Boston Partners Raises Stock Position in ABM Industries Incorporated (NYSE:ABM)

Key Points

• Boston Partners significantly increased its stake in ABM Industries by 2,129.6%, owning 641,351 shares worth approximately $30.37 million after purchasing 612,586 shares in the first quarter.
• Insider trading activity included COO Rene Jacobsen selling 17,250 shares, a move that reduced his ownership by 19.49%, indicating potential concerns about future performance.
• Several analysts have revised their price targets for ABM Industries, with consensus rating of "Buy" and an objective price set at $56.00, reflecting positive market sentiment despite recent mixed earnings results.

Boston Partners raised its holdings in ABM Industries Incorporated (NYSE:ABM - Free Report) by 2,129.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 641,351 shares of the business services provider's stock after buying an additional 612,586 shares during the quarter. Boston Partners owned 1.03% of ABM Industries worth $30,367,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in ABM. Federated Hermes Inc. lifted its holdings in ABM Industries by 107.7% during the 1st quarter. Federated Hermes Inc. now owns 920 shares of the business services provider's stock worth $44,000 after buying an additional 477 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in ABM Industries in the first quarter worth about $45,000. Sterling Capital Management LLC boosted its stake in shares of ABM Industries by 834.9% in the 4th quarter. Sterling Capital Management LLC now owns 2,038 shares of the business services provider's stock valued at $104,000 after purchasing an additional 1,820 shares during the last quarter. Palouse Capital Management Inc. grew its position in shares of 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 worth $143,000 after buying an additional 446 shares during the period. Finally, Raiffeisen Bank International AG bought a new stake in shares of ABM Industries during the fourth quarter worth approximately $190,000. 91.62% of the stock is owned by institutional investors.

Insider Buying and Selling at ABM Industries

In other news, Director Thomas M. Gartland sold 3,711 shares of the business's stock in a transaction dated 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 transaction, the director owned 30,958 shares of the company's stock, valued at $1,409,208.16. The trade was a 10.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Rene Jacobsen sold 17,250 shares of the business's 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 completion of the sale, the chief operating officer directly owned 71,256 shares of the company's stock, valued at approximately $3,422,425.68. The trade was a 19.49% decrease in their position. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by corporate insiders.

ABM Industries Stock Performance

Shares of NYSE ABM traded down $0.13 during trading on Friday, reaching $48.26. 542,450 shares of the company traded hands, compared to its average volume of 384,127. ABM Industries Incorporated has a 52-week low of $40.85 and a 52-week high of $59.78. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.83. The firm has a 50 day simple moving average of $47.07 and a 200-day simple moving average of $48.92. The stock has a market capitalization of $3.00 billion, a PE ratio of 38.92 and a beta of 0.80.

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

ABM Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 4th. Shareholders of record on Thursday, July 3rd were issued a $0.265 dividend. This represents a $1.06 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Thursday, July 3rd. ABM Industries's dividend payout ratio is currently 85.48%.

Analyst Ratings Changes

ABM has been the subject of several research reports. UBS Group raised shares of ABM Industries from a "neutral" rating to a "buy" rating and raised their price target for the stock from $50.00 to $54.00 in a research note on Monday, June 9th. Truist Financial raised ABM Industries from a "hold" rating to a "buy" rating and lifted their target price for the company from $55.00 to $58.00 in a research report on Wednesday, July 2nd. Wall Street Zen downgraded ABM Industries from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Baird R W upgraded shares of ABM Industries from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 9th. Finally, 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 report on Monday, June 9th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $56.00.

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.