ABM Industries Incorporated $ABM Shares Sold by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. sold 665,721 shares of ABM Industries, reducing its holdings by 26.0% to 1,891,214 shares, which are valued at approximately $89.57 million.
• ABM Industries reported a quarterly earnings miss with $0.86 EPS, slightly below analysts' expectations of $0.87, although its revenue increased by 4.6% year-over-year.
• The company announced a quarterly dividend of $0.265 per share, reflecting a 2.2% dividend yield, and is undertaking a $150 million share repurchase program.

Alliancebernstein L.P. decreased its holdings in shares of ABM Industries Incorporated (NYSE:ABM - Free Report) by 26.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,891,214 shares of the business services provider's stock after selling 665,721 shares during the quarter. Alliancebernstein L.P. owned about 3.04% of ABM Industries worth $89,568,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Invesco Ltd. lifted its holdings in ABM Industries by 17.8% in the 1st quarter. Invesco Ltd. now owns 1,786,926 shares of the business services provider's stock worth $84,629,000 after buying an additional 269,410 shares in the last quarter. American Century Companies Inc. lifted its holdings in ABM Industries by 34.4% in the 1st quarter. American Century Companies Inc. now owns 1,590,497 shares of the business services provider's stock worth $75,326,000 after buying an additional 406,802 shares in the last quarter. LSV Asset Management lifted its holdings in ABM Industries by 66.4% in the 1st quarter. LSV Asset Management now owns 1,386,172 shares of the business services provider's stock worth $65,649,000 after buying an additional 553,225 shares in the last quarter. Northern Trust Corp lifted its holdings in ABM Industries by 5.4% in the 4th quarter. Northern Trust Corp now owns 836,801 shares of the business services provider's stock worth $42,827,000 after buying an additional 42,997 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in ABM Industries by 52.1% in the 4th quarter. Bank of America Corp DE now owns 677,811 shares of the business services provider's stock worth $34,690,000 after buying an additional 232,190 shares in the last quarter. Institutional investors and hedge funds own 91.62% of the company's stock.

ABM Industries Price Performance

Shares of NYSE:ABM opened at $48.27 on Friday. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.83. ABM Industries Incorporated has a fifty-two week low of $40.85 and a fifty-two week high of $59.78. The firm has a 50-day simple moving average of $48.06 and a 200 day simple moving average of $48.52. The company has a market cap of $3.01 billion, a PE ratio of 38.93 and a beta of 0.80.

ABM Industries (NYSE:ABM - Get Free Report) last announced its quarterly earnings data on Friday, June 6th. The business services provider reported $0.86 earnings per share for the quarter, missing analysts' consensus estimates of $0.87 by ($0.01). ABM Industries had a net margin of 0.93% and a return on equity of 12.54%. The business had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same period in the prior year, the company earned $0.87 EPS. ABM Industries's quarterly revenue was up 4.6% on a year-over-year basis. On average, sell-side analysts anticipate that ABM Industries Incorporated will post 3.71 EPS for the current year.

ABM Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Thursday, October 2nd will be given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Thursday, October 2nd. ABM Industries's dividend payout ratio is currently 85.48%.

ABM Industries declared that its board has initiated a share repurchase plan on Friday, September 5th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the business services provider to purchase up to 5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

ABM has been the topic of a number of recent analyst reports. UBS Group upgraded shares of ABM Industries from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $50.00 to $54.00 in a report on Monday, June 9th. Robert W. Baird raised shares of ABM Industries from a "neutral" rating to an "outperform" rating and set a $56.00 target price for the company in a research report on Monday, June 9th. Wall Street Zen downgraded shares of ABM Industries from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Truist Financial raised shares of ABM Industries from a "hold" rating to a "buy" rating and boosted their target price for the stock from $55.00 to $58.00 in a research report on Wednesday, July 2nd. Finally, Baird R W raised shares of ABM Industries from a "hold" rating to a "strong-buy" rating in a research report on Monday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $56.00.

Insider Transactions at ABM Industries

In other ABM Industries news, COO Rene Jacobsen sold 17,250 shares of the business's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $48.03, for a total transaction of $828,517.50. Following the completion of the transaction, the chief operating officer directly owned 71,256 shares of the company's stock, valued at $3,422,425.68. The trade was a 19.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas M. Gartland sold 3,711 shares of the business's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $45.52, for a total transaction of $168,924.72. Following the transaction, the director directly owned 30,958 shares of the company's stock, valued at $1,409,208.16. The trade was a 10.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.90% of the company's stock.

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.

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