ABM Industries Incorporated (NYSE:ABM) Stock Holdings Reduced by Teacher Retirement System of Texas

Teacher Retirement System of Texas reduced its position in ABM Industries Incorporated (NYSE:ABM) by 68.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,324 shares of the business services provider’s stock after selling 25,036 shares during the period. Teacher Retirement System of Texas’ holdings in ABM Industries were worth $536,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Sterling Capital Management LLC grew its stake in shares of ABM Industries by 834.9% in the 4th quarter. Sterling Capital Management LLC now owns 2,038 shares of the business services provider’s stock valued at $104,000 after buying an additional 1,820 shares in the last quarter. Palouse Capital Management Inc. lifted its stake in ABM Industries by 17.4% in the first quarter. Palouse Capital Management Inc. now owns 3,016 shares of the business services provider’s stock valued at $143,000 after acquiring an additional 446 shares during the last quarter. Raiffeisen Bank International AG acquired a new stake in ABM Industries in the fourth quarter valued at approximately $190,000. Bridgefront Capital LLC bought a new stake in ABM Industries in the fourth quarter worth approximately $204,000. Finally, Highland Capital Management LLC bought a new stake in ABM Industries in the first quarter worth approximately $207,000. 91.62% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ABM Industries

In other news, Director Thomas M. Gartland sold 3,711 shares of the company’s stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $45.52, for a total transaction of $168,924.72. Following the completion of the transaction, the director owned 30,958 shares of the company’s stock, valued at approximately $1,409,208.16. This represents a 10.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Scott B. Salmirs sold 37,065 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $52.37, for a total transaction of $1,941,094.05. Following the completion of the sale, the chief executive officer owned 369,656 shares of the company’s stock, valued at approximately $19,358,884.72. The trade was a 9.11% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 73,335 shares of company stock worth $3,730,745. Insiders own 0.90% of the company’s stock.

ABM Industries Price Performance

Shares of ABM Industries stock opened at $48.16 on Thursday. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.83. The firm has a fifty day simple moving average of $48.88 and a 200-day simple moving average of $49.67. The stock has a market capitalization of $3.00 billion, a price-to-earnings ratio of 38.84, a PEG ratio of 2.47 and a beta of 0.78. ABM Industries Incorporated has a 1-year low of $40.85 and a 1-year high of $59.78.

ABM Industries (NYSE:ABM) last announced its earnings results on Friday, June 6th. The business services provider reported $0.86 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.01). ABM Industries had a return on equity of 12.54% and a net margin of 0.93%. The firm had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.07 billion. During the same quarter last year, the business earned $0.87 EPS. The business’s revenue was up 4.6% compared to the same quarter last year. On average, sell-side analysts expect that ABM Industries Incorporated will post 3.71 earnings per share for the current year.

ABM Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 4th. Stockholders of record on Thursday, July 3rd will be given a $0.265 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $1.06 annualized dividend and a dividend yield of 2.20%. ABM Industries’s dividend payout ratio is 85.48%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Baird R W upgraded shares of ABM Industries from a “hold” rating to a “strong-buy” rating in a report on Monday, June 9th. Robert W. Baird raised shares of ABM Industries from a “neutral” rating to an “outperform” rating and set a $56.00 target price on the stock in a research report on Monday, June 9th. Wall Street Zen upgraded ABM Industries from a “hold” rating to a “buy” rating in a report on Saturday, July 5th. Truist Financial raised ABM Industries from a “hold” rating to a “buy” rating and boosted their price target for the stock from $55.00 to $58.00 in a research report on Wednesday, July 2nd. Finally, UBS Group raised ABM Industries from a “neutral” rating to a “buy” rating and increased their price objective for the company from $50.00 to $54.00 in a report on Monday, June 9th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, ABM Industries has a consensus rating of “Buy” and an average price target of $56.00.

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.