Vanguard Group Inc. Sells 303,631 Shares of ABM Industries Incorporated $ABM

Key Points

• Vanguard Group Inc. reduced its stake in ABM Industries by 3.7%, selling 303,631 shares, which leaves them owning approximately 12.69% of the company valued at $373.89 million.
• ABM Industries' stock received several upgrades from analysts, with UBS Group raising its target price from $50.00 to $54.00 and Truist Financial increasing it from $55.00 to $58.00.
• The company announced a quarterly dividend of $0.265 per share, reflecting an annualized yield of 2.2%, with a payout ratio currently at 85.48%.

Vanguard Group Inc. decreased its stake in ABM Industries Incorporated (NYSE:ABM - Free Report) by 3.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,894,627 shares of the business services provider's stock after selling 303,631 shares during the period. Vanguard Group Inc. owned 12.69% of ABM Industries worth $373,890,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of ABM. Federated Hermes Inc. increased its position in 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 last quarter. Sterling Capital Management LLC lifted its stake in 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 purchasing an additional 1,820 shares during the last quarter. Palouse Capital Management Inc. lifted its stake in 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 purchasing an additional 446 shares during the last quarter. Raiffeisen Bank International AG bought a new stake in ABM Industries during the fourth quarter worth $190,000. Finally, Bridgefront Capital LLC acquired a new position in shares of ABM Industries during the fourth quarter worth $204,000. Institutional investors own 91.62% of the company's stock.

Wall Street Analyst Weigh In

ABM has been the subject of several research analyst reports. Wall Street Zen downgraded shares of ABM Industries from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Baird R W raised shares of ABM Industries from a "hold" rating to a "strong-buy" rating in a research report on Monday, June 9th. 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 research report on Monday, June 9th. Truist Financial raised shares of ABM Industries from a "hold" rating to a "buy" rating and raised their price target for the company from $55.00 to $58.00 in a research report on Wednesday, July 2nd. Finally, UBS Group raised shares of ABM Industries from a "neutral" rating to a "buy" rating and raised their price target for the company from $50.00 to $54.00 in a research report on Monday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $56.00.

ABM Industries Price Performance

Shares of ABM traded down $0.3420 during mid-day trading on Thursday, reaching $47.8280. 341,340 shares of the stock traded hands, compared to its average volume of 394,340. ABM Industries Incorporated has a 1 year low of $40.85 and a 1 year high of $59.78. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.83. The company has a market cap of $2.98 billion, a price-to-earnings ratio of 38.57 and a beta of 0.80. The firm has a fifty day moving average price of $47.13 and a 200 day moving average price of $48.84.

ABM Industries (NYSE:ABM - Get Free Report) last posted its quarterly earnings data 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). ABM Industries had a return on equity of 12.54% and a net margin of 0.93%.The company had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same period in the prior year, the firm posted $0.87 earnings per share. The business's revenue was up 4.6% on a year-over-year basis. ABM Industries has set its FY 2025 guidance at 3.650-3.800 EPS. As a group, equities research analysts predict that ABM Industries Incorporated will post 3.71 earnings per share for the current year.

ABM Industries Announces Dividend

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

Insider Buying and Selling at ABM Industries

In other ABM Industries news, COO Rene Jacobsen sold 17,250 shares of the business's stock in a transaction 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 sale, the chief operating officer directly owned 71,256 shares of the company's stock, valued at $3,422,425.68. The trade was a 19.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Thomas M. Gartland sold 3,711 shares of the business's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $45.52, for a total transaction of $168,924.72. Following the completion of the sale, the director directly owned 30,958 shares of the company's stock, valued at $1,409,208.16. This represents a 10.70% 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 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.