Pzena Investment Management LLC Decreases Holdings in ABM Industries Incorporated (NYSE:ABM)

Pzena Investment Management LLC trimmed its holdings in shares of ABM Industries Incorporated (NYSE:ABM) by 0.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 849,458 shares of the business services provider’s stock after selling 1,456 shares during the quarter. Pzena Investment Management LLC owned 1.37% of ABM Industries worth $40,230,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ABM. Summit Investment Advisors Inc. boosted its stake in shares of ABM Industries by 5.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 6,615 shares of the business services provider’s stock valued at $339,000 after purchasing an additional 329 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in ABM Industries by 2.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 12,801 shares of the business services provider’s stock valued at $655,000 after acquiring an additional 347 shares in the last quarter. Palouse Capital Management Inc. boosted its stake in ABM Industries by 17.4% in the first quarter. Palouse Capital Management Inc. now owns 3,016 shares of the business services provider’s stock valued at $143,000 after acquiring an additional 446 shares in the last quarter. HighTower Advisors LLC boosted its stake in ABM Industries by 3.0% in the fourth quarter. HighTower Advisors LLC now owns 20,036 shares of the business services provider’s stock valued at $1,025,000 after acquiring an additional 588 shares in the last quarter. Finally, Mariner LLC boosted its stake in ABM Industries by 13.7% in the fourth quarter. Mariner LLC now owns 5,047 shares of the business services provider’s stock valued at $258,000 after acquiring an additional 608 shares in the last quarter. 91.62% of the stock is owned by hedge funds and other institutional investors.

ABM Industries Price Performance

ABM Industries stock opened at $48.16 on Thursday. ABM Industries Incorporated has a 12-month low of $40.85 and a 12-month high of $59.78. The stock has a market capitalization of $3.00 billion, a P/E ratio of 38.84, a P/E/G ratio of 2.47 and a beta of 0.78. The firm’s 50-day moving average is $48.88 and its two-hundred day moving average is $49.67. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.55 and a quick ratio of 1.55.

ABM Industries (NYSE:ABM) last issued its earnings results on Friday, June 6th. The business services provider reported $0.86 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.01). The business had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.07 billion. ABM Industries had a net margin of 0.93% and a return on equity of 12.54%. The business’s revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.87 EPS. Equities analysts predict that ABM Industries Incorporated will post 3.71 earnings per share for the current year.

ABM Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 4th. Stockholders of record on Thursday, July 3rd will be issued a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 2.20%. The ex-dividend date is Thursday, July 3rd. ABM Industries’s dividend payout ratio (DPR) is 85.48%.

Insider Activity at ABM Industries

In other ABM Industries news, CEO Scott B. Salmirs sold 37,065 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $52.37, for a total value of $1,941,094.05. Following the completion of the sale, the chief executive officer directly owned 369,656 shares of the company’s stock, valued at approximately $19,358,884.72. This represents a 9.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Rene Jacobsen sold 17,250 shares of the company’s stock in a transaction on Monday, July 7th. The shares were sold at an average price of $48.03, for a total value of $828,517.50. Following the completion of the transaction, the chief operating officer directly owned 71,256 shares in the company, valued at $3,422,425.68. This represents a 19.49% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 73,335 shares of company stock worth $3,730,745. 0.90% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. UBS Group raised shares of ABM Industries from a “neutral” rating to a “buy” rating and raised their price target for the stock from $50.00 to $54.00 in a report on Monday, June 9th. Baird R W upgraded shares of ABM Industries from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 9th. Wall Street Zen upgraded shares of ABM Industries from a “hold” rating to a “buy” rating in a research report on Saturday, July 5th. Truist Financial upgraded shares of ABM Industries from a “hold” rating to a “buy” rating and lifted their target price for the company from $55.00 to $58.00 in a research report on Wednesday, July 2nd. Finally, Robert W. Baird upgraded shares of ABM Industries from a “neutral” rating to an “outperform” rating and set a $56.00 price target on the stock in a research report on Monday, June 9th. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, ABM Industries currently has a consensus rating of “Buy” and an average target price of $56.00.

ABM Industries Profile

ABM Industries Incorporated, through its subsidiaries, engages in the provision of integrated facility, infrastructure, and mobility solutions in the United States and internationally. It operates through Business & Industry, Manufacturing & Distribution, Education, Aviation, and Technical Solutions segments.