ABM Industries Updates FY24 Earnings Guidance
ABM Industries (NYSE:ABM) recently provided an update on its FY24 earnings guidance, revealing an EPS range of $3.40-3.50 for the period. This announcement came on Thursday, and it was compared to the consensus EPS estimate of $3.40. Additionally, ABM Industries adjusted its FY 2024 guidance to 3.400-3.500 EPS.
The stock of ABM Industries saw a positive response to this news, with shares up by 5.2%. The company’s shares on the NYSE opened at $50.94 on Friday, showcasing a market cap of $3.22 billion. The P/E ratio stands at 13.34, with a beta of 1.16. The 50-day moving average price is $45.51, and the 200-day moving average price is $43.62. Notably, ABM Industries has a 1-year low of $37.61 and a 1-year high of $53.05. The company’s debt-to-equity ratio is 0.67, with a quick ratio of 1.48 and a current ratio of 1.44.
In its most recent quarterly earnings report released on June 6th, ABM Industries surpassed expectations, reporting $0.87 earnings per share for the quarter, which was $0.08 higher than analysts’ consensus estimates. The company posted revenue of $2.02 billion for the quarter, slightly exceeding analyst estimates. ABM Industries demonstrated a net margin of 3.04% and a return on equity of 12.52%.
Furthermore, ABM Industries announced a quarterly dividend, with a payment date set for Monday, August 5th. Stockholders of record on Friday, July 5th will receive a $0.225 dividend, representing a dividend yield of 1.77%. The ex-dividend date for this dividend is Friday, July 5th, and the dividend payout ratio currently stands at 23.56%.
Analysts have adjusted price targets for ABM Industries, with UBS Group raising their target price on shares from $45.00 to $51.00 and assigning a neutral rating to the company. Market data indicates that the stock has an average rating of Hold and a consensus price target of $47.00.
In insider activity, EVP Andrea R. Newborn recently sold 12,615 shares of ABM Industries stock, while CAO Dean A. Chin sold 5,465 shares. This activity was disclosed in filings with the Securities & Exchange Commission. Over the past three months, insiders have sold a total of 23,643 shares of company stock, representing 1.04% of the company’s stock.
ABM Industries Incorporated is known for providing integrated facility, infrastructure, and mobility solutions domestically and internationally. The company operates through various segments, including Business & Industry, Manufacturing & Distribution, Education, Aviation, and Technical Solutions.
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