ABM Industries Proves Its Worth with Strong Earnings Report
As of June 22, 2023, ABM Industries (NYSE:ABM) has reported its earnings for the previous quarter. The business services provider has shown strong performance, boasting $0.90 earnings per share for the quarter – a figure that beats analysts’ consensus estimates by $0.04. However, this is not the only impressive statistic to be found in ABM’s latest earnings report.
The company has reported $1.98 billion in revenue during Q2 2023, which signifies a negligible difference compared to the predicted revenue of $2 billion generated from analyst expectations. Despite this marginal gap, it still marks a year-over-year increase of 4.5% on ABM’s revenue for the same period last year.
Meanwhile, ABM Industries’ net margin currently exists at a comfortable 2.47%, and return on equity sits high at an impressive rate of 13.63%. Investors should note that CEO Scott B. Salmirs has recently sold nearly $681,000 worth of shares in a transaction completed on June 2nd.
Those who are interested in investing in ABM also have the opportunity to study the company itself further given figures about their stock are now available as well; as of Thursday morning trading on June 22nd, their stock opened at $41.66 per share.
It is crucial to recognize that whilst there have been fluctuations between a 52-week low price point of $37.68/share and reaching as high as $50.20/share over the past year, at present their market capitalization values them at approximately $2.76 billion dollars – proving that they are indeed one of the most robust economically successful firms out there today.
In conclusion, these reports have positioned ABM as an entity worth paying attention to and one whose success will impact numerous stakeholders ranging from investors to business analysts alike.
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ABM Industries faces earnings estimate decrease and mixed reviews from analysts and hedge funds
ABM Industries, a business service provider, has recently had its Q2 2024 earnings estimate decreased by Zacks Research analysts. In a report released on June 20th, analyst S. Dey predicted that ABM Industries would earn $0.84 per share for the quarter, down from their previous estimate of $0.97. The consensus estimate for ABM Industries’ full-year earnings is currently $3.50 per share with a predicted FY2024 earnings at $3.78 EPS, Q1 2025 earnings at $1.05 EPS and FY2025 earnings at $4.07 EPS.
Other research reports have been released on ABM Industries in recent times as well. Robert W. Baird lowered shares of ABM Industries from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $52.00 to $51.00 in a report on Thursday, March 9th, while StockNews.com gave the company a “hold” rating in their report released on May 18th.
Despite this news, several hedge funds have acquired or sold shares of ABM’s stock in recent times as well. Creative Planning boosted its stake in ABM Industries by 1.6% during the second quarter; SummerHaven Investment Management LLC boosted its stake by 1.4% during the fourth quarter; Arizona State Retirement System boosted its stake by 1.7% during the first quarter; First Horizon Advisors Inc boosted its stake by 34.2% during the fourth quarter; and Mirae Asset Global Investments Co Ltd boosted its stake by 1.2% during the fourth quarter.
Hedge funds and other institutional investors own approximately 93.66% of ABM’s stock as it stands right now.
The future looks uncertain for ABM Industries, with mixed reviews coming from industry experts and hedge fund movements, but it remains to be seen how they will overcome these challenges and grow in the coming years.
