Wells Fargo & Company MN lifted its position in ABM Industries, Inc. (NYSE:ABM) by 14.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 283,551 shares of the business services provider’s stock after purchasing an additional 34,787 shares during the period. Wells Fargo & Company MN’s holdings in ABM Industries were worth $11,343,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently made changes to their positions in ABM. Steward Partners Investment Advisory LLC bought a new position in ABM Industries in the 2nd quarter worth $28,000. Valeo Financial Advisors LLC purchased a new stake in ABM Industries in the 2nd quarter worth $41,000. Strs Ohio purchased a new stake in ABM Industries in the 1st quarter worth $47,000. Cutler Group LP purchased a new stake in ABM Industries in the 1st quarter worth $47,000. Finally, Investors Research Corp boosted its holdings in shares of ABM Industries by 11.3% during the 2nd quarter. Investors Research Corp now owns 3,450 shares of the business services provider’s stock valued at $138,000 after purchasing an additional 350 shares during the last quarter. Hedge funds and other institutional investors own 99.72% of the company’s stock.
Several brokerages have recently issued reports on ABM. ValuEngine cut ABM Industries from a “hold” rating to a “sell” rating in a report on Friday, September 6th. Robert W. Baird set a $38.00 target price on ABM Industries and gave the stock a “hold” rating in a research report on Friday, September 6th. William Blair started coverage on ABM Industries in a research note on Thursday, August 15th. They set a “market perform” rating for the company. Finally, Maxim Group set a $50.00 price target on ABM Industries and gave the company a “buy” rating in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $41.96.
ABM Industries (NYSE:ABM) last released its quarterly earnings data on Thursday, September 5th. The business services provider reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.02. ABM Industries had a net margin of 1.37% and a return on equity of 8.90%. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same quarter last year, the business earned $0.57 earnings per share. ABM Industries’s quarterly revenue was up 1.5% compared to the same quarter last year. As a group, sell-side analysts forecast that ABM Industries, Inc. will post 2 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Thursday, October 3rd will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.00%. The ex-dividend date of this dividend is Wednesday, October 2nd. ABM Industries’s dividend payout ratio is 38.10%.
In related news, Director Linda Chavez sold 6,000 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $40.00, for a total value of $240,000.00. Following the completion of the sale, the director now directly owns 21,070 shares in the company, valued at $842,800. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Dean A. Chin sold 1,329 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $39.95, for a total value of $53,093.55. Following the completion of the sale, the chief accounting officer now owns 19,976 shares of the company’s stock, valued at $798,041.20. The disclosure for this sale can be found here. Insiders have sold a total of 19,904 shares of company stock worth $806,797 over the last 90 days. Corporate insiders own 0.94% of the company’s stock.
ABM Industries Profile
ABM Industries Incorporated provides integrated facility solutions in the United States and internationally. It operates through Business & Industry, Aviation, Technology & Manufacturing, Education, Technical Solutions, and Healthcare segments. The company offers janitorial, electrical and lighting, energy, facilities engineering, HVAC and mechanical, landscape and turf, mission critical, and parking solutions.
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