Edgestream Partners L.P. Invests $1.93 Million in ABM Industries Incorporated (NYSE:ABM)

Edgestream Partners L.P. bought a new stake in ABM Industries Incorporated (NYSE:ABM) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 36,591 shares of the business services provider’s stock, valued at approximately $1,931,000. Edgestream Partners L.P. owned about 0.06% of ABM Industries as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of ABM. Pacer Advisors Inc. acquired a new position in shares of ABM Industries during the 2nd quarter worth approximately $125,118,000. LSV Asset Management raised its position in ABM Industries by 92.3% during the second quarter. LSV Asset Management now owns 760,321 shares of the business services provider’s stock worth $38,449,000 after acquiring an additional 364,879 shares in the last quarter. Pzena Investment Management LLC lifted its stake in ABM Industries by 67.0% in the third quarter. Pzena Investment Management LLC now owns 694,464 shares of the business services provider’s stock valued at $36,640,000 after acquiring an additional 278,575 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in ABM Industries by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 681,006 shares of the business services provider’s stock valued at $35,930,000 after acquiring an additional 12,179 shares during the last quarter. Finally, Bank of New York Mellon Corp grew 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. Institutional investors own 91.62% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Truist Financial raised their target price on shares of ABM Industries from $49.00 to $55.00 and gave the company a “hold” rating in a research note on Monday, September 9th. Robert W. Baird raised their price objective on ABM Industries from $49.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, September 9th. Finally, UBS Group boosted their target price on ABM Industries from $51.00 to $55.00 and gave the stock a “neutral” rating in a report on Monday, September 9th.

Insider Buying and Selling

In related news, CFO Earl Ray Ellis sold 40,000 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $53.96, for a total transaction of $2,158,400.00. Following the sale, the chief financial officer now owns 45,260 shares in the company, valued at approximately $2,442,229.60. This trade represents a 46.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.04% of the stock is owned by company insiders.

ABM Industries Stock Up 1.0 %

ABM opened at $57.75 on Tuesday. The stock has a fifty day moving average of $54.32 and a 200-day moving average of $52.62. The company has a market capitalization of $3.63 billion, a P/E ratio of 23.86 and a beta of 1.14. ABM Industries Incorporated has a fifty-two week low of $39.64 and a fifty-two week high of $59.78. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.38 and a current ratio of 1.38.

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

ABM Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Thursday, October 3rd were issued a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend was Thursday, October 3rd. ABM Industries’s dividend payout ratio (DPR) is currently 37.19%.

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.