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

Victory Capital Management Inc. lifted its holdings in shares of ABM Industries Incorporated (NYSE:ABM - Free Report) by 28.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 175,453 shares of the business services provider's stock after acquiring an additional 38,959 shares during the period. Victory Capital Management Inc. owned approximately 0.28% of ABM Industries worth $8,309,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ABM. Norges Bank bought a new stake in ABM Industries during the 4th quarter worth approximately $43,967,000. Nuveen Asset Management LLC grew its stake in shares of ABM Industries by 99.2% in the 4th quarter. Nuveen Asset Management LLC now owns 671,266 shares of the business services provider's stock worth $34,355,000 after acquiring an additional 334,295 shares in the last quarter. Bank of America Corp DE grew its stake in shares of ABM Industries by 52.1% in the 4th quarter. Bank of America Corp DE now owns 677,811 shares of the business services provider's stock worth $34,690,000 after acquiring an additional 232,190 shares in the last quarter. Invesco Ltd. grew its stake in shares of ABM Industries by 14.8% in the 4th quarter. Invesco Ltd. now owns 1,517,516 shares of the business services provider's stock worth $77,666,000 after acquiring an additional 195,978 shares in the last quarter. Finally, Captrust Financial Advisors grew its stake in shares of ABM Industries by 2,101.3% in the 4th quarter. Captrust Financial Advisors now owns 172,057 shares of the business services provider's stock worth $8,806,000 after acquiring an additional 164,241 shares in the last quarter. 91.62% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. 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. Wall Street Zen upgraded ABM Industries from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. UBS Group upgraded shares of ABM Industries from a "neutral" rating to a "buy" rating and increased their price target for the company from $50.00 to $54.00 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 target price for the company in a research report on Monday, June 9th. Finally, Truist Financial raised 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 report on Wednesday, July 2nd. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $56.00.

Insiders Place Their Bets

In other ABM Industries news, Director Thomas M. Gartland sold 3,711 shares of ABM Industries stock in a transaction dated 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 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Sean Michael Mahoney sold 1,800 shares of ABM Industries stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $50.03, for a total value of $90,054.00. Following the sale, the executive vice president directly owned 47,425 shares of the company's stock, valued at approximately $2,372,672.75. This trade represents a 3.66% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 73,335 shares of company stock worth $3,730,745. Insiders own 0.90% of the company's stock.

ABM Industries Stock Performance

ABM traded up $0.12 on Friday, hitting $47.64. The company's stock had a trading volume of 229,399 shares, compared to its average volume of 555,577. ABM Industries Incorporated has a 12 month low of $40.85 and a 12 month high of $59.78. The company's 50 day simple moving average is $48.45 and its 200-day simple moving average is $49.53. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.83. The firm has a market cap of $2.97 billion, a P/E ratio of 38.42, a price-to-earnings-growth ratio of 2.46 and a beta of 0.78.

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

ABM Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 4th. Stockholders of record on Thursday, July 3rd will be given a dividend of $0.265 per share. The ex-dividend date is Thursday, July 3rd. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.23%. ABM Industries's dividend payout ratio (DPR) is presently 85.48%.

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.