PNC Financial Services Group Inc. Decreases Stock Holdings in ABM Industries Incorporated (NYSE:ABM)

PNC Financial Services Group Inc. reduced its position in ABM Industries Incorporated (NYSE:ABM) by 29.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,128 shares of the business services provider’s stock after selling 2,583 shares during the quarter. PNC Financial Services Group Inc.’s holdings in ABM Industries were worth $290,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of ABM. LSV Asset Management boosted its stake in ABM Industries by 66.4% during the first quarter. LSV Asset Management now owns 1,386,172 shares of the business services provider’s stock valued at $65,649,000 after buying an additional 553,225 shares during the period. Nuveen Asset Management LLC increased its holdings in shares of ABM Industries by 99.2% in the fourth quarter. Nuveen Asset Management LLC now owns 671,266 shares of the business services provider’s stock worth $34,355,000 after buying an additional 334,295 shares during the period. Bank of America Corp DE increased its holdings in shares of ABM Industries by 52.1% in the fourth quarter. Bank of America Corp DE now owns 677,811 shares of the business services provider’s stock worth $34,690,000 after buying an additional 232,190 shares during the period. Captrust Financial Advisors increased its holdings in shares of ABM Industries by 2,101.3% in the fourth quarter. Captrust Financial Advisors now owns 172,057 shares of the business services provider’s stock worth $8,806,000 after buying an additional 164,241 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of ABM Industries in the fourth quarter worth about $7,044,000. 91.62% of the stock is owned by hedge funds and other institutional investors.

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 on Monday, July 7th. The stock was sold at an average price of $48.03, for a total value of $828,517.50. Following the completion of the sale, the chief operating officer owned 71,256 shares in the company, valued at approximately $3,422,425.68. This represents a 19.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Thomas M. Gartland sold 3,711 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $45.52, for a total value of $168,924.72. Following the completion of the sale, the director owned 30,958 shares of the company’s stock, valued at $1,409,208.16. The trade was a 10.70% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.90% of the company’s stock.

ABM Industries Stock Down 0.3%

ABM stock opened at $48.26 on Friday. ABM Industries Incorporated has a fifty-two week low of $40.85 and a fifty-two week high of $59.78. The business’s 50 day moving average price is $47.07 and its two-hundred day moving average price is $48.95. 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 price-to-earnings ratio of 38.92 and a beta of 0.80.

ABM Industries (NYSE:ABM) last issued its quarterly earnings results on Friday, June 6th. The business services provider reported $0.86 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.01). The company had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.07 billion. ABM Industries had a return on equity of 12.54% and a net margin of 0.93%. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.87 earnings per share. As a group, analysts forecast that ABM Industries Incorporated will post 3.71 earnings per share for the current fiscal year.

ABM Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 4th. Stockholders of record on Thursday, July 3rd were paid a $0.265 dividend. This represents a $1.06 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Thursday, July 3rd. ABM Industries’s dividend payout ratio is 85.48%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ABM shares. Robert W. Baird upgraded ABM Industries from a “neutral” rating to an “outperform” rating and set a $56.00 price objective on the stock in a report on Monday, June 9th. Truist Financial upgraded ABM Industries from a “hold” rating to a “buy” rating and boosted their price target for the company from $55.00 to $58.00 in a report on Wednesday, July 2nd. Wall Street Zen downgraded ABM Industries from a “buy” rating to a “hold” rating in a report on Saturday, July 26th. UBS Group upgraded ABM Industries from a “neutral” rating to a “buy” rating and boosted their price target for the company from $50.00 to $54.00 in a report on Monday, June 9th. Finally, Baird R W upgraded ABM Industries from a “hold” rating to a “strong-buy” rating in a report on Monday, June 9th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, ABM Industries presently has a consensus rating of “Buy” and a consensus target price of $56.00.

ABM Industries 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.