LONDON, UK / ACCESSWIRE / October 3, 2017 / Pro-Trader Daily takes a closer look at ABM Industries Inc. (NYSE: ABM) ("ABM") as the Company's stock will begin trading ex-dividend on October 04, 2017. To capture the dividend payout, investors must purchase the stock a day prior to the ex-dividend date that is by latest at the end of the trading session on October 03, 2017. Are you looking for research on dividend stocks, if so register with us now for your free membership at:
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On September 06, 2017, ABM announced that the Board of Directors has declared a cash dividend of $0.170 per common share for the third quarter of fiscal 2017 payable on November 06, 2017, to shareholders of record on October 05, 2017.
ABM's indicated dividend represents a yield of 1.63% compared to the average dividend yield of 1.92% for the Services sector. This will be the Company's 206th consecutive quarterly cash dividend. ABM has raised its dividend for 49 consecutive years.
ABM has a dividend payout ratio of 36.8%, which indicates that the Company distributes approximately $0.37 for every $1.00 earned. The dividend payout ratio reflects how much amount a company is returning to shareholders versus how much money it is keeping on hand to reinvest in growth, to pay off debt, and/or to add to its cash reserves.
According to analysts' estimates, ABM is forecasted to report earnings of $2.03 for the next year, which is more than three times compared to its annualized dividend of $0.68.
As of July 31, 2017, ABM had $47.7 million in cash and cash equivalents compared to $53.5 million as on October 31, 2016. For the three months ended July 31, 2017, the Company generated operating cash flow of $32.4 million compared to operating cash flow of $21.7 million for the year-ago same period. The Company's strong financial position indicates its ability to absorb any fluctuations in earnings and cash flow and to sustain its dividend distribution for a long period.
Recent Development for ABM
On September 01, 2017, ABM announced that it has completed its acquisition of GCA Services Group ("GCA") for approximately $1.25 billion, consisting of approximately $851.0 million in cash and 9.5 million shares of ABM's common stock, from affiliates of Thomas H. Lee Partners, L.P. and the Goldman Sachs Merchant Banking Division. The cash portion of the purchase price is subject to normal adjustments for working capital and certain other items. The Company previously announced the signing of a definitive agreement to acquire GCA on July 12, 2017.
About ABM Industries Inc.
ABM is a leading provider of facility solutions with revenues of approximately $5.1 billion and over 130,000 employees in 350+ offices throughout the United States and various international locations. ABM's comprehensive capabilities include janitorial, electrical & lighting, energy solutions, facilities engineering, HVAC & mechanical, landscape & turf, mission-critical solutions and parking, provided through stand-alone or integrated solutions. ABM provides custom facility solutions in urban, suburban, and rural areas to properties of all sizes - from schools and commercial buildings to hospitals, data centers, manufacturing plants, and airports. ABM Industries Inc., which operates through its subsidiaries, was founded in 1909.
At the closing bell, on Monday, October 02, 2017, ABM Industries' stock climbed 1.61%, ending the trading session at $42.38. A total volume of 350.73 thousand shares have exchanged hands, which was higher than the 3-month average volume of 265.83 thousand shares. The Company's stock price advanced 1.83% in the last three months and 6.75% in the previous twelve months. Moreover, the stock gained 3.77% since the start of the year. The stock is trading at a PE ratio of 26.69 and has a dividend yield of 1.60%. The stock currently has a market cap of $2.75 billion.
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