Gabelli Funds LLC Purchases New Stake in ABM Industries Incorporated $ABM

Gabelli Funds LLC acquired a new position in ABM Industries Incorporated (NYSE:ABM) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 125,923 shares of the business services provider’s stock, valued at approximately $5,945,000. Gabelli Funds LLC owned approximately 0.20% of ABM Industries as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Gamco Investors INC. ET AL acquired a new position in shares of ABM Industries during the 2nd quarter worth $687,000. Invesco Ltd. boosted its holdings in ABM Industries by 1.6% during the second quarter. Invesco Ltd. now owns 1,815,590 shares of the business services provider’s stock worth $85,714,000 after buying an additional 28,664 shares in the last quarter. Blueshift Asset Management LLC acquired a new position in ABM Industries during the second quarter worth about $314,000. Arrowstreet Capital Limited Partnership increased its holdings in ABM Industries by 1.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 153,667 shares of the business services provider’s stock valued at $7,255,000 after buying an additional 2,265 shares in the last quarter. Finally, TradeLink Capital LLC acquired a new stake in shares of ABM Industries during the 2nd quarter valued at approximately $455,000. Institutional investors and hedge funds own 91.62% of the company’s stock.

ABM Industries Stock Performance

Shares of NYSE ABM opened at $44.65 on Wednesday. The company has a 50-day simple moving average of $43.84 and a 200-day simple moving average of $46.25. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.49 and a quick ratio of 1.49. The company has a market cap of $2.73 billion, a PE ratio of 24.26 and a beta of 0.74. ABM Industries Incorporated has a 12 month low of $40.00 and a 12 month high of $57.38.

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ABM shares. Weiss Ratings restated a “hold (c)” rating on shares of ABM Industries in a report on Wednesday, October 8th. Robert W. Baird reiterated a “neutral” rating and set a $54.00 target price (down from $56.00) on shares of ABM Industries in a research report on Monday, September 8th. Wall Street Zen upgraded ABM Industries from a “hold” rating to a “buy” rating in a research report on Saturday, October 4th. UBS Group boosted their price objective on shares of ABM Industries from $54.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, September 8th. Finally, Baird R W downgraded shares of ABM Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, ABM Industries currently has a consensus rating of “Hold” and a consensus price target of $55.67.

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.