Equities research analysts at Piper Jaffray Cos. began coverage on shares of ABM Industries (NYSE:ABM) in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. The firm set a “neutral” rating and a $29.00 price target on the stock. Piper Jaffray Cos.’s price target indicates a potential upside of 3.87% from the stock’s previous close.
The analysts wrote, “We are initiating coverage on ABM Industries with a Neutral rating and $29 price target. We believe ABM’s diversified platform across segments in facilities services uniquely positions it to capture market share and benefit from rising industry demand in the context of an improving macro backdrop. Recent restructuring actions put in the infrastructure to enhance cross-selling to drive further organic growth, market share gains and customer retention. We find ABM’s strong market positioning and execution balanced near-term by a relatively fair valuation.”
Shares of ABM Industries (NYSE:ABM) opened at 27.92 on Monday. ABM Industries has a 1-year low of $18.20 and a 1-year high of $29.20. The stock has a 50-day moving average of $27.47 and a 200-day moving average of $25.56. The company has a market cap of $1.539 billion and a P/E ratio of 20.44.
ABM has been the subject of a number of other recent research reports. Analysts at Jefferies Group raised their price target on shares of ABM Industries from $29.00 to $31.00 in a research note to investors on Thursday, October 17th. They now have a “buy” rating on the stock. Separately, analysts at Imperial Capital raised their price target on shares of ABM Industries from $24.50 to $26.00 in a research note to investors on Friday, September 6th. They now have an “in-line” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of ABM Industries in a research note to investors on Wednesday, September 4th. They now have a $26.00 price target on the stock. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $27.40.
In other ABM Industries news, CEO Henrik Slipsager sold 22,037 shares of the company’s stock on the open market in a transaction dated Monday, November 11th. The stock was sold at an average price of $27.60, for a total transaction of $608,221.20. Following the sale, the chief executive officer now directly owns 224,219 shares in the company, valued at approximately $6,188,444. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
ABM Industries Incorporated (NYSE:ABM) is a provider of integrated facility solutions.
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