Short Interest in ABM Industries Incorporated (NYSE:ABM) Rises By 22.9%

ABM Industries Incorporated (NYSE:ABM) was the recipient of a large growth in short interest in the month of October. As of October 15th, there was short interest totalling 1,340,000 shares, a growth of 22.9% from the September 30th total of 1,090,000 shares. Based on an average trading volume of 511,000 shares, the short-interest ratio is currently 2.6 days. Approximately 2.2% of the shares of the company are sold short.

ABM Industries Price Performance

Shares of NYSE:ABM traded up $0.04 during trading on Wednesday, hitting $53.69. 312,316 shares of the stock were exchanged, compared to its average volume of 564,949. ABM Industries has a 12-month low of $38.48 and a 12-month high of $59.78. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.71. The company has a fifty day moving average price of $53.04 and a two-hundred day moving average price of $50.71. The company has a market cap of $3.37 billion, a PE ratio of 14.19 and a beta of 1.14.

ABM Industries (NYSE:ABM) last announced its quarterly earnings results on Friday, September 6th. The business services provider reported $0.94 earnings per share 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 firm had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.04 billion. During the same period in the prior year, the company earned $0.79 EPS. The firm’s revenue was up 3.3% on a year-over-year basis. On average, analysts forecast that ABM Industries will post 3.53 EPS for the current year.

ABM Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Thursday, October 3rd will be given a dividend of $0.225 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.90 dividend on an annualized basis and a yield of 1.68%. ABM Industries’s dividend payout ratio (DPR) is 23.56%.

Insider Activity at ABM Industries

In related news, CFO Earl Ray Ellis sold 40,000 shares of the business’s stock in a transaction dated 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 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.04% of the stock is currently owned by insiders.

Institutional Trading of ABM Industries

A number of institutional investors have recently added to or reduced their stakes in the business. BOKF NA purchased a new position in ABM Industries in the 2nd quarter valued at about $30,000. Adirondack Trust Co. boosted its position in ABM Industries by 250.0% in the 2nd quarter. Adirondack Trust Co. now owns 700 shares of the business services provider’s stock valued at $35,000 after buying an additional 500 shares during the last quarter. Copeland Capital Management LLC purchased a new position in ABM Industries in the 3rd quarter valued at about $37,000. Lazard Asset Management LLC boosted its position in ABM Industries by 2,102.0% in the 1st quarter. Lazard Asset Management LLC now owns 1,079 shares of the business services provider’s stock valued at $48,000 after buying an additional 1,030 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in ABM Industries by 37.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,001 shares of the business services provider’s stock valued at $51,000 after buying an additional 273 shares during the last quarter. 91.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

About ABM Industries

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.