Allspring Global Investments Holdings LLC Sells 40,985 Shares of ABM Industries Incorporated (NYSE:ABM)

Allspring Global Investments Holdings LLC trimmed its position in ABM Industries Incorporated (NYSE:ABM - Free Report) by 29.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 97,904 shares of the business services provider's stock after selling 40,985 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.16% of ABM Industries worth $4,637,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Highland Capital Management LLC acquired a new position in ABM Industries during the 1st quarter worth $207,000. Illinois Municipal Retirement Fund increased its stake in shares of ABM Industries by 12.0% in the first quarter. Illinois Municipal Retirement Fund now owns 37,543 shares of the business services provider's stock worth $1,778,000 after purchasing an additional 4,030 shares during the period. Janney Montgomery Scott LLC lifted its position in shares of ABM Industries by 3.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 30,736 shares of the business services provider's stock worth $1,456,000 after purchasing an additional 910 shares during the last quarter. Brighton Jones LLC bought a new stake in ABM Industries during the 1st quarter valued at approximately $330,000. Finally, Palouse Capital Management Inc. boosted its stake in ABM Industries by 17.4% during the 1st quarter. Palouse Capital Management Inc. now owns 3,016 shares of the business services provider's stock valued at $143,000 after purchasing an additional 446 shares during the period. 91.62% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Thomas M. Gartland sold 3,711 shares of the business's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $45.52, for a total value of $168,924.72. Following the sale, the director owned 30,958 shares in the company, valued at approximately $1,409,208.16. The trade was a 10.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Scott B. Salmirs sold 37,065 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $52.37, for a total transaction of $1,941,094.05. Following the sale, the chief executive officer owned 369,656 shares of the company's stock, valued at $19,358,884.72. This trade represents a 9.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold 56,085 shares of company stock worth $2,902,227 in the last 90 days. 0.90% of the stock is owned by company insiders.

ABM Industries Stock Performance

ABM stock traded up $0.26 during midday trading on Monday, hitting $48.19. The stock had a trading volume of 765,555 shares, compared to its average volume of 477,751. The firm has a market capitalization of $3.00 billion, a price-to-earnings ratio of 38.86, a P/E/G ratio of 2.48 and a beta of 0.78. 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 50-day simple moving average of $48.99 and a 200 day simple moving average of $49.77. ABM Industries Incorporated has a 52 week low of $40.85 and a 52 week high of $59.78.

ABM Industries (NYSE:ABM - Get Free Report) last posted its earnings results 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 business had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.07 billion. During the same period in the previous year, the firm earned $0.87 EPS. The business's revenue was up 4.6% compared to the same quarter last year. As a group, equities research analysts anticipate that ABM Industries Incorporated will post 3.71 earnings per share for the current year.

ABM Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 4th. Investors of record on Thursday, July 3rd will be given a dividend of $0.265 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.06 annualized dividend and a dividend yield of 2.20%. ABM Industries's dividend payout ratio (DPR) is presently 85.48%.

Wall Street Analyst Weigh In

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

About ABM Industries

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.