Zacks Investment Research Lowers ABM Industries (NYSE:ABM) to Hold

ABM Industries (NYSE:ABMGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports. They currently have a $48.00 price objective on the business services provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 5.84% from the company’s previous close.

According to Zacks, “ABM Industries' shares have outperformed its industry in the year-to-date period, partly due to earnings and revenue beat in the past four quarters and raised fiscal 2022 guidance. The company's comprehensive transformational initiative called 2020 Vision should help it attain long-term profitable growth through an industry-based go-to-market approach. Multi-year comprehensive strategic plan, ELEVATE is expected to accelerate the company’s organic growth, improve its strategic and comprehensive positioning and reinforce profitability. ABM has a consistent track record of dividend payment. However, ABM Industries continues to grapple with a challenging labor environment. Rising selling, general and administrative expenses is likely to keep the company’s bottom line under pressure going forward. High debt remains a concern.”

Other equities research analysts also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft lifted their target price on shares of ABM Industries from $62.00 to $65.00 in a research report on Wednesday, April 20th. StockNews.com downgraded shares of ABM Industries from a “buy” rating to a “hold” rating in a research report on Thursday, May 5th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $56.00.

Shares of ABM Industries stock traded down $0.23 during midday trading on Tuesday, hitting $45.35. 25,343 shares of the company traded hands, compared to its average volume of 518,395. The stock has a market cap of $3.03 billion, a price-to-earnings ratio of 24.18 and a beta of 1.10. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.17 and a current ratio of 1.17. The firm’s fifty day moving average price is $47.03 and its 200-day moving average price is $44.97. ABM Industries has a 12 month low of $38.44 and a 12 month high of $54.00.

ABM Industries (NYSE:ABMGet Rating) last announced its quarterly earnings results on Tuesday, March 8th. The business services provider reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.15. The company had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.83 billion. ABM Industries had a net margin of 1.91% and a return on equity of 14.86%. The firm’s revenue was up 29.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.01 EPS. Equities research analysts forecast that ABM Industries will post 3.6 earnings per share for the current year.

In other news, CEO Scott B. Salmirs sold 8,747 shares of ABM Industries stock in a transaction on Tuesday, March 15th. The shares were sold at an average price of $45.40, for a total value of $397,113.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Linda Chavez sold 2,008 shares of ABM Industries stock in a transaction on Friday, March 11th. The shares were sold at an average price of $46.13, for a total transaction of $92,629.04. The disclosure for this sale can be found here. Insiders sold a total of 24,140 shares of company stock worth $1,141,717 in the last 90 days. Corporate insiders own 0.54% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. B. Metzler seel. Sohn & Co. AG increased its stake in shares of ABM Industries by 11.1% in the 1st quarter. B. Metzler seel. Sohn & Co. AG now owns 11,718 shares of the business services provider’s stock valued at $539,000 after acquiring an additional 1,169 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in shares of ABM Industries in the 1st quarter valued at $353,000. MQS Management LLC bought a new stake in shares of ABM Industries in the 1st quarter valued at $254,000. Boston Partners increased its stake in shares of ABM Industries by 0.8% in the 1st quarter. Boston Partners now owns 1,612,248 shares of the business services provider’s stock valued at $74,650,000 after acquiring an additional 12,258 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new stake in shares of ABM Industries in the 1st quarter valued at $421,000. Institutional investors own 94.65% of the company’s stock.

ABM Industries Company Profile (Get Rating)

ABM Industries Incorporated provides integrated facility solutions in the United States and internationally. The company operates through Business & Industry, Technology & Manufacturing, Education, Aviation, and Technical Solutions segments. It provides janitorial, facilities engineering, parking, custodial, landscaping and ground, and mechanical and electrical services; and vehicle maintenance and other services to rental car providers.

Featured Articles

Get a free copy of the Zacks research report on ABM Industries (ABM)

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.