Comerica Bank Sells 14,557 Shares of ABM Industries Incorporated $ABM

Key Points

• Comerica Bank has reduced its stake in ABM Industries by 22.3%, selling 14,557 shares, and now holds about 0.08% of its stock valued at approximately $2.4 million.
• ABM Industries' quarterly earnings report showed a net revenue increase of 4.6% year-over-year, totaling $2.11 billion, although it missed EPS estimates by $0.01.
• The company recently announced a quarterly dividend of $0.265 per share, representing an annualized yield of 2.2%, with a payout ratio of 85.48%.

Comerica Bank cut its position in ABM Industries Incorporated (NYSE:ABM - Free Report) by 22.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,609 shares of the business services provider's stock after selling 14,557 shares during the quarter. Comerica Bank owned about 0.08% of ABM Industries worth $2,397,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Hotchkis & Wiley Capital Management LLC boosted its position in shares of ABM Industries by 1.8% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 188,122 shares of the business services provider's stock valued at $8,909,000 after acquiring an additional 3,262 shares during the period. Hsbc Holdings PLC increased its position in ABM Industries by 12.2% during the first quarter. Hsbc Holdings PLC now owns 27,438 shares of the business services provider's stock worth $1,300,000 after acquiring an additional 2,973 shares during the period. Summit Securities Group LLC acquired a new stake in ABM Industries in the 1st quarter worth about $38,000. American Century Companies Inc. boosted its holdings in ABM Industries by 34.4% in the 1st quarter. American Century Companies Inc. now owns 1,590,497 shares of the business services provider's stock valued at $75,326,000 after purchasing an additional 406,802 shares during the period. Finally, Boston Partners boosted its holdings in ABM Industries by 2,129.6% in the 1st quarter. Boston Partners now owns 641,351 shares of the business services provider's stock valued at $30,367,000 after purchasing an additional 612,586 shares during the period. Institutional investors own 91.62% of the company's stock.

ABM Industries Stock Up 0.4%

NYSE ABM opened at $49.25 on Tuesday. The business has a fifty day moving average price of $47.82 and a two-hundred day moving average price of $48.58. The stock has a market capitalization of $3.07 billion, a PE ratio of 39.72 and a beta of 0.80. ABM Industries Incorporated has a fifty-two week low of $40.85 and a fifty-two week 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.

ABM Industries (NYSE:ABM - Get Free Report) last posted 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 business had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.07 billion. During the same period last year, the firm posted $0.87 EPS. ABM Industries's quarterly revenue was up 4.6% on a year-over-year basis. ABM Industries has set its FY 2025 guidance at 3.650-3.800 EPS. Equities analysts expect that ABM Industries Incorporated will post 3.71 earnings per share for the current fiscal year.

ABM Industries Dividend Announcement

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

Insider Buying and Selling

In other ABM Industries news, Director Thomas M. Gartland sold 3,711 shares of the firm's stock in a transaction that occurred 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 $1,409,208.16. This trade represents a 10.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Rene Jacobsen sold 17,250 shares of the company'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 transaction, the chief operating officer owned 71,256 shares of the company's stock, valued at $3,422,425.68. This trade represents a 19.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ABM. Baird R W raised shares of ABM Industries from a "hold" rating to a "strong-buy" rating in a report on Monday, June 9th. Robert W. Baird upgraded ABM Industries from a "neutral" rating to an "outperform" rating and set a $56.00 price objective on the stock in a research note on Monday, June 9th. UBS Group upgraded ABM Industries from a "neutral" rating to a "buy" rating and upped their target price for the company from $50.00 to $54.00 in a research report on Monday, June 9th. Wall Street Zen lowered ABM Industries from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Truist Financial upgraded ABM Industries from a "hold" rating to a "buy" rating and raised their price target for the stock from $55.00 to $58.00 in a research report on Wednesday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target 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.

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