Teacher Retirement System of Texas Reduces Stake in ABM Industries Incorporated (NYSE:ABM)

Teacher Retirement System of Texas decreased its holdings in shares of ABM Industries Incorporated (NYSE:ABM - Free Report) by 68.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,324 shares of the business services provider's stock after selling 25,036 shares during the period. Teacher Retirement System of Texas' holdings in ABM Industries were worth $536,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ABM. Raymond James Financial Inc. bought a new position in ABM Industries during the 4th quarter valued at approximately $3,502,000. PNC Financial Services Group Inc. raised its position in ABM Industries by 43.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,711 shares of the business services provider's stock valued at $446,000 after purchasing an additional 2,618 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in ABM Industries by 16.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,331 shares of the business services provider's stock valued at $836,000 after purchasing an additional 2,259 shares during the last quarter. HighTower Advisors LLC raised its position in shares of ABM Industries by 3.0% in the 4th quarter. HighTower Advisors LLC now owns 20,036 shares of the business services provider's stock worth $1,025,000 after acquiring an additional 588 shares in the last quarter. Finally, Swiss National Bank raised its position in shares of ABM Industries by 0.7% in the 4th quarter. Swiss National Bank now owns 123,500 shares of the business services provider's stock worth $6,321,000 after acquiring an additional 900 shares in the last quarter. Institutional investors own 91.62% of the company's stock.

ABM Industries Stock Down 1.4%

ABM stock traded down $0.67 on Friday, reaching $47.75. 353,423 shares of the company traded hands, compared to its average volume of 479,800. ABM Industries Incorporated has a one year low of $40.85 and a one year high of $59.78. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.55 and a quick ratio of 1.55. The company has a market cap of $2.97 billion, a P/E ratio of 38.51, a price-to-earnings-growth ratio of 2.47 and a beta of 0.78. The firm has a fifty day simple moving average of $48.77 and a 200-day simple moving average of $49.62.

ABM Industries (NYSE:ABM - Get Free Report) last posted 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 company had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same period last year, the business earned $0.87 EPS. The firm's quarterly revenue was up 4.6% on a year-over-year basis. Research analysts anticipate that ABM Industries Incorporated will post 3.71 earnings per share for the current year.

ABM Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 4th. Stockholders of record on Thursday, July 3rd will be paid a $0.265 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.22%. ABM Industries's dividend payout ratio (DPR) is currently 85.48%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Wall Street Zen raised ABM Industries from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Robert W. Baird raised 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. UBS Group raised ABM Industries from a "neutral" rating to a "buy" rating and increased their target price for the stock from $50.00 to $54.00 in a research report on Monday, June 9th. Baird R W raised ABM Industries from a "hold" rating to a "strong-buy" rating in a research report on Monday, June 9th. Finally, Truist Financial raised ABM Industries from a "hold" rating to a "buy" rating and increased their target price for the stock from $55.00 to $58.00 in a research report on Wednesday, July 2nd. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, ABM Industries presently has a consensus rating of "Buy" and an average target price of $56.00.

Insider Transactions at ABM Industries

In related news, COO Rene Jacobsen sold 17,250 shares of ABM Industries stock in a transaction on Monday, July 7th. The stock was sold at an average price of $48.03, for a total transaction of $828,517.50. Following the transaction, the chief operating officer directly owned 71,256 shares in the company, valued at approximately $3,422,425.68. The trade was a 19.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Scott B. Salmirs sold 37,065 shares of ABM Industries stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $52.37, for a total value of $1,941,094.05. Following the transaction, the chief executive officer owned 369,656 shares in the company, valued at $19,358,884.72. This trade represents a 9.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 73,335 shares of company stock valued at $3,730,745. Corporate insiders own 0.90% of the company's stock.

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.