Bank of New York Mellon Corp Sells 29,700 Shares of ABM Industries Incorporated (NYSE:ABM)

Bank of New York Mellon Corp decreased its stake in ABM Industries Incorporated (NYSE:ABM) by 5.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 563,327 shares of the business services provider’s stock after selling 29,700 shares during the period. Bank of New York Mellon Corp owned about 0.91% of ABM Industries worth $26,679,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Sterling Capital Management LLC lifted its position 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 worth $104,000 after purchasing an additional 1,820 shares during the period. Palouse Capital Management Inc. lifted its position in ABM Industries by 17.4% during the 1st 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 period. Raiffeisen Bank International AG purchased a new position in ABM Industries during the 4th quarter valued at about $190,000. Bridgefront Capital LLC purchased a new position in ABM Industries during the 4th quarter valued at about $204,000. Finally, Highland Capital Management LLC purchased a new position in ABM Industries during the 1st quarter valued at about $207,000. Institutional investors own 91.62% of the company’s stock.

Insider Buying and Selling at ABM Industries

In other ABM Industries news, COO Rene Jacobsen sold 17,250 shares of the stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $48.03, for a total transaction of $828,517.50. Following the completion of the sale, the chief operating officer directly owned 71,256 shares of the company’s stock, valued at approximately $3,422,425.68. This represents a 19.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 sale, the chief executive officer directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 73,335 shares of company stock valued at $3,730,745 in the last ninety days. 0.90% of the stock is owned by insiders.

ABM Industries Price Performance

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

ABM Industries (NYSE:ABM) last announced its quarterly earnings results on Friday, June 6th. The business services provider reported $0.86 earnings per share 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 business had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.07 billion. During the same quarter in the prior year, the firm posted $0.87 EPS. The company’s revenue for the quarter was up 4.6% on a year-over-year basis. On average, equities analysts anticipate that ABM Industries Incorporated will post 3.71 EPS for the current fiscal year.

ABM Industries Dividend Announcement

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

Wall Street Analyst Weigh In

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