Shares of ABM Industries Incorporated (NYSE:ABM – Get Rating) dropped 4.8% during mid-day trading on Monday after Robert W. Baird lowered their price target on the stock from $53.00 to $52.00. The company traded as low as $42.70 and last traded at $43.80. Approximately 1,301 shares changed hands during trading, a decline of 100% from the average daily volume of 449,886 shares. The stock had previously closed at $46.00.
ABM has been the subject of several other reports. StockNews.com downgraded ABM Industries from a “buy” rating to a “hold” rating in a research report on Monday, June 13th. TheStreet upgraded ABM Industries from a “c+” rating to a “b-” rating in a report on Monday, August 15th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $57.33.
Insider Activity
In related news, CAO Dean A. Chin sold 1,209 shares of the stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $48.00, for a total transaction of $58,032.00. Following the sale, the chief accounting officer now owns 23,515 shares in the company, valued at $1,128,720. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.54% of the company’s stock.
Institutional Investors Weigh In On ABM Industries
Institutional investors and hedge funds have recently bought and sold shares of the business. Pinebridge Investments L.P. raised its stake in ABM Industries by 487.0% during the second quarter. Pinebridge Investments L.P. now owns 587 shares of the business services provider’s stock worth $25,000 after acquiring an additional 487 shares during the period. C M Bidwell & Associates Ltd. bought a new position in ABM Industries in the 2nd quarter worth about $38,000. Operose Advisors LLC bought a new position in ABM Industries in the 1st quarter worth about $41,000. Assetmark Inc. grew its position in ABM Industries by 104.1% in the 2nd quarter. Assetmark Inc. now owns 951 shares of the business services provider’s stock worth $41,000 after purchasing an additional 485 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its position in ABM Industries by 1,691.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,150 shares of the business services provider’s stock worth $92,000 after purchasing an additional 2,030 shares during the last quarter. Institutional investors and hedge funds own 94.21% of the company’s stock.
ABM Industries Stock Down 4.8 %
The firm’s fifty day moving average price is $44.96 and its 200-day moving average price is $45.60. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.21 and a quick ratio of 1.18. The firm has a market capitalization of $2.93 billion, a P/E ratio of 14.47 and a beta of 1.04.
ABM Industries (NYSE:ABM – Get Rating) last posted its quarterly earnings data on Friday, September 9th. The business services provider reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.04. The business had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.91 billion. ABM Industries had a net margin of 2.88% and a return on equity of 14.88%. The business’s revenue was up 27.1% on a year-over-year basis. During the same period last year, the firm posted $0.90 earnings per share. As a group, equities research analysts forecast that ABM Industries Incorporated will post 3.65 earnings per share for the current year.
ABM Industries Company Profile
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.