Victory Capital Management Inc. Purchases 38,959 Shares of ABM Industries Incorporated (NYSE:ABM)

Victory Capital Management Inc. grew its holdings in shares of ABM Industries Incorporated (NYSE:ABM - Free Report) by 28.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 175,453 shares of the business services provider's stock after purchasing an additional 38,959 shares during the period. Victory Capital Management Inc. owned about 0.28% of ABM Industries worth $8,309,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Sterling Capital Management LLC increased its stake in ABM Industries by 834.9% in the fourth quarter. Sterling Capital Management LLC now owns 2,038 shares of the business services provider's stock valued at $104,000 after purchasing an additional 1,820 shares during the last quarter. Palouse Capital Management Inc. increased its stake in ABM Industries by 17.4% in the first quarter. Palouse Capital Management Inc. now owns 3,016 shares of the business services provider's stock valued at $143,000 after purchasing an additional 446 shares during the last quarter. Raiffeisen Bank International AG acquired a new stake in shares of ABM Industries in the fourth quarter valued at approximately $190,000. Bridgefront Capital LLC acquired a new stake in shares of ABM Industries in the fourth quarter valued at approximately $204,000. Finally, Highland Capital Management LLC acquired a new stake in shares of ABM Industries in the first quarter valued at approximately $207,000. 91.62% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other ABM Industries news, EVP Sean Michael Mahoney sold 1,800 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $50.03, for a total transaction of $90,054.00. Following the completion of the sale, the executive vice president directly owned 47,425 shares in the company, valued at $2,372,672.75. This represents a 3.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas M. Gartland sold 3,711 shares of the stock in a transaction on Friday, June 13th. The shares were sold at an average price of $45.52, for a total value of $168,924.72. Following the completion of the transaction, the director owned 30,958 shares of the company's stock, valued at $1,409,208.16. The trade was a 10.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 73,335 shares of company stock worth $3,730,745 in the last three months. 0.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

ABM has been the subject of a number of research analyst reports. UBS Group upgraded 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. Truist Financial upgraded ABM Industries from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $55.00 to $58.00 in a research report on Wednesday, July 2nd. Robert W. Baird upgraded ABM Industries from a "neutral" rating to an "outperform" rating and set a $56.00 price objective for the company in a research report on Monday, June 9th. Wall Street Zen cut ABM Industries from a "buy" rating to a "hold" rating in a report on Saturday. Finally, Baird R W upgraded ABM Industries from a "hold" rating to a "strong-buy" rating in a report on Monday, June 9th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, ABM Industries has an average rating of "Buy" and an average target price of $56.00.

ABM Industries Price Performance

ABM traded down $0.22 during trading on Monday, hitting $47.48. The company's stock had a trading volume of 19,839 shares, compared to its average volume of 498,392. The firm's 50 day moving average price is $48.35 and its two-hundred day moving average price is $49.49. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.83. ABM Industries Incorporated has a 12 month low of $40.85 and a 12 month high of $59.78. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of 38.29 and a beta of 0.78.

ABM Industries (NYSE:ABM - Get Free Report) last released its earnings results on Friday, June 6th. The business services provider reported $0.86 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.01). The firm had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.07 billion. ABM Industries had a net margin of 0.93% and a return on equity of 12.54%. The firm's quarterly revenue was up 4.6% on a year-over-year basis. During the same period last year, the business posted $0.87 earnings per share. Sell-side analysts forecast that ABM Industries Incorporated will post 3.71 earnings per share for the current fiscal year.

ABM Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 4th. Investors of record on Thursday, July 3rd will be issued a dividend of $0.265 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.06 annualized dividend and a yield of 2.23%. ABM Industries's payout ratio is presently 85.48%.

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.