Pacer Advisors Inc. Makes New Investment in ABM Industries Incorporated (NYSE:ABM)

Pacer Advisors Inc. acquired a new position in shares of ABM Industries Incorporated (NYSE:ABM) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 2,474,159 shares of the business services provider’s stock, valued at approximately $125,118,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. LSV Asset Management raised its position in shares of ABM Industries by 92.3% during the 2nd quarter. LSV Asset Management now owns 760,321 shares of the business services provider’s stock valued at $38,449,000 after buying an additional 364,879 shares during the period. Norges Bank acquired a new stake in ABM Industries during the fourth quarter worth $31,310,000. Bank of New York Mellon Corp raised its position in ABM Industries by 2.0% in the second quarter. Bank of New York Mellon Corp now owns 656,652 shares of the business services provider’s stock valued at $33,207,000 after purchasing an additional 13,126 shares during the period. Pzena Investment Management LLC purchased a new stake in ABM Industries in the second quarter valued at $21,032,000. Finally, SG Capital Management LLC acquired a new position in shares of ABM Industries in the 1st quarter valued at $13,730,000. 91.62% of the stock is currently owned by institutional investors and hedge funds.

ABM Industries Trading Up 0.4 %

NYSE ABM opened at $52.05 on Friday. The firm’s fifty day moving average price is $53.68 and its 200 day moving average price is $48.87. ABM Industries Incorporated has a 12 month low of $38.48 and a 12 month high of $59.78. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.38 and a quick ratio of 1.44. The company has a market capitalization of $3.27 billion, a price-to-earnings ratio of 13.63 and a beta of 1.14.

ABM Industries (NYSE:ABM) last issued its quarterly earnings data 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 return on equity of 12.93% and a net margin of 1.89%. The company had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.04 billion. During the same quarter in the previous year, the business earned $0.79 earnings per share. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. On average, sell-side analysts expect that ABM Industries Incorporated will post 3.53 earnings per share for the current fiscal year.

ABM Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Thursday, October 3rd will be issued a $0.225 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.73%. ABM Industries’s payout ratio is 23.56%.

Insider Buying and Selling

In other ABM Industries news, CEO Scott B. Salmirs sold 11,736 shares of ABM Industries stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $55.08, for a total value of $646,418.88. Following the transaction, the chief executive officer now directly owns 366,655 shares in the company, valued at approximately $20,195,357.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Scott B. Salmirs sold 11,736 shares of ABM Industries stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $55.08, for a total value of $646,418.88. Following the transaction, the chief executive officer now directly owns 366,655 shares in the company, valued at approximately $20,195,357.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Scott B. Salmirs sold 25,000 shares of the company’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $48.90, for a total transaction of $1,222,500.00. Following the transaction, the chief executive officer now 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. Insiders have sold a total of 78,778 shares of company stock valued at $4,039,248 over the last quarter. 1.04% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

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

About ABM Industries

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.