Kennondale Capital Management LLC Raises Stock Position in ABM Industries Incorporated (NYSE:ABM)

Kennondale Capital Management LLC raised its position in ABM Industries Incorporated (NYSE:ABM - Free Report) by 208.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 35,436 shares of the business services provider's stock after buying an additional 23,950 shares during the period. ABM Industries comprises about 1.8% of Kennondale Capital Management LLC's portfolio, making the stock its 20th largest holding. Kennondale Capital Management LLC owned approximately 0.06% of ABM Industries worth $1,678,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Sterling Capital Management LLC lifted its stake 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 purchasing an additional 1,820 shares in the last quarter. Palouse Capital Management Inc. lifted its stake 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 purchasing an additional 446 shares in the last quarter. Raiffeisen Bank International AG purchased a new position in ABM Industries in the 4th quarter worth approximately $190,000. Bridgefront Capital LLC purchased a new position in ABM Industries in the 4th quarter worth approximately $204,000. Finally, Highland Capital Management LLC purchased a new position in ABM Industries in the 1st quarter worth approximately $207,000. 91.62% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other ABM Industries news, CEO Scott B. Salmirs sold 37,065 shares of the stock in a transaction dated Thursday, May 15th. The shares were 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 of the company's stock, valued at approximately $19,358,884.72. This trade represents a 9.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Sean Michael Mahoney sold 1,800 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $50.03, for a total transaction of $90,054.00. Following the completion of the transaction, the executive vice president directly 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. Over the last ninety days, insiders sold 73,335 shares of company stock valued at $3,730,745. Company insiders own 0.90% of the company's stock.

Wall Street Analyst Weigh In

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

ABM Industries Stock Performance

NYSE ABM traded up $0.07 during trading hours on Friday, hitting $47.59. The company had a trading volume of 53,619 shares, compared to its average volume of 500,570. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.55 and a current ratio of 1.55. ABM Industries Incorporated has a 1-year low of $40.85 and a 1-year high of $59.78. The company has a market cap of $2.96 billion, a PE ratio of 38.38, a price-to-earnings-growth ratio of 2.48 and a beta of 0.78. The business has a 50 day moving average of $48.45 and a 200-day moving average of $49.53.

ABM Industries (NYSE:ABM - Get Free Report) last announced its earnings results on Friday, June 6th. The business services provider reported $0.86 earnings per share for the quarter, missing the consensus estimate 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 quarter last year, the company posted $0.87 EPS. ABM Industries's quarterly revenue was up 4.6% on a year-over-year basis. As a group, equities research analysts expect that ABM Industries Incorporated will post 3.71 EPS for the current year.

ABM Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 4th. Investors of record on Thursday, July 3rd will be issued a dividend of $0.265 per share. The ex-dividend date is Thursday, July 3rd. This represents a $1.06 annualized dividend and a yield of 2.23%. ABM Industries's dividend payout ratio is currently 85.48%.

ABM Industries 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.