Rhumbline Advisers Has $8.86 Million Stock Position in ABM Industries Incorporated $ABM

Key Points

• Rhumbline Advisers has reduced its stake in ABM Industries by 5.9%, now holding 187,109 shares, valued at approximately $8.86 million.
• ABM Industries recently announced a quarterly dividend of $0.265 per share, with an annualized dividend yield of 2.3%, set to be paid on November 3rd, 2023.
• Wall Street analysts have mixed ratings on ABM Industries, with two ratings as "Buy" and two as "Hold," while the average target price is currently $55.67.

Rhumbline Advisers trimmed its position in ABM Industries Incorporated (NYSE:ABM - Free Report) by 5.9% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 187,109 shares of the business services provider's stock after selling 11,647 shares during the period. Rhumbline Advisers owned about 0.30% of ABM Industries worth $8,861,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Strs Ohio bought a new position in ABM Industries in the 1st quarter valued at $1,004,000. Intech Investment Management LLC boosted its position in ABM Industries by 20.6% in the 1st quarter. Intech Investment Management LLC now owns 65,040 shares of the business services provider's stock valued at $3,080,000 after buying an additional 11,108 shares during the last quarter. Focus Partners Wealth bought a new position in ABM Industries in the 1st quarter valued at $477,000. Jane Street Group LLC boosted its position in ABM Industries by 592.0% in the 1st quarter. Jane Street Group LLC now owns 140,201 shares of the business services provider's stock valued at $6,640,000 after buying an additional 119,942 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in ABM Industries by 5.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 180,038 shares of the business services provider's stock valued at $8,527,000 after buying an additional 8,704 shares during the last quarter. 91.62% of the stock is currently owned by institutional investors.

ABM Industries Stock Down 1.2%

Shares of ABM traded down $0.56 during midday trading on Tuesday, hitting $44.93. The stock had a trading volume of 191,908 shares, compared to its average volume of 509,933. The company has a 50 day simple moving average of $47.85 and a two-hundred day simple moving average of $48.15. ABM Industries Incorporated has a twelve month low of $40.85 and a twelve month high of $59.15. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of 24.41 and a beta of 0.80. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.49 and a quick ratio of 1.49.

ABM Industries (NYSE:ABM - Get Free Report) last released its quarterly 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 net margin of 1.34% and a return on equity of 12.12%. The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period in the prior year, the business earned $0.94 EPS. The business's revenue for the quarter 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, analysts anticipate that ABM Industries Incorporated will post 3.71 EPS for the current year.

ABM Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Thursday, October 2nd will be given 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 2.4%. ABM Industries's payout ratio is currently 57.61%.

ABM Industries announced that its board has initiated a share repurchase plan on Friday, September 5th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to buy up to 5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

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

Insider Activity

In related news, COO Rene Jacobsen sold 17,250 shares of ABM Industries stock in a transaction dated 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. The trade was a 19.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.90% of the company's stock.

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.