Geode Capital Management LLC Buys 10,182 Shares of ABM Industries Incorporated $ABM

Geode Capital Management LLC boosted its stake in ABM Industries Incorporated (NYSE:ABM) by 0.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,502,219 shares of the business services provider’s stock after purchasing an additional 10,182 shares during the period. Geode Capital Management LLC owned about 2.41% of ABM Industries worth $70,928,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Summit Securities Group LLC purchased a new position in shares of ABM Industries in the first quarter worth $38,000. Federated Hermes Inc. grew its holdings in ABM Industries by 107.7% in the 1st quarter. Federated Hermes Inc. now owns 920 shares of the business services provider’s stock worth $44,000 after acquiring an additional 477 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in ABM Industries in the 1st quarter worth $45,000. Kiker Wealth Management LLC purchased a new position in shares of ABM Industries in the second quarter valued at about $61,000. Finally, Virtus Advisers LLC bought a new position in shares of ABM Industries during the first quarter valued at about $64,000. Hedge funds and other institutional investors own 91.62% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ABM. Weiss Ratings reissued a “hold (c)” rating on shares of ABM Industries in a research note on Wednesday, October 8th. UBS Group lifted their price objective on ABM Industries from $54.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, September 8th. Baird R W downgraded ABM Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Wall Street Zen raised ABM Industries from a “hold” rating to a “buy” rating in a research note on Saturday, October 4th. Finally, Robert W. Baird reissued a “neutral” rating and set a $54.00 price objective (down from $56.00) on shares of ABM Industries in a research report on Monday, September 8th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, ABM Industries has a consensus rating of “Hold” and an average price target of $55.67.

ABM Industries Trading Up 1.5%

ABM opened at $42.27 on Friday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.82. ABM Industries Incorporated has a 52 week low of $40.00 and a 52 week high of $58.18. The stock has a market cap of $2.59 billion, a PE ratio of 22.97 and a beta of 0.76. The business has a 50 day moving average of $44.29 and a 200-day moving average of $46.96.

ABM Industries (NYSE:ABM) last posted its quarterly earnings data on Friday, September 5th. The business services provider reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.13). ABM Industries had a return on equity of 12.12% and a net margin of 1.34%.The firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter last year, the company posted $0.94 EPS. ABM Industries’s revenue for the quarter was up 6.2% compared to the same quarter last year. ABM Industries has set its FY 2025 guidance at 3.650-3.650 EPS. Equities research analysts predict that ABM Industries Incorporated will post 3.71 earnings per share for the current fiscal year.

ABM Industries declared that its Board of Directors has authorized a share buyback plan on Friday, September 5th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the business services provider to buy up to 5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

ABM Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Thursday, October 2nd were paid a dividend of $0.265 per share. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $1.06 annualized dividend and a yield of 2.5%. ABM Industries’s payout ratio is presently 57.61%.

About ABM Industries

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.