LSV Asset Management Acquires 553,225 Shares of ABM Industries Incorporated (NYSE:ABM)

Key Points

• LSV Asset Management increased its holdings in ABM Industries by 66.4%, acquiring an additional 553,225 shares in the first quarter, raising its total ownership to approximately $65.6 million.
• Multiple institutional investors, including Norges Bank and Nuveen Asset Management, have significantly increased their stakes in ABM, indicating strong interest and confidence in the company.
• ABM Industries recently announced a quarterly dividend of $0.265 per share, which translates to an annualized yield of 2.3%, reflecting ongoing financial commitment to shareholders.

LSV Asset Management lifted its holdings in shares of ABM Industries Incorporated (NYSE:ABM - Free Report) by 66.4% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,386,172 shares of the business services provider's stock after buying an additional 553,225 shares during the period. LSV Asset Management owned about 2.23% of ABM Industries worth $65,649,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of ABM. Invesco Ltd. grew its position in ABM Industries by 14.8% during the 4th quarter. Invesco Ltd. now owns 1,517,516 shares of the business services provider's stock worth $77,666,000 after acquiring an additional 195,978 shares during the last quarter. Norges Bank bought a new stake in ABM Industries during the 4th quarter worth $43,967,000. Northern Trust Corp grew its position in ABM Industries by 5.4% during the 4th quarter. Northern Trust Corp now owns 836,801 shares of the business services provider's stock worth $42,827,000 after acquiring an additional 42,997 shares during the last quarter. Bank of America Corp DE grew its position in ABM Industries by 52.1% during the 4th quarter. Bank of America Corp DE now owns 677,811 shares of the business services provider's stock worth $34,690,000 after acquiring an additional 232,190 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its position in ABM Industries by 99.2% during the 4th quarter. Nuveen Asset Management LLC now owns 671,266 shares of the business services provider's stock worth $34,355,000 after acquiring an additional 334,295 shares during the last quarter. Institutional investors and hedge funds own 91.62% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ABM. 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 report on Monday, June 9th. UBS Group upgraded ABM Industries from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $50.00 to $54.00 in a research report on Monday, June 9th. Baird R W upgraded ABM Industries from a "hold" rating to a "strong-buy" rating in a research report on Monday, June 9th. Wall Street Zen lowered ABM Industries from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Truist Financial upgraded ABM Industries from a "hold" rating to a "buy" rating and upped their price target for the company from $55.00 to $58.00 in a research report on Wednesday, July 2nd. One analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $56.00.

ABM Industries Stock Up 0.0%

Shares of NYSE:ABM traded up $0.02 during mid-day trading on Thursday, hitting $47.41. 35,495 shares of the company traded hands, compared to its average volume of 493,242. The stock has a 50-day moving average price of $47.51 and a two-hundred day moving average price of $49.21. The stock has a market cap of $2.95 billion, a P/E ratio of 38.28 and a beta of 0.80. ABM Industries Incorporated has a 12-month low of $40.85 and a 12-month high of $59.78. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.83.

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). The business had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.07 billion. ABM Industries had a return on equity of 12.54% and a net margin of 0.93%. The business's revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.87 earnings per share. On average, equities research analysts forecast that ABM Industries Incorporated will post 3.71 earnings per share for the current year.

ABM Industries Announces Dividend

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

Insider Activity at ABM Industries

In related news, Director Thomas M. Gartland sold 3,711 shares of the business's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $45.52, for a total transaction of $168,924.72. Following the sale, the director directly owned 30,958 shares in the company, valued at approximately $1,409,208.16. The trade was a 10.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Rene Jacobsen sold 17,250 shares of the business's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $48.03, for a total value of $828,517.50. Following the sale, the chief operating officer owned 71,256 shares in the company, valued at approximately $3,422,425.68. The trade was a 19.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 70,961 shares of company stock worth $3,611,956. 0.90% of the stock is owned by company insiders.

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.