Connor Clark & Lunn Investment Management Ltd. Has $4.12 Million Stock Holdings in ABM Industries Incorporated (NYSE:ABM)

Connor Clark & Lunn Investment Management Ltd. reduced its position in shares of ABM Industries Incorporated (NYSE:ABM) by 31.8% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 78,082 shares of the business services provider’s stock after selling 36,415 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in ABM Industries were worth $4,120,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Pacer Advisors Inc. bought a new stake in shares of ABM Industries in the second quarter worth $125,118,000. Pzena Investment Management LLC acquired a new position in ABM Industries during the 2nd quarter worth about $21,032,000. LSV Asset Management grew its position in shares of ABM Industries by 92.3% in the 2nd quarter. LSV Asset Management now owns 760,321 shares of the business services provider’s stock valued at $38,449,000 after buying an additional 364,879 shares during the last quarter. SG Capital Management LLC acquired a new stake in shares of ABM Industries in the first quarter valued at about $13,730,000. Finally, Invenomic Capital Management LP bought a new position in shares of ABM Industries during the first quarter worth about $10,071,000. Institutional investors and hedge funds own 91.62% of the company’s stock.

ABM Industries Price Performance

ABM Industries stock opened at $56.79 on Friday. The stock’s 50 day moving average price is $53.64 and its two-hundred day moving average price is $52.04. The stock has a market capitalization of $3.57 billion, a price-to-earnings ratio of 23.47 and a beta of 1.14. 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 52-week low of $39.64 and a 52-week high of $59.78.

ABM Industries (NYSE:ABM) last posted its quarterly earnings results on Friday, September 6th. The business services provider reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.08. ABM Industries had a net margin of 1.89% and a return on equity of 12.93%. The business had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.04 billion. During the same period last year, the company posted $0.79 earnings per share. The business’s quarterly revenue was up 3.3% on a year-over-year basis. On average, equities analysts predict 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 issued a dividend of $0.225 per share. The ex-dividend date was Thursday, October 3rd. This represents a $0.90 annualized dividend and a yield of 1.58%. ABM Industries’s dividend payout ratio (DPR) is currently 37.19%.

Insiders Place Their Bets

In other news, CFO Earl Ray Ellis sold 40,000 shares of the business’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 transaction, the chief financial officer now owns 45,260 shares in the company, valued at $2,442,229.60. The trade was a 46.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.04% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ABM. Robert W. Baird increased their target price on shares of ABM Industries from $49.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, September 9th. Truist Financial increased their price objective on shares of ABM Industries from $49.00 to $55.00 and gave the stock a “hold” rating in a research report on Monday, September 9th. StockNews.com downgraded shares of ABM Industries from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. Finally, UBS Group upped their price target on shares of ABM Industries from $51.00 to $55.00 and gave the company a “neutral” rating in a research report on Monday, September 9th.

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.