ABM Industries Incorporated (NYSE:ABM) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue lowered its stake in shares of ABM Industries Incorporated (NYSE:ABM) by 3.6% in the third quarter, HoldingsChannel reports. The firm owned 35,817 shares of the business services provider’s stock after selling 1,343 shares during the quarter. State of Alaska Department of Revenue’s holdings in ABM Industries were worth $1,889,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its stake in ABM Industries by 34.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,688 shares of the business services provider’s stock valued at $300,000 after buying an additional 1,473 shares during the last quarter. Copeland Capital Management LLC bought a new stake in ABM Industries in the 3rd quarter valued at about $37,000. Allspring Global Investments Holdings LLC boosted its stake in ABM Industries by 21.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 135,085 shares of the business services provider’s stock valued at $7,127,000 after purchasing an additional 24,137 shares during the period. Creative Planning boosted its stake in ABM Industries by 20.8% during the 3rd quarter. Creative Planning now owns 25,370 shares of the business services provider’s stock valued at $1,339,000 after purchasing an additional 4,374 shares during the period. Finally, Inspire Investing LLC grew its position in ABM Industries by 12.4% in the 3rd quarter. Inspire Investing LLC now owns 7,797 shares of the business services provider’s stock worth $411,000 after purchasing an additional 862 shares during the last quarter. Institutional investors and hedge funds own 91.62% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Earl Ray Ellis sold 40,000 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $53.96, for a total transaction of $2,158,400.00. Following the completion of the sale, the chief financial officer now owns 45,260 shares in the company, valued at approximately $2,442,229.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.04% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ABM has been the subject of several analyst reports. StockNews.com downgraded ABM Industries from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Robert W. Baird boosted their price target on ABM Industries from $49.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, September 9th. UBS Group increased their price target on ABM Industries from $51.00 to $55.00 and gave the stock a “neutral” rating in a research note on Monday, September 9th. Finally, Truist Financial lifted their price objective on shares of ABM Industries from $49.00 to $55.00 and gave the company a “hold” rating in a research note on Monday, September 9th.

ABM Industries Price Performance

NYSE ABM opened at $53.13 on Friday. ABM Industries Incorporated has a 12 month low of $39.27 and a 12 month high of $59.78. The firm has a market capitalization of $3.34 billion, a PE ratio of 21.99 and a beta of 1.14. The company’s 50 day simple moving average is $52.99 and its 200 day simple moving average is $50.75. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.38 and a quick ratio of 1.38.

ABM Industries (NYSE:ABM) last issued its quarterly earnings results on Friday, September 6th. The business services provider reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.08. The company had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.04 billion. ABM Industries had a return on equity of 12.93% and a net margin of 1.89%. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period last year, the firm earned $0.79 EPS. As a group, equities research analysts forecast that ABM Industries Incorporated will post 3.53 EPS for the current fiscal year.

ABM Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Thursday, October 3rd will be issued a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Thursday, October 3rd. ABM Industries’s payout ratio is 37.19%.

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.