Vulcan Value Partners LLC Cuts Stock Position in ABM Industries Incorporated (NYSE:ABM)

Key Points

• Vulcan Value Partners LLC has reduced its stake in ABM Industries by 5.7%, now holding approximately 803,846 shares valued at $38.07 million.
• ABM Industries recently posted earnings of $0.86 per share, slightly missing analysts’ estimates, with a revenue increase of 4.6% year-over-year.
• The company's stock received several upgrades from analysts, with current consensus ratings reflecting a shift towards a "Buy" stance and a target price around $56.00.

Vulcan Value Partners LLC decreased its holdings in shares of ABM Industries Incorporated (NYSE:ABM - Free Report) by 5.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 803,846 shares of the business services provider's stock after selling 48,649 shares during the period. ABM Industries makes up about 0.7% of Vulcan Value Partners LLC's holdings, making the stock its 26th biggest position. Vulcan Value Partners LLC owned approximately 1.29% of ABM Industries worth $38,070,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ABM. Summit Investment Advisors Inc. grew its holdings 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 buying an additional 329 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of ABM Industries by 2.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 12,801 shares of the business services provider's stock valued at $655,000 after buying an additional 347 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of ABM Industries by 6.3% during the first quarter. Cetera Investment Advisers now owns 7,264 shares of the business services provider's stock valued at $344,000 after buying an additional 430 shares during the last quarter. Palouse Capital Management Inc. grew its holdings in shares of ABM Industries by 17.4% during the first quarter. Palouse Capital Management Inc. now owns 3,016 shares of the business services provider's stock valued at $143,000 after buying an additional 446 shares during the last quarter. Finally, Federated Hermes Inc. lifted its position 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 valued at $44,000 after purchasing an additional 477 shares in the last quarter. Institutional investors and hedge funds own 91.62% of the company's stock.

Insider Buying and Selling at ABM Industries

In related news, EVP Sean Michael Mahoney sold 1,800 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $50.03, for a total value of $90,054.00. Following the completion of the transaction, the executive vice president directly owned 47,425 shares in the company, valued at $2,372,672.75. This trade represents a 3.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Rene Jacobsen sold 17,250 shares of the 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 sale, the chief operating officer directly owned 71,256 shares in the company, valued at $3,422,425.68. This trade represents a 19.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 72,761 shares of company stock valued at $3,702,010 in the last quarter. 0.90% of the stock is owned by insiders.

ABM Industries Trading Up 0.8%

Shares of ABM traded up $0.36 during mid-day trading on Tuesday, reaching $46.87. The company's stock had a trading volume of 189,631 shares, compared to its average volume of 495,205. The stock has a market cap of $2.92 billion, a PE ratio of 37.85 and a beta of 0.80. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.83. ABM Industries Incorporated has a 52 week low of $40.85 and a 52 week high of $59.78. The company's fifty day moving average price is $47.72 and its two-hundred day moving average price is $49.24.

ABM Industries (NYSE:ABM - Get Free Report) last posted its quarterly 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). ABM Industries had a net margin of 0.93% and a return on equity of 12.54%. The firm had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same quarter in the prior year, the company earned $0.87 earnings per share. The company's quarterly revenue was up 4.6% compared to the same quarter last year. On average, analysts predict that ABM Industries Incorporated will post 3.71 earnings per share for the current fiscal year.

ABM Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 4th. Investors of record on Thursday, July 3rd were paid a $0.265 dividend. This represents a $1.06 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Thursday, July 3rd. ABM Industries's dividend payout ratio (DPR) is presently 85.48%.

Wall Street Analyst Weigh In

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