JPMorgan Chase & Co. Sells 16,817 Shares of ABM Industries Incorporated (NYSE:ABM)

JPMorgan Chase & Co. lowered its stake in shares of ABM Industries Incorporated (NYSE:ABM) by 1.6% during the third quarter, HoldingsChannel reports. The firm owned 1,007,406 shares of the business services provider’s stock after selling 16,817 shares during the quarter. JPMorgan Chase & Co.’s holdings in ABM Industries were worth $53,151,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Principal Financial Group Inc. raised its position in ABM Industries by 4.9% during the third quarter. Principal Financial Group Inc. now owns 327,631 shares of the business services provider’s stock worth $17,286,000 after acquiring an additional 15,438 shares in the last quarter. Franklin Resources Inc. bought a new stake in shares of ABM Industries in the 3rd quarter valued at about $446,000. Tidal Investments LLC lifted its stake in ABM Industries by 176.4% in the 3rd quarter. Tidal Investments LLC now owns 23,761 shares of the business services provider’s stock valued at $1,254,000 after purchasing an additional 15,163 shares during the last quarter. Geode Capital Management LLC grew its holdings in ABM Industries by 0.5% during the third quarter. Geode Capital Management LLC now owns 1,451,252 shares of the business services provider’s stock worth $76,582,000 after purchasing an additional 7,050 shares during the period. Finally, Barclays PLC increased its position in ABM Industries by 238.7% during the third quarter. Barclays PLC now owns 113,850 shares of the business services provider’s stock worth $6,004,000 after buying an additional 80,238 shares during the last quarter. Institutional investors and hedge funds own 91.62% of the company’s stock.

ABM Industries Stock Performance

NYSE:ABM opened at $51.97 on Friday. The stock has a 50 day simple moving average of $54.77 and a 200 day simple moving average of $53.46. The stock has a market cap of $3.23 billion, a P/E ratio of 21.48 and a beta of 1.16. ABM Industries Incorporated has a 1-year low of $39.64 and a 1-year high of $59.78. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.71.

ABM Industries (NYSE:ABM) last posted its earnings results on Wednesday, December 18th. The business services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. ABM Industries had a return on equity of 12.93% and a net margin of 1.89%. The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter last year, the firm earned $1.01 earnings per share. The company’s revenue was up 4.0% on a year-over-year basis. Research analysts anticipate that ABM Industries Incorporated will post 3.53 earnings per share for the current year.

ABM Industries Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Thursday, January 2nd will be issued a dividend of $0.265 per share. The ex-dividend date is Thursday, January 2nd. This is a boost from ABM Industries’s previous quarterly dividend of $0.23. This represents a $1.06 annualized dividend and a dividend yield of 2.04%. ABM Industries’s dividend payout ratio (DPR) is currently 83.46%.

Insider Activity

In related news, CFO Earl Ray Ellis sold 40,000 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $53.96, for a total value of $2,158,400.00. Following the transaction, the chief financial officer now owns 45,260 shares in the company, valued at approximately $2,442,229.60. This trade represents a 46.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.04% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. UBS Group raised their price objective on ABM Industries from $55.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, December 19th. Robert W. Baird lifted their price objective on shares of ABM Industries from $49.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, September 9th. Finally, Truist Financial increased their price objective on shares of ABM Industries from $49.00 to $55.00 and gave the company a “hold” rating in a research report on Monday, September 9th.

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.