ABM Industries Incorporated $ABM Shares Sold by Meiji Yasuda Asset Management Co Ltd.

Key Points

• Meiji Yasuda Asset Management Co Ltd. reduced its holdings in ABM Industries by 18.5%, now owning approximately 0.16%, valued at $4.7 million.
• ABM Industries reported a quarterly earnings miss with EPS of $0.82, below expectations of $0.95, despite revenue growth of 6.2% year-over-year.
• The company declared a quarterly dividend of $0.265, with an ex-dividend date of October 2nd, as part of a broader stock buyback program worth $150 million.

Meiji Yasuda Asset Management Co Ltd. lessened its position in ABM Industries Incorporated (NYSE:ABM - Free Report) by 18.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 99,497 shares of the business services provider's stock after selling 22,638 shares during the quarter. Meiji Yasuda Asset Management Co Ltd. owned about 0.16% of ABM Industries worth $4,712,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. lifted its position in shares of ABM Industries by 1.7% in the first quarter. Principal Financial Group Inc. now owns 347,496 shares of the business services provider's stock valued at $16,457,000 after acquiring an additional 5,880 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of ABM Industries by 12.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 6,102 shares of the business services provider's stock valued at $289,000 after acquiring an additional 693 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of ABM Industries by 3.1% in the first quarter. Janney Montgomery Scott LLC now owns 30,736 shares of the business services provider's stock valued at $1,456,000 after acquiring an additional 910 shares in the last quarter. Deutsche Bank AG lifted its position in shares of ABM Industries by 40.8% in the fourth quarter. Deutsche Bank AG now owns 60,678 shares of the business services provider's stock valued at $3,106,000 after acquiring an additional 17,584 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of ABM Industries by 28.5% in the first quarter. Victory Capital Management Inc. now owns 175,453 shares of the business services provider's stock valued at $8,309,000 after acquiring an additional 38,959 shares in the last quarter. Hedge funds and other institutional investors own 91.62% of the company's stock.

Insider Buying and Selling at ABM Industries

In other news, COO Rene Jacobsen sold 17,250 shares of ABM Industries stock in a transaction on Monday, July 7th. The stock was sold at an average price of $48.03, for a total value 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.90% of the company's stock.

ABM Industries Trading Down 2.2%

ABM stock traded down $1.04 during midday trading on Friday, hitting $45.79. 500,375 shares of the company's stock were exchanged, compared to its average volume of 634,680. The business has a 50-day simple moving average of $47.91 and a two-hundred day simple moving average of $48.21. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $2.80 billion, a PE ratio of 24.88 and a beta of 0.80. ABM Industries Incorporated has a 1-year low of $40.85 and a 1-year high of $59.15.

ABM Industries (NYSE:ABM - Get Free Report) last posted its earnings results on Friday, September 5th. The business services provider reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.13). ABM Industries had a return on equity of 12.12% and a net margin of 1.34%.The business had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same period last year, the business earned $0.94 EPS. ABM Industries's revenue was up 6.2% compared to the same quarter last year. ABM Industries has set its FY 2025 guidance at 3.650-3.650 EPS. On average, sell-side analysts predict that ABM Industries Incorporated will post 3.71 EPS for the current fiscal year.

ABM Industries announced that its Board of Directors has authorized a share buyback plan on Friday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the business services provider to purchase up to 5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

ABM Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Thursday, October 2nd will be paid a $0.265 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.3%. ABM Industries's payout ratio is presently 57.61%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. UBS Group increased their price target on ABM Industries from $54.00 to $55.00 and gave the company a "buy" rating in a report on Monday, September 8th. Truist Financial upgraded ABM Industries from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $55.00 to $58.00 in a research report on Wednesday, July 2nd. Robert W. Baird reiterated a "neutral" rating and set a $54.00 price objective (down previously from $56.00) on shares of ABM Industries in a research report on Monday, September 8th. Baird R W downgraded ABM Industries from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th. Finally, Wall Street Zen downgraded ABM Industries from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, ABM Industries presently has an average rating of "Moderate Buy" and a consensus price target of $55.67.

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.