Northern Trust Corp Has $38.42 Million Stake in ABM Industries Incorporated $ABM

Key Points

• Northern Trust Corp has lowered its stake in ABM Industries by 3.1%, now owning approximately 1.30% of the company, valued at $38.42 million.
• Analyst recommendations for ABM Industries have varied, with Wall Street Zen downgrading the stock to "hold" while several other firms upgraded their ratings, reflecting a consensus rating of "Buy" with a target price of $56.00.
• ABM Industries reported earnings of $0.86 per share for the last quarter, slightly missing expectations, but saw revenue rise by 4.6% year-over-year, amounting to $2.11 billion.

Northern Trust Corp cut its stake in shares of ABM Industries Incorporated (NYSE:ABM - Free Report) by 3.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 811,260 shares of the business services provider's stock after selling 25,541 shares during the period. Northern Trust Corp owned approximately 1.30% of ABM Industries worth $38,421,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Summit Securities Group LLC acquired a new position in shares of ABM Industries during the 1st quarter worth about $38,000. Federated Hermes Inc. grew its position in shares of ABM Industries by 107.7% during the 1st quarter. Federated Hermes Inc. now owns 920 shares of the business services provider's stock worth $44,000 after buying an additional 477 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of ABM Industries during the 1st quarter worth about $45,000. Palouse Capital Management Inc. grew its position in shares of ABM Industries by 17.4% during the 1st quarter. Palouse Capital Management Inc. now owns 3,016 shares of the business services provider's stock worth $143,000 after buying an additional 446 shares during the period. Finally, Raiffeisen Bank International AG acquired a new position in shares of ABM Industries during the 4th quarter worth about $190,000. 91.62% of the stock is owned by institutional investors and hedge funds.

ABM Industries Price Performance

NYSE:ABM traded down $0.44 during trading hours on Tuesday, reaching $48.74. 184,483 shares of the company were exchanged, compared to its average volume of 486,554. The company has a market capitalization of $3.03 billion, a P/E ratio of 39.30 and a beta of 0.80. ABM Industries Incorporated has a 1-year low of $40.85 and a 1-year high of $59.78. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.55 and a quick ratio of 1.55. The business has a 50 day moving average of $47.82 and a 200 day moving average of $48.58.

ABM Industries (NYSE:ABM - Get Free Report) last issued its quarterly earnings results on Friday, June 6th. The business services provider reported $0.86 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.87 by ($0.01). The company had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.07 billion. ABM Industries had a return on equity of 12.54% and a net margin of 0.93%.The company's quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.87 EPS. ABM Industries has set its FY 2025 guidance at 3.650-3.800 EPS. Research analysts forecast that ABM Industries Incorporated will post 3.71 EPS for the current year.

ABM Industries Announces Dividend

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

Insiders Place Their Bets

In other ABM Industries news, COO Rene Jacobsen sold 17,250 shares of the firm's 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 sale, the chief operating officer owned 71,256 shares of the company's stock, valued at approximately $3,422,425.68. This trade represents a 19.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Thomas M. Gartland sold 3,711 shares of the firm's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $45.52, for a total value of $168,924.72. Following the completion of the sale, the director directly owned 30,958 shares in the company, valued at approximately $1,409,208.16. This represents a 10.70% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.90% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ABM shares. Robert W. Baird upgraded ABM Industries from a "neutral" rating to an "outperform" rating and set a $56.00 target price for the company in a research report on Monday, June 9th. Wall Street Zen cut ABM Industries from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Truist Financial raised 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 raised ABM Industries from a "hold" rating to a "strong-buy" rating in a research report on Monday, June 9th. Finally, UBS Group raised ABM Industries from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $50.00 to $54.00 in a research report on Monday, June 9th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $56.00.

About ABM Industries

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.