Public Sector Pension Investment Board Boosts Holdings in ABM Industries Incorporated (NYSE:ABM)

Key Points

• The Public Sector Pension Investment Board increased its holdings in ABM Industries by 26.1%, owning approximately $9.34 million worth of the company's stock.
• Several institutional investors have significantly boosted their positions in ABM Industries, with 91.62% of the stock now owned by such entities.
• Analysts have recently altered their ratings on ABM Industries, with a mix of upgrades and downgrades, leading to a current consensus rating of "Buy" and a target price of $56.00.

Public Sector Pension Investment Board grew its holdings in shares of ABM Industries Incorporated (NYSE:ABM - Free Report) by 26.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 197,248 shares of the business services provider's stock after purchasing an additional 40,832 shares during the period. Public Sector Pension Investment Board owned about 0.32% of ABM Industries worth $9,342,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of ABM. Federated Hermes Inc. increased its stake in shares of ABM Industries by 107.7% during the first 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. Sterling Capital Management LLC increased its stake in shares of ABM Industries by 834.9% during the fourth quarter. Sterling Capital Management LLC now owns 2,038 shares of the business services provider's stock worth $104,000 after buying an additional 1,820 shares during the period. Palouse Capital Management Inc. increased its stake in shares of ABM Industries by 17.4% during the first 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. Raiffeisen Bank International AG purchased a new stake in shares of ABM Industries during the fourth quarter worth approximately $190,000. Finally, Bridgefront Capital LLC purchased a new stake in shares of ABM Industries during the fourth quarter worth approximately $204,000. 91.62% of the stock is currently owned by hedge funds and other institutional investors.

ABM Industries Stock Down 0.3%

ABM stock traded down $0.13 during midday trading on Friday, reaching $48.26. 542,450 shares of the company were exchanged, compared to its average volume of 374,701. 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 stock's 50-day simple moving average is $47.07 and its 200 day simple moving average is $48.95. The company has a market cap of $3.00 billion, a price-to-earnings ratio of 38.92 and a beta of 0.80.

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 (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 analysts' expectations 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% on a year-over-year basis. During the same quarter last year, the business posted $0.87 earnings per share. On average, equities analysts forecast that ABM Industries Incorporated will post 3.71 earnings per share for the current year.

ABM Industries Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts recently weighed in on ABM shares. Truist Financial upgraded shares of ABM Industries from a "hold" rating to a "buy" rating and upped their target price for the stock from $55.00 to $58.00 in a research note on Wednesday, July 2nd. Wall Street Zen cut shares of ABM Industries from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. UBS Group raised shares of ABM Industries from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $50.00 to $54.00 in a report on Monday, June 9th. Baird R W raised shares of ABM Industries from a "hold" rating to a "strong-buy" rating in a report on Monday, June 9th. Finally, Robert W. Baird raised shares of ABM Industries from a "neutral" rating to an "outperform" rating and set a $56.00 price objective on the stock in a report on Monday, June 9th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, ABM Industries has an average rating of "Buy" and an average price target of $56.00.

Insider Buying and Selling

In other news, Director Thomas M. Gartland sold 3,711 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $45.52, for a total transaction of $168,924.72. Following the transaction, the director directly owned 30,958 shares in the company, valued at approximately $1,409,208.16. This trade represents a 10.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Rene Jacobsen sold 17,250 shares of the firm's stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $48.03, for a total transaction of $828,517.50. Following the transaction, the chief operating officer owned 71,256 shares in the company, valued at approximately $3,422,425.68. This trade represents a 19.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.90% of the company's stock.

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.