State of Alaska Department of Revenue Buys 2,605 Shares of ABM Industries Incorporated $ABM

State of Alaska Department of Revenue grew its stake in ABM Industries Incorporated (NYSE:ABM) by 7.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,071 shares of the business services provider’s stock after acquiring an additional 2,605 shares during the period. State of Alaska Department of Revenue owned 0.06% of ABM Industries worth $1,749,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Wedge Capital Management L L P NC grew its stake in ABM Industries by 16.1% in the 2nd quarter. Wedge Capital Management L L P NC now owns 48,830 shares of the business services provider’s stock worth $2,305,000 after acquiring an additional 6,764 shares in the last quarter. Strs Ohio bought a new position in ABM Industries in the 1st quarter worth about $1,004,000. Intech Investment Management LLC grew its stake in ABM Industries by 20.6% in the 1st quarter. Intech Investment Management LLC now owns 65,040 shares of the business services provider’s stock worth $3,080,000 after acquiring an additional 11,108 shares in the last quarter. Focus Partners Wealth bought a new position in ABM Industries in the 1st quarter worth about $477,000. Finally, Jane Street Group LLC grew its stake in ABM Industries by 592.0% in the 1st quarter. Jane Street Group LLC now owns 140,201 shares of the business services provider’s stock worth $6,640,000 after acquiring an additional 119,942 shares in the last quarter. 91.62% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ABM. Wall Street Zen upgraded shares of ABM Industries from a “hold” rating to a “buy” rating in a research note on Saturday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ABM Industries in a research report on Saturday, September 27th. UBS Group boosted their price target on ABM Industries from $54.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, September 8th. Robert W. Baird restated a “neutral” rating and set a $54.00 price objective (down from $56.00) on shares of ABM Industries in a research note on Monday, September 8th. Finally, Truist Financial raised 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 report on Wednesday, July 2nd. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, ABM Industries has an average rating of “Hold” and an average target price of $55.67.

Insider Activity

In other ABM Industries news, COO Rene Jacobsen sold 17,250 shares of the firm’s stock in a transaction on Monday, July 7th. The shares were sold at an average price of $48.03, for a total value of $828,517.50. Following the completion of the transaction, the chief operating officer owned 71,256 shares of the company’s stock, valued at approximately $3,422,425.68. This trade represents a 19.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.90% of the company’s stock.

ABM Industries Trading Up 0.3%

NYSE ABM opened at $46.59 on Friday. The company has a fifty day simple moving average of $47.14 and a two-hundred day simple moving average of $47.76. The stock has a market cap of $2.85 billion, a P/E ratio of 25.32 and a beta of 0.78. ABM Industries Incorporated has a 12-month low of $40.85 and a 12-month high of $59.15. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.82.

ABM Industries (NYSE:ABM) last posted its quarterly earnings results on Friday, September 5th. The business services provider reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.13). The company had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.16 billion. ABM Industries had a return on equity of 12.12% and a net margin of 1.34%.The company’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.94 EPS. ABM Industries has set its FY 2025 guidance at 3.650-3.650 EPS. On average, analysts forecast that ABM Industries Incorporated will post 3.71 earnings per share for the current year.

ABM Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Thursday, October 2nd will be issued a $0.265 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.3%. ABM Industries’s dividend payout ratio (DPR) is currently 57.61%.

ABM Industries declared that its board has initiated a share buyback program on Friday, September 5th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the business services provider to buy up to 5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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.