Rhumbline Advisers Sells 882 Shares of ABM Industries Incorporated (NYSE:ABM)

Rhumbline Advisers lowered its position in ABM Industries Incorporated (NYSE:ABM) by 0.4% during the 2nd quarter, Holdings Channel reports. The fund owned 204,852 shares of the business services provider’s stock after selling 882 shares during the period. Rhumbline Advisers’ holdings in ABM Industries were worth $10,359,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of ABM Industries in the 4th quarter worth about $31,310,000. LSV Asset Management purchased a new stake in shares of ABM Industries in the first quarter worth approximately $17,645,000. SG Capital Management LLC bought a new position in shares of ABM Industries in the first quarter valued at approximately $13,730,000. Invenomic Capital Management LP purchased a new position in shares of ABM Industries during the first quarter valued at approximately $10,071,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in ABM Industries by 652,535.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 110,948 shares of the business services provider’s stock worth $5,611,000 after buying an additional 110,931 shares in the last quarter. Institutional investors and hedge funds own 91.62% of the company’s stock.

Insider Buying and Selling

In related news, CAO Dean A. Chin sold 2,042 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $50.70, for a total transaction of $103,529.40. Following the sale, the chief accounting officer now directly owns 18,493 shares in the company, valued at approximately $937,595.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other ABM Industries news, CAO Dean A. Chin sold 2,042 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $50.70, for a total value of $103,529.40. Following the completion of the transaction, the chief accounting officer now owns 18,493 shares in the company, valued at approximately $937,595.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Scott B. Salmirs sold 25,000 shares of ABM Industries stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $48.90, for a total value of $1,222,500.00. Following the transaction, the chief executive officer now directly owns 378,391 shares of the company’s stock, valued at approximately $18,503,319.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 78,778 shares of company stock valued at $4,039,248. 1.04% of the stock is owned by insiders.

ABM Industries Price Performance

ABM opened at $49.07 on Thursday. ABM Industries Incorporated has a fifty-two week low of $38.48 and a fifty-two week high of $59.78. The firm has a 50-day moving average of $53.52 and a 200 day moving average of $48.42. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.44 and a current ratio of 1.38. The firm has a market cap of $3.08 billion, a P/E ratio of 12.85 and a beta of 1.14.

ABM Industries (NYSE:ABM) last released its earnings results on Friday, September 6th. The business services provider reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.08. ABM Industries had a net margin of 1.89% and a return on equity of 12.93%. The firm had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.04 billion. During the same period in the prior year, the firm earned $0.79 EPS. The company’s revenue was up 3.3% compared to the same quarter last year. On average, research analysts expect that ABM Industries Incorporated will post 3.49 EPS for the current year.

ABM Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Thursday, October 3rd will be paid a dividend of $0.225 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.90 annualized dividend and a dividend yield of 1.83%. ABM Industries’s payout ratio is 23.56%.

Analyst Ratings Changes

Several equities analysts have weighed in on ABM shares. Robert W. Baird raised their price objective on ABM Industries from $49.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday. StockNews.com lowered shares of ABM Industries from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Truist Financial upped their price objective on shares of ABM Industries from $49.00 to $55.00 and gave the stock a “hold” rating in a research report on Monday. Finally, UBS Group lifted their target price on shares of ABM Industries from $51.00 to $55.00 and gave the stock a “neutral” rating in a research report on Monday.

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.