Vanguard Group Inc. Boosts Stake in ABM Industries Incorporated (ABM)
Vanguard Group Inc. lifted its position in shares of ABM Industries Incorporated (NYSE:ABM) by 4.6% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,506,110 shares of the business services provider’s stock after buying an additional 244,626 shares during the quarter. Vanguard Group Inc. owned about 9.87% of ABM Industries worth $228,614,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of ABM. BlackRock Inc. lifted its holdings in shares of ABM Industries by 35,805.5% during the first quarter. BlackRock Inc. now owns 7,121,861 shares of the business services provider’s stock worth $310,513,000 after buying an additional 7,102,026 shares in the last quarter. State Street Corp lifted its holdings in shares of ABM Industries by 236.6% during the first quarter. State Street Corp now owns 4,414,087 shares of the business services provider’s stock worth $192,454,000 after buying an additional 3,102,800 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of ABM Industries during the second quarter worth $30,970,000. Systematic Financial Management LP lifted its holdings in shares of ABM Industries by 1,079.2% during the second quarter. Systematic Financial Management LP now owns 455,594 shares of the business services provider’s stock worth $18,916,000 after buying an additional 416,959 shares in the last quarter. Finally, Teachers Advisors LLC lifted its holdings in shares of ABM Industries by 332.4% during the first quarter. Teachers Advisors LLC now owns 407,119 shares of the business services provider’s stock worth $17,750,000 after buying an additional 312,972 shares in the last quarter. 78.23% of the stock is owned by institutional investors.
A number of research firms have recently weighed in on ABM. KeyCorp raised ABM Industries from a “sector weight” rating to an “overweight” rating and set a $48.00 target price for the company in a report on Monday, September 11th. BidaskClub raised ABM Industries from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 26th. Robert W. Baird set a $47.00 target price on ABM Industries and gave the stock a “buy” rating in a report on Thursday, August 24th. Zacks Investment Research downgraded ABM Industries from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. Finally, Sidoti raised ABM Industries from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $49.00 to $55.00 in a report on Thursday, July 13th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $48.20.
ABM Industries Incorporated (ABM) opened at 43.33 on Friday. The firm has a market cap of $2.82 billion, a P/E ratio of 169.26 and a beta of 0.80. The company has a 50-day moving average price of $41.75 and a 200-day moving average price of $42.57. ABM Industries Incorporated has a 1-year low of $37.12 and a 1-year high of $45.12.
ABM Industries (NYSE:ABM) last posted its quarterly earnings results on Wednesday, September 6th. The business services provider reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.03). The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.32 billion. ABM Industries had a return on equity of 11.37% and a net margin of 0.29%. The firm’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.54 EPS. On average, equities research analysts forecast that ABM Industries Incorporated will post $1.88 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 6th. Shareholders of record on Thursday, October 5th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Wednesday, October 4th. This represents a $0.68 annualized dividend and a yield of 1.57%. ABM Industries’s dividend payout ratio is currently 251.86%.
In other ABM Industries news, SVP Dean A. Chin sold 880 shares of the firm’s stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of $42.90, for a total value of $37,752.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Scott J. Giacobbe sold 11,094 shares of the firm’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $39.92, for a total value of $442,872.48. Following the completion of the transaction, the insider now owns 59,152 shares of the company’s stock, valued at approximately $2,361,347.84. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,069 shares of company stock valued at $618,769. 1.30% of the stock is owned by corporate insiders.
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ABM Industries Company Profile
ABM Industries Incorporated is a provider of integrated facility solutions. The Company operates through five segments: Janitorial, Facility Services, Parking, Building & Energy Solutions, and other. Its Janitorial segment provides a range of cleaning services for commercial office buildings, data centers, educational institutions, government buildings, health facilities, industrial buildings, retail stores, sport event facilities and transportation hubs.
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