ABM Industries Incorporated $ABM Stake Lowered by Amundi

Key Points

• Amundi has reduced its stake in ABM Industries by 18.6%, leaving it with 27,680 shares valued at approximately $1.29 million.
• ABM Industries announced a stock repurchase plan allowing for the buyback of $150 million in shares, indicating management's belief that the stock is undervalued.
• ABM Industries reported Q3 earnings of $0.82 per share, missing estimates, but showed a 6.2% year-over-year revenue increase, achieving $2.22 billion in revenue.

Amundi lessened its stake in shares of ABM Industries Incorporated (NYSE:ABM - Free Report) by 18.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 27,680 shares of the business services provider's stock after selling 6,324 shares during the quarter. Amundi's holdings in ABM Industries were worth $1,288,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Summit Securities Group LLC acquired a new stake in shares of ABM Industries during the first quarter worth $38,000. Federated Hermes Inc. boosted its holdings in shares of ABM Industries by 107.7% during the first quarter. Federated Hermes Inc. now owns 920 shares of the business services provider's stock worth $44,000 after purchasing an additional 477 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of ABM Industries during the first quarter worth $45,000. Virtus Advisers LLC acquired a new position in ABM Industries in the first quarter valued at $64,000. Finally, Palouse Capital Management Inc. boosted its holdings 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 during the last quarter. Institutional investors and hedge funds own 91.62% of the company's stock.

ABM Industries Stock Up 1.0%

Shares of NYSE ABM traded up $0.47 during midday trading on Thursday, reaching $45.58. 518,340 shares of the company's stock were exchanged, compared to its average volume of 655,218. ABM Industries Incorporated has a 52-week low of $40.85 and a 52-week high of $59.15. The stock has a market capitalization of $2.79 billion, a PE ratio of 24.77 and a beta of 0.80. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.49 and a current ratio of 1.49. The business's fifty day moving average price is $47.65 and its two-hundred day moving average price is $48.05.

ABM Industries (NYSE:ABM - Get Free Report) last announced its quarterly earnings data on Friday, September 5th. The business services provider reported $0.82 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.13). The firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.16 billion. ABM Industries had a net margin of 1.34% and a return on equity of 12.12%. The firm's quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.94 earnings per share. ABM Industries has set its FY 2025 guidance at 3.650-3.650 EPS. Analysts forecast that ABM Industries Incorporated will post 3.71 EPS for the current year.

ABM Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Thursday, October 2nd will be issued a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Thursday, October 2nd. ABM Industries's payout ratio is currently 57.61%.

ABM Industries announced that its Board of Directors has authorized a stock buyback plan on Friday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the business services provider to repurchase up to 5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ABM has been the topic of a number of research analyst reports. Baird R W cut ABM Industries from a "strong-buy" rating to a "hold" rating in a report on Monday, September 8th. Truist Financial upgraded 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 report on Wednesday, July 2nd. Wall Street Zen cut ABM Industries from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Robert W. Baird reiterated a "neutral" rating and issued a $54.00 target price (down previously from $56.00) on shares of ABM Industries in a report on Monday, September 8th. Finally, UBS Group raised their price objective on ABM Industries from $54.00 to $55.00 and gave the company a "buy" rating in a research report on Monday, September 8th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.67.

Insiders Place Their Bets

In related news, COO Rene Jacobsen sold 17,250 shares of the business's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $48.03, for a total value of $828,517.50. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.90% of the stock is currently owned by corporate insiders.

ABM Industries Company 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.