Meiji Yasuda Asset Management Co Ltd. Reduces Holdings in ABM Industries Incorporated (NYSE:ABM)

Meiji Yasuda Asset Management Co Ltd. reduced its stake in ABM Industries Incorporated (NYSE:ABM) by 3.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 129,809 shares of the business services provider’s stock after selling 4,330 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in ABM Industries were worth $6,564,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. LSV Asset Management increased its stake in ABM Industries by 92.3% during the 2nd quarter. LSV Asset Management now owns 760,321 shares of the business services provider’s stock valued at $38,449,000 after purchasing an additional 364,879 shares in the last quarter. Norges Bank purchased a new stake in shares of ABM Industries during the fourth quarter valued at $31,310,000. Bank of New York Mellon Corp increased its position in shares of ABM Industries by 2.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 656,652 shares of the business services provider’s stock valued at $33,207,000 after acquiring an additional 13,126 shares during the period. Charles Schwab Investment Management Inc. raised its stake in ABM Industries by 3.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 634,363 shares of the business services provider’s stock worth $28,438,000 after acquiring an additional 22,665 shares during the last quarter. Finally, Pzena Investment Management LLC acquired a new stake in ABM Industries during the 2nd quarter worth about $21,032,000. 91.62% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ABM Industries

In other ABM Industries news, CEO Scott B. Salmirs sold 25,000 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $48.90, for a total value of $1,222,500.00. Following the completion of the transaction, the chief executive officer now owns 378,391 shares in the company, valued at $18,503,319.90. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Scott B. Salmirs sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $48.90, for a total transaction of $1,222,500.00. Following the sale, the chief executive officer now directly owns 378,391 shares in the company, valued at approximately $18,503,319.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Dean A. Chin sold 2,042 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $50.70, for a total value of $103,529.40. Following the completion of the transaction, the chief accounting officer now directly owns 18,493 shares of the company’s stock, valued at approximately $937,595.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 78,778 shares of company stock worth $4,039,248. 1.04% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on ABM shares. Truist Financial increased their price objective on ABM Industries from $49.00 to $55.00 and gave the company a “hold” rating in a report on Monday, September 9th. Robert W. Baird upped their target price on ABM Industries from $49.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, September 9th. StockNews.com downgraded shares of ABM Industries from a “buy” rating to a “hold” rating in a report on Friday, August 2nd. Finally, UBS Group lifted their price objective on shares of ABM Industries from $51.00 to $55.00 and gave the company a “neutral” rating in a research note on Monday, September 9th.

ABM Industries Stock Performance

NYSE ABM opened at $50.95 on Wednesday. ABM Industries Incorporated has a fifty-two week low of $38.48 and a fifty-two week high of $59.78. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.44 and a current ratio of 1.38. The firm has a market capitalization of $3.20 billion, a P/E ratio of 13.34 and a beta of 1.14. The stock has a 50-day simple moving average of $53.60 and a two-hundred day simple moving average of $48.75.

ABM Industries (NYSE:ABM) last announced its quarterly earnings results on Friday, September 6th. The business services provider reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.08. ABM Industries had a return on equity of 12.93% and a net margin of 1.89%. The company had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.04 billion. During the same period last year, the business earned $0.79 earnings per share. ABM Industries’s quarterly revenue was up 3.3% on a year-over-year basis. On average, equities analysts forecast that ABM Industries Incorporated will post 3.53 earnings per share for the current year.

ABM Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Thursday, October 3rd will be issued a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend is Thursday, October 3rd. ABM Industries’s dividend payout ratio (DPR) is presently 23.56%.

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.