Cornerstone Wealth Management LLC Buys 630 Shares of ABM Industries Incorporated (NYSE:ABM)

Cornerstone Wealth Management LLC lifted its stake in shares of ABM Industries Incorporated (NYSE:ABM) by 6.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,755 shares of the business services provider’s stock after purchasing an additional 630 shares during the period. Cornerstone Wealth Management LLC’s holdings in ABM Industries were worth $550,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Capital Performance Advisors LLP bought a new stake in shares of ABM Industries in the third quarter valued at $30,000. Copeland Capital Management LLC bought a new stake in ABM Industries in the 3rd quarter valued at about $37,000. Adirondack Trust Co. lifted its holdings in ABM Industries by 28.6% during the fourth quarter. Adirondack Trust Co. now owns 900 shares of the business services provider’s stock valued at $46,000 after purchasing an additional 200 shares during the last quarter. GAMMA Investing LLC boosted its position in ABM Industries by 58.8% during the third quarter. GAMMA Investing LLC now owns 1,590 shares of the business services provider’s stock worth $84,000 after purchasing an additional 589 shares during the period. Finally, Quarry LP increased its stake in shares of ABM Industries by 49.7% in the third quarter. Quarry LP now owns 2,171 shares of the business services provider’s stock worth $115,000 after purchasing an additional 721 shares in the last quarter. Institutional investors own 91.62% of the company’s stock.

Insider Activity at ABM Industries

In related news, CAO Dean A. Chin sold 4,281 shares of the stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $52.36, for a total value of $224,153.16. Following the transaction, the chief accounting officer now owns 18,681 shares of the company’s stock, valued at $978,137.16. This represents a 18.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.04% of the stock is currently owned by insiders.

ABM Industries Stock Performance

NYSE ABM opened at $52.58 on Friday. The company’s 50 day simple moving average is $53.80 and its two-hundred day simple moving average is $53.64. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.33 and a quick ratio of 1.33. ABM Industries Incorporated has a 1 year low of $39.64 and a 1 year high of $59.78. The stock has a market capitalization of $3.27 billion, a PE ratio of 41.40, a P/E/G ratio of 2.76 and a beta of 1.16.

ABM Industries (NYSE:ABM) last issued its quarterly earnings data on Wednesday, December 18th. The business services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. ABM Industries had a return on equity of 12.48% and a net margin of 0.97%. The company had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter last year, the business posted $1.01 earnings per share. The firm’s revenue was up 4.0% compared to the same quarter last year. Analysts predict that ABM Industries Incorporated will post 3.71 earnings per share for the current fiscal year.

ABM Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Thursday, January 2nd will be given a $0.265 dividend. This represents a $1.06 annualized dividend and a dividend yield of 2.02%. This is a boost from ABM Industries’s previous quarterly dividend of $0.23. The ex-dividend date is Thursday, January 2nd. ABM Industries’s dividend payout ratio is 83.47%.

Analysts Set New Price Targets

Separately, UBS Group upped their price target on shares of ABM Industries from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Thursday, December 19th.

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.