Connor Clark & Lunn Investment Management Ltd. Decreases Stock Position in ABM Industries Incorporated $ABM

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly reduced its position in ABM Industries by 77.3%, selling 39,807 shares and holding just 11,667 shares after the sale.
• In contrast, Federated Hermes raised its stake in ABM Industries by 107.7% during the same quarter, indicating varied investment strategies among hedge funds.
• ABM Industries declared a $0.265 quarterly dividend, representing a 2.2% yield, with a payout ratio currently at 85.48%.

Connor Clark & Lunn Investment Management Ltd. reduced its position in ABM Industries Incorporated (NYSE:ABM - Free Report) by 77.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,667 shares of the business services provider's stock after selling 39,807 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in ABM Industries were worth $553,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Federated Hermes Inc. raised its holdings in ABM Industries by 107.7% in the 1st quarter. Federated Hermes Inc. now owns 920 shares of the business services provider's stock worth $44,000 after acquiring an additional 477 shares during the last quarter. Sterling Capital Management LLC raised its holdings in 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 worth $104,000 after acquiring an additional 1,820 shares during the last quarter. Palouse Capital Management Inc. raised its holdings in ABM Industries by 17.4% in the 1st quarter. Palouse Capital Management Inc. now owns 3,016 shares of the business services provider's stock worth $143,000 after acquiring an additional 446 shares during the last quarter. Raiffeisen Bank International AG purchased a new stake in ABM Industries during the 4th quarter valued at $190,000. Finally, Bridgefront Capital LLC purchased a new stake in ABM Industries during the 4th quarter valued at $204,000. 91.62% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other ABM Industries news, COO Rene Jacobsen sold 17,250 shares of the business's stock in a transaction dated 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Thomas M. Gartland sold 3,711 shares of the business's stock in a transaction dated 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 directly owned 30,958 shares of the company's stock, valued at $1,409,208.16. This represents a 10.70% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.90% of the company's stock.

Wall Street Analyst Weigh In

ABM has been the subject of a number of research reports. Truist Financial upgraded shares of ABM Industries from a "hold" rating to a "buy" rating and boosted their target price for the company from $55.00 to $58.00 in a research note on Wednesday, July 2nd. 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. Robert W. Baird upgraded shares of ABM Industries from a "neutral" rating to an "outperform" rating and set a $56.00 target price for the company in a research note on Monday, June 9th. Wall Street Zen lowered shares of ABM Industries from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, UBS Group upgraded shares of ABM Industries from a "neutral" rating to a "buy" rating and boosted their target price for the company from $50.00 to $54.00 in a research note on Monday, June 9th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $56.00.

ABM Industries Price Performance

NYSE ABM opened at $47.75 on Tuesday. The business's fifty day moving average is $47.05 and its 200 day moving average is $48.89. 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 quick ratio of 1.55 and a current ratio of 1.55. The company has a market capitalization of $2.97 billion, a PE ratio of 38.51 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). ABM Industries had a net margin of 0.93% and a return on equity of 12.54%. The company had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same period in the prior year, the firm posted $0.87 EPS. The business's revenue for the quarter was up 4.6% on a year-over-year basis. Sell-side analysts predict that ABM Industries Incorporated will post 3.71 earnings per share for the current year.

ABM Industries Announces Dividend

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

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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