Edgestream Partners L.P. Purchases New Position in ABM Industries Incorporated (NYSE:ABM)

Edgestream Partners L.P. acquired a new stake in ABM Industries Incorporated (NYSE:ABM) in the 3rd quarter, HoldingsChannel.com reports. The fund acquired 36,591 shares of the business services provider’s stock, valued at approximately $1,931,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Pacer Advisors Inc. acquired a new position in ABM Industries in the 2nd quarter valued at approximately $125,118,000. LSV Asset Management increased its holdings in ABM Industries by 92.3% in the second quarter. LSV Asset Management now owns 760,321 shares of the business services provider’s stock worth $38,449,000 after purchasing an additional 364,879 shares in the last quarter. Pzena Investment Management LLC increased its stake in shares of ABM Industries by 67.0% in the 3rd quarter. Pzena Investment Management LLC now owns 694,464 shares of the business services provider’s stock valued at $36,640,000 after acquiring an additional 278,575 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of ABM Industries by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 681,006 shares of the business services provider’s stock valued at $35,930,000 after purchasing an additional 12,179 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings 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 worth $33,207,000 after acquiring an additional 13,126 shares in the last quarter. Institutional investors and hedge funds own 91.62% of the company’s stock.

Insider Activity at ABM Industries

In related news, CFO Earl Ray Ellis sold 40,000 shares of the company’s stock in a transaction that occurred 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 represents a 46.92 % decrease in their ownership of the stock. The transaction 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.

ABM Industries Price Performance

ABM opened at $57.75 on Tuesday. The firm’s fifty day moving average price is $54.32 and its two-hundred day moving average price is $52.62. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of 23.86 and a beta of 1.14. 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 Incorporated has a 1 year low of $39.64 and a 1 year high of $59.78.

ABM Industries (NYSE:ABM) last issued its quarterly earnings results on Friday, September 6th. The business services provider reported $0.94 EPS 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 the consensus estimate of $2.04 billion. During the same period last year, the business posted $0.79 earnings per share. ABM Industries’s revenue was up 3.3% on a year-over-year basis. As a group, analysts anticipate that ABM Industries Incorporated will post 3.53 earnings per share for the current fiscal year.

ABM Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Thursday, October 3rd were issued a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date was Thursday, October 3rd. ABM Industries’s dividend payout ratio (DPR) is currently 37.19%.

Analyst Ratings Changes

ABM has been the subject of several research reports. Truist Financial lifted their price target 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. Robert W. Baird lifted their price objective on shares of ABM Industries from $49.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, September 9th. Finally, UBS Group upped their target price on shares of ABM Industries from $51.00 to $55.00 and gave the stock a “neutral” rating in a report on Monday, September 9th.

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.