Covestor Ltd Sells 857 Shares of ABM Industries Incorporated (NYSE:ABM)

Covestor Ltd lowered its stake in ABM Industries Incorporated (NYSE:ABM) by 21.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,140 shares of the business services provider’s stock after selling 857 shares during the quarter. Covestor Ltd’s holdings in ABM Industries were worth $166,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Algert Global LLC increased its position in ABM Industries by 50.8% in the 2nd quarter. Algert Global LLC now owns 200,497 shares of the business services provider’s stock valued at $10,139,000 after acquiring an additional 67,560 shares during the period. Boston Partners lifted its holdings in ABM Industries by 152.2% in the first quarter. Boston Partners now owns 24,125 shares of the business services provider’s stock valued at $1,076,000 after buying an additional 14,560 shares during the period. SG Capital Management LLC bought a new stake in shares of ABM Industries in the 1st quarter valued at $13,730,000. Janney Montgomery Scott LLC bought a new position in ABM Industries during the first quarter worth $481,000. Finally, Seven Eight Capital LP acquired a new stake in ABM Industries in the second quarter worth $614,000. 91.62% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ABM. Robert W. Baird upped their price target on ABM Industries from $49.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, September 9th. Truist Financial lifted their target price on ABM Industries from $49.00 to $55.00 and gave the company a “hold” rating in a report on Monday, September 9th. StockNews.com lowered shares of ABM Industries from a “buy” rating to a “hold” rating in a report on Friday, August 2nd. Finally, 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.

ABM Industries Stock Performance

Shares of ABM stock opened at $57.73 on Monday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.38 and a current ratio of 1.38. ABM Industries Incorporated has a fifty-two week low of $39.27 and a fifty-two week high of $59.78. The company has a market capitalization of $3.62 billion, a P/E ratio of 23.86 and a beta of 1.14. The stock has a 50 day moving average price of $52.93 and a two-hundred day moving average price of $51.32.

ABM Industries (NYSE:ABM) last posted its earnings results on Friday, September 6th. The business services provider reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.08. The company had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.04 billion. ABM Industries had a return on equity of 12.93% and a net margin of 1.89%. ABM Industries’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period last year, the firm earned $0.79 earnings per share. Analysts expect that ABM Industries Incorporated will post 3.53 earnings per share for the current year.

ABM Industries Dividend Announcement

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

Insiders Place Their Bets

In other news, CFO Earl Ray Ellis sold 40,000 shares of the firm’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 completion of the transaction, the chief financial officer now owns 45,260 shares in the company, valued at $2,442,229.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.04% of the stock is currently owned by company insiders.

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.