ABM Industries Incorporated $ABM Shares Sold 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 decreased its position in ABM Industries Incorporated (NYSE:ABM - Free Report) by 18.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,680 shares of the business services provider's stock after selling 6,324 shares during the period. Amundi's holdings in ABM Industries were worth $1,288,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Royal Bank of Canada increased its stake in shares of ABM Industries by 0.4% in the 1st quarter. Royal Bank of Canada now owns 86,571 shares of the business services provider's stock valued at $4,100,000 after purchasing an additional 312 shares in the last quarter. State of Wyoming grew its position in ABM Industries by 8.9% in the first quarter. State of Wyoming now owns 10,908 shares of the business services provider's stock worth $517,000 after acquiring an additional 896 shares during the period. Keeley Teton Advisors LLC grew its position in ABM Industries by 0.7% in the first quarter. Keeley Teton Advisors LLC now owns 147,560 shares of the business services provider's stock worth $6,988,000 after acquiring an additional 968 shares during the period. Caisse DE Depot ET Placement DU Quebec acquired a new position in ABM Industries during the first quarter worth $4,258,000. Finally, Virtus Advisers LLC acquired a new position in ABM Industries during the first quarter worth $64,000. Hedge funds and other institutional investors own 91.62% of the company's stock.

Insider Transactions at ABM Industries

In other ABM Industries news, COO Rene Jacobsen sold 17,250 shares of the firm's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $48.03, for a total value of $828,517.50. Following the transaction, the chief operating officer owned 71,256 shares of the company's stock, valued at $3,422,425.68. This trade represents a 19.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.90% of the stock is owned by corporate insiders.

ABM Industries Stock Down 2.2%

Shares of NYSE ABM opened at $45.79 on Friday. ABM Industries Incorporated has a 52-week low of $40.85 and a 52-week high of $59.15. The firm has a fifty day moving average of $47.91 and a 200-day moving average of $48.29. The stock has a market capitalization of $2.80 billion, a PE ratio of 24.88 and a beta of 0.80. The company has a quick ratio of 1.55, a current ratio of 1.49 and a debt-to-equity ratio of 0.82.

ABM Industries (NYSE:ABM - Get Free Report) last announced its quarterly earnings results on Friday, September 5th. The business services provider reported $0.82 earnings per share 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 business had revenue of $2.22 billion for the quarter, compared to analysts' expectations of $2.16 billion. During the same period last year, the company posted $0.94 earnings per share. The firm's revenue for the quarter was up 6.2% on a year-over-year basis. ABM Industries has set its FY 2025 guidance at 3.650-3.650 EPS. On average, analysts anticipate that ABM Industries Incorporated will post 3.71 EPS for the current year.

ABM Industries announced that its Board of Directors has approved a stock repurchase plan on Friday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the business services provider to reacquire up to 5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

ABM Industries Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ABM. UBS Group increased their price objective on ABM Industries from $54.00 to $55.00 and gave the company a "buy" rating in a research note on Monday, September 8th. Truist Financial raised ABM Industries from a "hold" rating to a "buy" rating and raised their price target for the stock from $55.00 to $58.00 in a report on Wednesday, July 2nd. Wall Street Zen lowered ABM Industries from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Robert W. Baird restated a "neutral" rating and issued a $54.00 price objective (down previously from $56.00) on shares of ABM Industries in a research report on Monday, September 8th. Finally, Baird R W downgraded ABM Industries from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $55.67.

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.

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