Public Sector Pension Investment Board lessened its stake in ABM Industries Incorporated (NYSE:ABM – Free Report) by 30.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 81,755 shares of the business services provider’s stock after selling 35,584 shares during the quarter. Public Sector Pension Investment Board owned about 0.13% of ABM Industries worth $3,271,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of ABM. State Street Corp raised its stake in ABM Industries by 19.3% during the first quarter. State Street Corp now owns 7,059,579 shares of the business services provider’s stock worth $325,023,000 after acquiring an additional 1,140,097 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in ABM Industries by 353.1% during the second quarter. Goldman Sachs Group Inc. now owns 1,396,596 shares of the business services provider’s stock worth $60,641,000 after acquiring an additional 1,088,389 shares in the last quarter. Norges Bank acquired a new position in ABM Industries during the fourth quarter worth about $28,698,000. Victory Capital Management Inc. raised its stake in ABM Industries by 16.1% during the fourth quarter. Victory Capital Management Inc. now owns 1,931,733 shares of the business services provider’s stock worth $85,808,000 after acquiring an additional 268,099 shares in the last quarter. Finally, FMR LLC raised its stake in ABM Industries by 178.7% during the second quarter. FMR LLC now owns 398,426 shares of the business services provider’s stock worth $17,300,000 after acquiring an additional 255,471 shares in the last quarter. Institutional investors and hedge funds own 86.42% of the company’s stock.
Wall Street Analyst Weigh In
ABM has been the subject of several recent research reports. Truist Financial upped their price objective on ABM Industries from $43.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, December 14th. StockNews.com downgraded ABM Industries from a “buy” rating to a “hold” rating in a research note on Saturday, February 3rd. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, ABM Industries currently has an average rating of “Hold” and an average target price of $45.20.
Check Out Our Latest Report on ABM
Insider Buying and Selling
In related news, COO Rene Jacobsen sold 6,341 shares of the stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $45.50, for a total value of $288,515.50. Following the transaction, the chief operating officer now directly owns 52,849 shares in the company, valued at approximately $2,404,629.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.04% of the stock is owned by company insiders.
ABM Industries Trading Up 1.5 %
Shares of ABM Industries stock traded up $0.62 on Friday, reaching $42.31. 2,134,945 shares of the company’s stock were exchanged, compared to its average volume of 566,453. The company has a market capitalization of $2.68 billion, a P/E ratio of 10.82 and a beta of 1.15. ABM Industries Incorporated has a 52 week low of $37.61 and a 52 week high of $53.05. The firm’s 50-day moving average is $41.41 and its two-hundred day moving average is $41.86. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.48 and a current ratio of 1.48.
ABM Industries (NYSE:ABM – Get Free Report) last posted its quarterly earnings results on Thursday, March 7th. The business services provider reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.14. ABM Industries had a return on equity of 12.88% and a net margin of 3.15%. The firm had revenue of $2.07 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same period in the prior year, the business earned $0.79 EPS. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. Sell-side analysts predict that ABM Industries Incorporated will post 3.38 EPS for the current fiscal year.
ABM Industries Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, May 6th. Investors of record on Thursday, April 4th will be issued a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date is Wednesday, April 3rd. ABM Industries’s dividend payout ratio is currently 23.02%.
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