Bank of New York Mellon Corp Trims Stake in ABM Industries Incorporated $ABM

Bank of New York Mellon Corp lowered its holdings in shares of ABM Industries Incorporated (NYSE:ABM) by 1.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 557,420 shares of the business services provider’s stock after selling 5,907 shares during the quarter. Bank of New York Mellon Corp owned 0.90% of ABM Industries worth $26,316,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Boston Partners lifted its position in shares of ABM Industries by 2,129.6% in the first quarter. Boston Partners now owns 641,351 shares of the business services provider’s stock valued at $30,367,000 after acquiring an additional 612,586 shares in the last quarter. LSV Asset Management raised its position in ABM Industries by 66.4% in the first quarter. LSV Asset Management now owns 1,386,172 shares of the business services provider’s stock valued at $65,649,000 after purchasing an additional 553,225 shares during the period. Nuveen LLC acquired a new position in ABM Industries during the 1st quarter worth about $24,941,000. American Century Companies Inc. boosted its stake in shares of ABM Industries by 34.4% in the first quarter. American Century Companies Inc. now owns 1,590,497 shares of the business services provider’s stock valued at $75,326,000 after purchasing an additional 406,802 shares during the period. Finally, Invesco Ltd. boosted its position in ABM Industries by 17.8% in the 1st quarter. Invesco Ltd. now owns 1,786,926 shares of the business services provider’s stock valued at $84,629,000 after buying an additional 269,410 shares during the period. 91.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on ABM. Robert W. Baird reissued a “neutral” rating and set a $54.00 target price (down previously from $56.00) on shares of ABM Industries in a research report on Monday, September 8th. Baird R W downgraded ABM Industries from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 8th. Wall Street Zen raised shares of ABM Industries from a “hold” rating to a “buy” rating in a report on Saturday, October 4th. 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 research report on Monday, September 8th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of ABM Industries in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $55.67.

ABM Industries Stock Down 1.1%

ABM stock opened at $42.06 on Friday. The company has a market capitalization of $2.58 billion, a P/E ratio of 22.86 and a beta of 0.76. The firm has a 50 day simple moving average of $44.81 and a 200-day simple moving average of $47.26. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.82. ABM Industries Incorporated has a twelve month low of $40.85 and a twelve month high of $58.18.

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

ABM Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Thursday, October 2nd were issued a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Thursday, October 2nd. ABM Industries’s payout ratio is presently 57.61%.

ABM Industries declared that its Board of Directors has initiated a share buyback program on Friday, September 5th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to repurchase up to 5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

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.