Wells Fargo & Company MN grew its stake in shares of ABM Industries Incorporated (NYSE:ABM) by 6.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 138,338 shares of the business services provider’s stock after buying an additional 8,386 shares during the quarter. Wells Fargo & Company MN owned 0.25% of ABM Industries worth $5,744,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of ABM. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of ABM Industries by 65.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,400 shares of the business services provider’s stock valued at $105,000 after buying an additional 946 shares in the last quarter. Independent Portfolio Consultants Inc. purchased a new stake in shares of ABM Industries during the 2nd quarter valued at $162,000. PNC Financial Services Group Inc. raised its position in shares of ABM Industries by 6.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,839 shares of the business services provider’s stock valued at $167,000 after buying an additional 236 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of ABM Industries by 4.9% during the 1st quarter. Victory Capital Management Inc. now owns 4,427 shares of the business services provider’s stock valued at $193,000 after buying an additional 206 shares in the last quarter. Finally, Ameritas Investment Partners Inc. purchased a new stake in shares of ABM Industries during the 1st quarter valued at $210,000. Hedge funds and other institutional investors own 78.23% of the company’s stock.
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ABM Industries Incorporated (NYSE:ABM) opened at 42.97 on Wednesday. ABM Industries Incorporated has a 12-month low of $37.12 and a 12-month high of $45.12. The company’s 50 day moving average is $41.86 and its 200 day moving average is $42.56. The company has a market cap of $2.80 billion, a price-to-earnings ratio of 167.85 and a beta of 0.80.
ABM Industries (NYSE:ABM) last released its quarterly earnings results on Wednesday, September 6th. The business services provider reported $0.51 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.03). The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.32 billion. ABM Industries had a net margin of 0.29% and a return on equity of 11.37%. ABM Industries’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.54 EPS. Analysts forecast that ABM Industries Incorporated will post $1.88 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 6th. Investors of record on Thursday, October 5th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date is Wednesday, October 4th. ABM Industries’s payout ratio is 251.86%.
In related news, insider Scott J. Giacobbe sold 11,094 shares of the company’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $39.92, for a total transaction of $442,872.48. Following the sale, the insider now owns 59,152 shares of the company’s stock, valued at $2,361,347.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Dean A. Chin sold 880 shares of the company’s stock in a transaction on Wednesday, October 4th. The shares were sold at an average price of $42.90, for a total transaction of $37,752.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,069 shares of company stock worth $618,769. 1.30% of the stock is owned by insiders.
ABM has been the topic of several research reports. Zacks Investment Research upgraded shares of ABM Industries from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research report on Monday, July 17th. KeyCorp upgraded shares of ABM Industries from a “sector weight” rating to an “overweight” rating and set a $48.00 price objective on the stock in a research report on Monday, September 11th. BidaskClub upgraded shares of ABM Industries from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 26th. Robert W. Baird restated an “outperform” rating and set a $47.00 price objective (down previously from $49.00) on shares of ABM Industries in a research report on Thursday, July 13th. Finally, Sidoti upgraded shares of ABM Industries from a “neutral” rating to a “buy” rating and raised their price objective for the company from $49.00 to $55.00 in a research report on Thursday, July 13th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $48.20.
ABM Industries Profile
ABM Industries Incorporated is a provider of integrated facility solutions. The Company operates through five segments: Janitorial, Facility Services, Parking, Building & Energy Solutions, and other. Its Janitorial segment provides a range of cleaning services for commercial office buildings, data centers, educational institutions, government buildings, health facilities, industrial buildings, retail stores, sport event facilities and transportation hubs.
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