ABM Industries Incorporated (NYSE:ABM) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its stake in ABM Industries Incorporated (NYSE:ABM - Free Report) by 5.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 563,327 shares of the business services provider's stock after selling 29,700 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.91% of ABM Industries worth $26,679,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Summit Investment Advisors Inc. boosted its stake in shares of ABM Industries by 5.2% in the fourth quarter. Summit Investment Advisors Inc. now owns 6,615 shares of the business services provider's stock worth $339,000 after buying an additional 329 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in 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 worth $655,000 after purchasing an additional 347 shares in the last quarter. Palouse Capital Management Inc. boosted its position in 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 worth $143,000 after purchasing an additional 446 shares in the last quarter. HighTower Advisors LLC boosted its position in ABM Industries by 3.0% during the fourth quarter. HighTower Advisors LLC now owns 20,036 shares of the business services provider's stock worth $1,025,000 after purchasing an additional 588 shares in the last quarter. Finally, Mariner LLC boosted its position in ABM Industries by 13.7% during the fourth quarter. Mariner LLC now owns 5,047 shares of the business services provider's stock worth $258,000 after purchasing an additional 608 shares in the last quarter. Hedge funds and other institutional investors own 91.62% of the company's stock.

Wall Street Analysts Forecast Growth

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

ABM Industries Trading Down 1.4%

ABM stock traded down $0.67 during midday trading on Friday, hitting $47.75. 353,423 shares of the company's stock were exchanged, compared to its average volume of 479,481. The business has a 50-day simple moving average of $48.83 and a two-hundred day simple moving average of $49.65. 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 $2.97 billion, a PE ratio of 38.51, a P/E/G ratio of 2.49 and a beta of 0.78. ABM Industries Incorporated has a 1-year low of $40.85 and a 1-year 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 (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.01). The business had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.07 billion. ABM Industries had a return on equity of 12.54% and a net margin of 0.93%. ABM Industries's revenue was up 4.6% compared to the same quarter last year. During the same period last year, the business earned $0.87 EPS. On average, sell-side analysts predict that ABM Industries Incorporated will post 3.71 EPS for the current fiscal 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 given a dividend of $0.265 per share. The ex-dividend date is Thursday, July 3rd. This represents a $1.06 annualized dividend and a dividend yield of 2.22%. ABM Industries's dividend payout ratio is currently 85.48%.

Insider Transactions at ABM Industries

In related news, CEO Scott B. Salmirs sold 37,065 shares of ABM Industries stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $52.37, for a total value of $1,941,094.05. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Sean Michael Mahoney sold 1,800 shares of ABM Industries stock in a transaction on 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 owned 47,425 shares of the company's stock, valued at approximately $2,372,672.75. This trade represents a 3.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, 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.