ABM Industries (NYSE:ABM) Lowered to “Hold” Rating by Wall Street Zen

ABM Industries (NYSE:ABM) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

ABM has been the subject of a number of other research reports. Baird R W cut ABM Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Robert W. Baird restated a “neutral” rating and issued a $54.00 price target (down from $56.00) on shares of ABM Industries in a research report on Monday, September 8th. UBS Group boosted their price objective on shares of ABM Industries from $54.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, September 8th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of ABM Industries in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $55.67.

ABM Industries Stock Down 1.1%

Shares of NYSE ABM opened at $46.57 on Friday. 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 has a 12-month low of $40.00 and a 12-month high of $56.83. The firm’s 50-day moving average price is $43.83 and its 200-day moving average price is $46.22. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of 25.31 and a beta of 0.74.

ABM Industries announced that its Board of Directors has authorized a share repurchase program on Friday, September 5th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the business services provider to repurchase up to 5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of ABM Industries

Several hedge funds have recently modified their holdings of ABM. Invesco Ltd. raised its holdings in shares of ABM Industries by 31.7% in the third quarter. Invesco Ltd. now owns 2,390,863 shares of the business services provider’s stock worth $110,267,000 after buying an additional 575,273 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of ABM Industries by 1.5% during the 2nd quarter. American Century Companies Inc. now owns 1,615,135 shares of the business services provider’s stock valued at $76,251,000 after purchasing an additional 24,638 shares in the last quarter. Nordea Investment Management AB increased its stake in shares of ABM Industries by 1,068.7% in the 3rd quarter. Nordea Investment Management AB now owns 1,606,331 shares of the business services provider’s stock valued at $73,297,000 after purchasing an additional 1,468,887 shares in the last quarter. Geode Capital Management LLC grew its holdings in ABM Industries by 0.7% in the second quarter. Geode Capital Management LLC now owns 1,502,219 shares of the business services provider’s stock valued at $70,928,000 after purchasing an additional 10,182 shares during the period. Finally, LSV Asset Management increased its position in shares of ABM Industries by 1.2% in the second quarter. LSV Asset Management now owns 1,402,702 shares of the business services provider’s stock valued at $66,222,000 after buying an additional 16,530 shares in the last quarter. 91.62% of the stock is owned by hedge funds and other institutional investors.

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.