ABM Industries Incorporated (NYSE:ABM) Stake Reduced by New York State Teachers Retirement System

New York State Teachers Retirement System lessened its position in shares of ABM Industries Incorporated (NYSE:ABM - Free Report) by 9.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 87,396 shares of the business services provider's stock after selling 9,212 shares during the quarter. New York State Teachers Retirement System owned approximately 0.14% of ABM Industries worth $4,139,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Highland Capital Management LLC acquired a new position in shares of ABM Industries during the 1st quarter worth $207,000. Illinois Municipal Retirement Fund raised its stake in ABM Industries by 12.0% in the 1st quarter. Illinois Municipal Retirement Fund now owns 37,543 shares of the business services provider's stock valued at $1,778,000 after purchasing an additional 4,030 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in ABM Industries by 3.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 30,736 shares of the business services provider's stock valued at $1,456,000 after purchasing an additional 910 shares during the last quarter. Brighton Jones LLC acquired a new position in ABM Industries in the 1st quarter valued at about $330,000. Finally, Palouse Capital Management Inc. raised 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 valued at $143,000 after purchasing an additional 446 shares during the last quarter. Institutional investors and hedge funds own 91.62% of the company's stock.

ABM Industries Trading Up 0.3%

Shares of NYSE:ABM traded up $0.12 during trading on Tuesday, reaching $48.34. 14,345 shares of the stock were exchanged, compared to its average volume of 475,937. 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 12-month low of $40.85 and a 12-month high of $59.78. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of 38.88, a price-to-earnings-growth ratio of 2.48 and a beta of 0.78. The firm's 50-day moving average price is $48.99 and its 200 day moving average price is $49.77.

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 for the quarter, missing analysts' consensus estimates of $0.87 by ($0.01). The company had revenue of $2.11 billion during the quarter, compared to analysts' expectations of $2.07 billion. ABM Industries had a return on equity of 12.54% and a net margin of 0.93%. The firm's revenue was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.87 EPS. On average, sell-side analysts anticipate that ABM Industries Incorporated will post 3.71 earnings per share for the current fiscal year.

ABM Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 4th. Shareholders of record on Thursday, July 3rd will be issued a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Thursday, July 3rd. ABM Industries's dividend payout ratio is presently 85.48%.

Wall Street Analyst Weigh In

ABM has been the subject of several analyst reports. Robert W. Baird raised 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. Truist Financial upgraded 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 report on Wednesday, July 2nd. UBS Group upgraded 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 report on Monday, June 9th. Wall Street Zen upgraded ABM Industries from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Baird R W upgraded ABM Industries from a "hold" rating to a "strong-buy" rating in a report on Monday, June 9th. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, ABM Industries has an average rating of "Buy" and a consensus price target of $56.00.

Insiders Place Their Bets

In other ABM Industries news, CEO Scott B. Salmirs sold 37,065 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The stock was 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 owned 369,656 shares in the company, valued at $19,358,884.72. This represents a 9.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sean Michael Mahoney sold 1,800 shares of the company's stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $50.03, for a total value of $90,054.00. Following the completion of the transaction, the executive vice president owned 47,425 shares of the company's stock, valued at approximately $2,372,672.75. This represents a 3.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,085 shares of company stock worth $2,902,227 in the last 90 days. 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.