Following the completion of the sale, the insider now owns 59,152 shares of the company’s stock, valued at $2,361,347.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Dean A. Chin sold 880 shares of the stock in a transaction that occurred on Wednesday, October 4th. The shares were 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 hedge funds have recently bought and sold shares of ABM. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in ABM Industries by 9.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,629 shares of the business services provider’s stock worth $109,000 after acquiring an additional 229 shares during the last quarter. Riverhead Capital Management LLC grew its stake in shares of ABM Industries by 60.4% in the second quarter. Riverhead Capital Management LLC now owns 3,528 shares of the business services provider’s stock valued at $146,000 after buying an additional 1,328 shares in the last quarter. Hillsdale Investment Management Inc. grew its stake in shares of ABM Industries by 12,666.7% in the second quarter. Hillsdale Investment Management Inc. now owns 3,830 shares of the business services provider’s stock valued at $159,000 after buying an additional 3,800 shares in the last quarter. Independent Portfolio Consultants Inc. acquired a new stake in shares of ABM Industries in the second quarter valued at $162,000. Finally, Bruderman Asset Management LLC acquired a new stake in shares of ABM Industries in the second quarter valued at $164,000. 86.05% of the stock is owned by institutional investors.
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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