Verdence Capital Advisors LLC Raises Position in ABM Industries Incorporated $ABM

Verdence Capital Advisors LLC grew its position in ABM Industries Incorporated (NYSE:ABM) by 3.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,388 shares of the business services provider’s stock after acquiring an additional 376 shares during the period. Verdence Capital Advisors LLC’s holdings in ABM Industries were worth $490,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Summit Securities Group LLC purchased a new stake in shares of ABM Industries in the first quarter valued at about $38,000. Federated Hermes Inc. boosted its holdings in shares of ABM Industries by 107.7% in the first quarter. Federated Hermes Inc. now owns 920 shares of the business services provider’s stock valued at $44,000 after acquiring an additional 477 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in ABM Industries during the first quarter worth about $45,000. Virtus Advisers LLC purchased a new stake in ABM Industries during the first quarter worth about $64,000. Finally, US Bancorp DE boosted its holdings in ABM Industries by 3,410.5% during the first quarter. US Bancorp DE now owns 4,353 shares of the business services provider’s stock worth $206,000 after buying an additional 4,229 shares in the last quarter. Hedge funds and other institutional investors own 91.62% of the company’s stock.

ABM Industries Stock Performance

Shares of ABM opened at $45.33 on Thursday. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.82. The stock has a market cap of $2.78 billion, a P/E ratio of 24.64 and a beta of 0.78. The company has a 50-day moving average of $46.93 and a two-hundred day moving average of $47.64. ABM Industries Incorporated has a 12-month low of $40.85 and a 12-month high of $59.15.

ABM Industries (NYSE:ABM) last announced its earnings results on Friday, September 5th. The business services provider reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.13). The business had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.16 billion. ABM Industries had a return on equity of 12.12% and a net margin of 1.34%.The business’s revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.94 EPS. ABM Industries has set its FY 2025 guidance at 3.650-3.650 EPS. As a group, research analysts predict that ABM Industries Incorporated will post 3.71 EPS for the current fiscal year.

ABM Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Thursday, October 2nd will be given a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Thursday, October 2nd. ABM Industries’s payout ratio is currently 57.61%.

ABM Industries declared that its board has authorized a share repurchase plan on Friday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the business services provider to reacquire up to 5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

ABM has been the topic of a number of research analyst reports. Truist Financial raised shares of ABM Industries from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $55.00 to $58.00 in a report on Wednesday, July 2nd. Baird R W downgraded shares of ABM Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Weiss Ratings reissued a “hold (c)” rating on shares of ABM Industries in a report on Wednesday, October 8th. UBS Group boosted their price objective on shares of ABM Industries from $54.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, September 8th. Finally, Wall Street Zen raised shares of ABM Industries from a “hold” rating to a “buy” rating in a report on Saturday, October 4th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $55.67.

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.