ABM Industries Incorporated (NYSE:ABM) Shares Sold by Vulcan Value Partners LLC

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

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of ABM Industries during the 4th quarter valued at about $43,967,000. Nuveen Asset Management LLC boosted its position in shares of ABM Industries by 99.2% during the 4th quarter. Nuveen Asset Management LLC now owns 671,266 shares of the business services provider's stock valued at $34,355,000 after acquiring an additional 334,295 shares during the last quarter. Bank of America Corp DE boosted its position in shares of ABM Industries by 52.1% during the 4th quarter. Bank of America Corp DE now owns 677,811 shares of the business services provider's stock valued at $34,690,000 after acquiring an additional 232,190 shares during the last quarter. Invesco Ltd. boosted its position in shares of ABM Industries by 14.8% during the 4th quarter. Invesco Ltd. now owns 1,517,516 shares of the business services provider's stock valued at $77,666,000 after acquiring an additional 195,978 shares during the last quarter. Finally, Captrust Financial Advisors boosted its position in shares of ABM Industries by 2,101.3% during the 4th quarter. Captrust Financial Advisors now owns 172,057 shares of the business services provider's stock valued at $8,806,000 after acquiring an additional 164,241 shares during the last quarter. Hedge funds and other institutional investors own 91.62% of the company's stock.

ABM Industries Trading Down 1.5%

NYSE ABM traded down $0.69 during trading hours on Friday, reaching $45.45. The company had a trading volume of 468,419 shares, compared to its average volume of 456,062. The stock has a 50-day moving average of $47.81 and a 200 day moving average of $49.32. ABM Industries Incorporated has a 1-year low of $40.85 and a 1-year high of $59.78. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $2.83 billion, a P/E ratio of 36.65 and a beta of 0.80.

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

ABM Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 4th. Shareholders of record on Thursday, July 3rd will be paid a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 2.3%. The ex-dividend date is Thursday, July 3rd. ABM Industries's dividend payout ratio is currently 85.48%.

Insider Activity at ABM Industries

In other news, CEO Scott B. Salmirs sold 37,065 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $52.37, for a total transaction of $1,941,094.05. Following the transaction, the chief executive officer directly owned 369,656 shares in the company, valued at approximately $19,358,884.72. This trade represents a 9.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Sean Michael Mahoney sold 1,800 shares of the stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $50.03, for a total value of $90,054.00. Following the sale, the executive vice president directly owned 47,425 shares of the company's stock, valued at approximately $2,372,672.75. This represents a 3.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 73,335 shares of company stock valued at $3,730,745. Company insiders own 0.90% of the company's stock.

Analyst Ratings Changes

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