Rhumbline Advisers Trims Stake 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 reduced its position in shares of ABM Industries Incorporated (NYSE:ABM - Free Report) by 5.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 187,109 shares of the business services provider's stock after selling 11,647 shares during the quarter. Rhumbline Advisers owned about 0.30% of ABM Industries worth $8,861,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Royal Bank of Canada lifted its holdings in ABM Industries by 0.4% during the first quarter. Royal Bank of Canada now owns 86,571 shares of the business services provider's stock worth $4,100,000 after buying an additional 312 shares during the period. HighTower Advisors LLC boosted its position in shares of ABM Industries by 1.8% in the 1st quarter. HighTower Advisors LLC now owns 20,398 shares of the business services provider's stock worth $966,000 after purchasing an additional 362 shares in the last quarter. Cetera Investment Advisers boosted its position in shares of ABM Industries by 6.3% in the 1st quarter. Cetera Investment Advisers now owns 7,264 shares of the business services provider's stock worth $344,000 after purchasing an additional 430 shares in the last quarter. Palouse Capital Management Inc. boosted its position in shares of 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 worth $143,000 after purchasing an additional 446 shares in the last quarter. Finally, Federated Hermes Inc. raised its stake in ABM Industries by 107.7% in the 1st quarter. Federated Hermes Inc. now owns 920 shares of the business services provider's stock worth $44,000 after acquiring an additional 477 shares during the last quarter. 91.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

ABM Industries Price Performance

NYSE:ABM opened at $45.95 on Thursday. ABM Industries Incorporated has a 52 week low of $40.85 and a 52 week high of $59.15. The stock's 50-day moving average price is $47.97 and its 200-day moving average price is $48.39. The company has a quick ratio of 1.55, a current ratio of 1.49 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $2.81 billion, a PE ratio of 24.97 and a beta of 0.80.

ABM Industries (NYSE:ABM - Get Free Report) last posted its quarterly earnings data on Friday, September 5th. The business services provider reported $0.82 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 firm had revenue of $2.22 billion for the quarter, compared to analysts' expectations of $2.16 billion. During the same quarter last year, the firm posted $0.94 earnings per share. ABM Industries's quarterly revenue was up 6.2% on a year-over-year basis. ABM Industries has set its FY 2025 guidance at 3.650-3.650 EPS. As a group, equities analysts expect that ABM Industries Incorporated will post 3.71 EPS for the current fiscal year.

ABM Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Thursday, October 2nd will be issued a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Thursday, October 2nd. ABM Industries's payout ratio is currently 57.61%.

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

Insider Activity at ABM Industries

In related news, Director Thomas M. Gartland sold 3,711 shares of the company's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $45.52, for a total value 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 represents a 10.70% decrease in their ownership of the stock. The transaction 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 company's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $48.03, for a total value of $828,517.50. Following the completion of the transaction, the chief operating officer owned 71,256 shares in the company, valued at $3,422,425.68. This represents a 19.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.

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