TrueMark Investments LLC Takes $822,000 Position in ABM Industries Incorporated $ABM

Key Points

• TrueMark Investments LLC acquired an $822,000 stake in ABM Industries, purchasing 17,412 shares, reflecting growing institutional interest in the company.
• ABM Industries recently reported earnings that missed consensus estimates, posting $0.82 EPS compared to the expected $0.95, while revenue was higher than analysts' projections at $2.22 billion.
• The company declared a quarterly dividend of $0.265 per share, which will be paid on November 3rd, and has a stock repurchase program authorizing up to $150 million to buy back shares.

TrueMark Investments LLC acquired a new stake in ABM Industries Incorporated (NYSE:ABM - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 17,412 shares of the business services provider's stock, valued at approximately $822,000.

Several other hedge funds and other institutional investors have also made changes to their positions in ABM. Wealth Enhancement Advisory Services LLC boosted its stake in shares of ABM Industries by 12.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,102 shares of the business services provider's stock valued at $289,000 after buying an additional 693 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of 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 buying an additional 910 shares during the period. Illinois Municipal Retirement Fund boosted its stake in shares of 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 buying an additional 4,030 shares during the period. Highland Capital Management LLC purchased a new position in shares of ABM Industries in the 1st quarter valued at about $207,000. Finally, Principal Financial Group Inc. boosted its stake in shares of ABM Industries by 1.7% in the 1st quarter. Principal Financial Group Inc. now owns 347,496 shares of the business services provider's stock valued at $16,457,000 after buying an additional 5,880 shares during the period. Hedge funds and other institutional investors own 91.62% of the company's stock.

Wall Street Analysts Forecast Growth

ABM has been the subject of several recent research reports. Robert W. Baird reiterated a "neutral" rating and issued a $54.00 price objective (down previously from $56.00) on shares of ABM Industries in a research note on Monday, September 8th. Truist Financial raised ABM Industries from a "hold" rating to a "buy" rating and raised their target price for the stock from $55.00 to $58.00 in a research report on Wednesday, July 2nd. Wall Street Zen raised ABM Industries from a "hold" rating to a "buy" rating in a research report on Saturday, October 4th. UBS Group raised their target price on ABM Industries from $54.00 to $55.00 and gave the stock a "buy" rating in a research report on Monday, September 8th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of ABM Industries in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, ABM Industries presently has a consensus rating of "Hold" and an average target price of $55.67.

ABM Industries Trading Up 0.6%

ABM opened at $44.95 on Friday. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of 24.43 and a beta of 0.78. ABM Industries Incorporated has a 52 week low of $40.85 and a 52 week high of $59.15. The business's 50 day moving average is $46.82 and its two-hundred day moving average is $47.58. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.82.

ABM Industries (NYSE:ABM - Get Free Report) last released its quarterly earnings results 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). The firm had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.16 billion. ABM Industries had a return on equity of 12.12% and a net margin of 1.34%.The company's quarterly revenue was up 6.2% on a year-over-year basis. During the same period last year, the firm earned $0.94 EPS. ABM Industries has set its FY 2025 guidance at 3.650-3.650 EPS. On average, research analysts predict that ABM Industries Incorporated will post 3.71 EPS for the current year.

ABM Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Thursday, October 2nd will be given a dividend of $0.265 per share. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $1.06 annualized dividend and a yield of 2.4%. ABM Industries's payout ratio is 57.61%.

ABM Industries declared that its board has approved a stock repurchase program on Friday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the business services provider to buy up to 5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

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.

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