Wedge Capital Management L L P NC Cuts Stock Position in ABM Industries Incorporated (NYSE:ABM)

Wedge Capital Management L L P NC lessened its holdings in ABM Industries Incorporated (NYSE:ABM - Free Report) by 25.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 42,066 shares of the business services provider's stock after selling 14,257 shares during the quarter. Wedge Capital Management L L P NC owned 0.07% of ABM Industries worth $1,992,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. SBI Securities Co. Ltd. acquired a new position in ABM Industries in the 4th quarter worth approximately $33,000. Smartleaf Asset Management LLC increased its stake in shares of ABM Industries by 193.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 903 shares of the business services provider's stock worth $46,000 after acquiring an additional 595 shares during the period. Sterling Capital Management LLC raised its holdings in shares of 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. Raiffeisen Bank International AG acquired a new position in ABM Industries during the fourth quarter valued at $190,000. Finally, Bridgefront Capital LLC acquired a new position in ABM Industries during the fourth quarter valued at $204,000. Hedge funds and other institutional investors own 91.62% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on ABM shares. Baird R W upgraded ABM Industries from a "hold" rating to a "strong-buy" rating in a research note on Monday. Wall Street Zen lowered shares of ABM Industries from a "buy" rating to a "hold" rating in a research note on Saturday, May 31st. Robert W. Baird upgraded ABM Industries from a "neutral" rating to an "outperform" rating and set a $56.00 price target for the company in a research note on Monday. Finally, UBS Group upgraded ABM Industries from a "neutral" rating to a "buy" rating and increased their price target for the stock from $50.00 to $54.00 in a research report on Monday. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, ABM Industries currently has an average rating of "Moderate Buy" and a consensus price target of $55.00.

ABM Industries Price Performance

NYSE ABM traded down $0.05 during mid-day trading on Thursday, hitting $46.34. The stock had a trading volume of 525,020 shares, compared to its average volume of 502,800. The firm's 50 day moving average is $49.08 and its 200 day moving average is $51.02. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.33 and a quick ratio of 1.33. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of 36.49, a PEG ratio of 2.75 and a beta of 0.83. ABM Industries Incorporated has a twelve month low of $40.85 and a twelve month high of $59.78.

ABM Industries (NYSE:ABM - Get Free Report) last posted its quarterly earnings results on Friday, June 6th. The business services provider reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.01). ABM Industries had a return on equity of 12.48% and a net margin of 0.97%. The business had revenue of $2.11 billion during the quarter, compared to analysts' expectations of $2.07 billion. During the same period in the prior year, the business posted $0.87 earnings per share. The business's quarterly revenue was up 4.6% on a year-over-year basis. Equities research analysts forecast that ABM Industries Incorporated will post 3.71 earnings per share for the current fiscal year.

ABM Industries Announces Dividend

The company 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 of this dividend is Thursday, July 3rd. This represents a $1.06 annualized dividend and a dividend yield of 2.29%. ABM Industries's payout ratio is 85.48%.

Insider Activity at ABM Industries

In related news, EVP Sean Michael Mahoney sold 574 shares of the business's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $50.06, for a total value of $28,734.44. Following the sale, the executive vice president now directly owns 49,225 shares in the company, valued at approximately $2,464,203.50. The trade was a 1.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Scott B. Salmirs sold 12,135 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $52.06, for a total transaction of $631,748.10. Following the transaction, the chief executive officer now directly owns 406,721 shares of the company's stock, valued at approximately $21,173,895.26. This trade represents a 2.90% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,374 shares of company stock valued at $2,733,303. 0.90% of the stock is owned by company insiders.

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.