ABM Industries Incorporated (ABM) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of ABM Industries Incorporated (NYSE:ABM) from a strong sell rating to a hold rating in a research report released on Tuesday, November 7th.

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.”

A number of other equities research analysts have also weighed in on the stock. Robert W. Baird set a $47.00 target price on shares of ABM Industries and gave the company a buy rating in a research note on Thursday, August 24th. BidaskClub lowered ABM Industries from a strong-buy rating to a buy rating in a research note on Friday, August 11th. KeyCorp upgraded ABM Industries from a sector weight rating to an overweight rating and set a $48.00 price objective for the company in a research note on Monday, September 11th. Finally, Sidoti upgraded ABM Industries from a neutral rating to a buy rating and increased their price target for the stock from $49.00 to $55.00 in a research note on Thursday, July 13th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $48.20.

ABM Industries (NYSE:ABM) opened at $39.91 on Tuesday. ABM Industries has a twelve month low of $37.12 and a twelve month high of $45.12. The company has a market capitalization of $2,600.00, a PE ratio of 21.12 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 (NYSE:ABM) last issued its quarterly earnings results on Wednesday, September 6th. The business services provider reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.03). ABM Industries had a return on equity of 11.37% and a net margin of 0.29%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the prior year, the firm earned $0.54 earnings per share. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. research analysts expect that ABM Industries will post 1.85 EPS for the current year.

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The firm also recently declared a quarterly dividend, which was paid on Monday, November 6th. Investors of record on Thursday, October 5th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date was Wednesday, October 4th. ABM Industries’s payout ratio is 42.77%.

In other ABM Industries news, insider Scott J. Giacobbe sold 11,094 shares of the firm’s stock in a transaction dated Wednesday, September 13th. The shares were 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Dean A. Chin sold 880 shares of the firm’s 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. 1.30% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in ABM Industries by 4.6% in the second quarter. Vanguard Group Inc. now owns 5,506,110 shares of the business services provider’s stock valued at $228,614,000 after acquiring an additional 244,626 shares in the last quarter. Lee Thomas H Partners LP acquired a new stake in ABM Industries in the third quarter valued at approximately $188,691,000. Dimensional Fund Advisors LP boosted its stake in ABM Industries by 0.4% in the third quarter. Dimensional Fund Advisors LP now owns 2,380,054 shares of the business services provider’s stock valued at $99,272,000 after acquiring an additional 10,556 shares in the last quarter. Northern Trust Corp boosted its stake in ABM Industries by 3.6% in the second quarter. Northern Trust Corp now owns 1,637,601 shares of the business services provider’s stock valued at $67,993,000 after acquiring an additional 57,497 shares in the last quarter. Finally, Channing Capital Management LLC boosted its stake in ABM Industries by 4.8% in the third quarter. Channing Capital Management LLC now owns 1,463,858 shares of the business services provider’s stock valued at $61,058,000 after acquiring an additional 66,957 shares in the last quarter. Institutional investors own 86.58% of the company’s stock.

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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