Bank of New York Mellon Corp Reduces Stake in ABM Industries Incorporated (NYSE:ABM)

Bank of New York Mellon Corp lowered its stake in shares of ABM Industries Incorporated (NYSE:ABM - Free Report) by 5.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 563,327 shares of the business services provider's stock after selling 29,700 shares during the period. Bank of New York Mellon Corp owned 0.91% of ABM Industries worth $26,679,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Principal Financial Group Inc. raised its position in shares of ABM Industries by 1.7% in the first quarter. Principal Financial Group Inc. now owns 347,496 shares of the business services provider's stock worth $16,457,000 after buying an additional 5,880 shares in the last quarter. Highland Capital Management LLC bought a new position in ABM Industries in the first quarter valued at $207,000. Illinois Municipal Retirement Fund increased its stake in 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 valued at $1,778,000 after acquiring an additional 4,030 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in shares of ABM Industries by 3.1% during the first quarter. Janney Montgomery Scott LLC now owns 30,736 shares of the business services provider's stock valued at $1,456,000 after buying an additional 910 shares during the last quarter. Finally, Brighton Jones LLC bought a new position in shares of ABM Industries during the first quarter valued at about $330,000. Hedge funds and other institutional investors own 91.62% of the company's stock.

ABM Industries Stock Down 1.4%

ABM Industries stock traded down $0.67 during trading hours on Friday, hitting $47.75. 353,423 shares of the stock traded hands, compared to its average volume of 479,800. The firm's 50-day moving average price is $48.77 and its two-hundred day moving average price is $49.62. 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 company has a market cap of $2.97 billion, a PE ratio of 38.51, a PEG ratio of 2.47 and a beta of 0.78. ABM Industries Incorporated has a one year low of $40.85 and a one year high of $59.78.

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

ABM Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 4th. Shareholders of record on Thursday, July 3rd will be paid a dividend of $0.265 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.06 dividend on an annualized basis and a yield of 2.22%. ABM Industries's dividend payout ratio is presently 85.48%.

Insider Activity at ABM Industries

In other news, Director Thomas M. Gartland sold 3,711 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $45.52, for a total value of $168,924.72. Following the completion of the sale, the director directly owned 30,958 shares in the company, valued at $1,409,208.16. This represents a 10.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Scott B. Salmirs sold 37,065 shares of the company's stock in a transaction on 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 completion of the transaction, the chief executive officer directly owned 369,656 shares of the company's stock, valued at $19,358,884.72. This represents a 9.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 73,335 shares of company stock valued at $3,730,745 in the last quarter. 0.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ABM. Wall Street Zen raised ABM Industries from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Truist Financial raised ABM Industries from a "hold" rating to a "buy" rating and raised their target price for the stock from $55.00 to $58.00 in a research note on Wednesday, July 2nd. Baird R W raised ABM Industries from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 9th. Robert W. Baird raised 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. Finally, UBS Group raised ABM Industries from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $50.00 to $54.00 in a research report on Monday, June 9th. Four 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, the stock presently has an average rating of "Buy" and a consensus target price 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.