Pzena Investment Management LLC Boosts Stake in ABM Industries Incorporated $ABM

Pzena Investment Management LLC raised its holdings in ABM Industries Incorporated (NYSE:ABM) by 13.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 963,943 shares of the business services provider’s stock after purchasing an additional 114,485 shares during the quarter. Pzena Investment Management LLC owned 1.55% of ABM Industries worth $45,508,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ABM. Summit Securities Group LLC purchased a new stake in ABM Industries in the first quarter valued at $38,000. Federated Hermes Inc. raised its holdings in shares of ABM Industries by 107.7% in the 1st quarter. Federated Hermes Inc. now owns 920 shares of the business services provider’s stock valued at $44,000 after buying an additional 477 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in shares of ABM Industries in the 1st quarter valued at $45,000. Virtus Advisers LLC purchased a new stake in shares of ABM Industries in the 1st quarter valued at $64,000. Finally, US Bancorp DE raised its holdings in shares of ABM Industries by 3,410.5% in the 1st quarter. US Bancorp DE now owns 4,353 shares of the business services provider’s stock valued at $206,000 after buying an additional 4,229 shares during the period. Hedge funds and other institutional investors own 91.62% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ABM shares. Robert W. Baird reiterated a “neutral” rating and issued a $54.00 price objective (down previously from $56.00) on shares of ABM Industries in a report on Monday, September 8th. UBS Group boosted their price objective on ABM Industries from $54.00 to $55.00 and gave the company a “buy” rating in a report on Monday, September 8th. Baird R W downgraded ABM Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of ABM Industries in a report on Wednesday, October 8th. Finally, Truist Financial upgraded ABM Industries from a “hold” rating to a “buy” rating and boosted their price objective for the company from $55.00 to $58.00 in a report on Wednesday, July 2nd. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, ABM Industries has an average rating of “Hold” and an average target price of $55.67.

ABM Industries Trading Down 1.3%

ABM opened at $44.38 on Monday. ABM Industries Incorporated has a 12 month low of $40.85 and a 12 month high of $59.15. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of 24.12 and a beta of 0.78. 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 business has a fifty day moving average price of $47.03 and a 200 day moving average price of $47.68.

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

ABM Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Thursday, October 2nd will be given a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Thursday, October 2nd. ABM Industries’s dividend payout ratio is currently 57.61%.

ABM Industries declared that its board has initiated a stock buyback program on Friday, September 5th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the business services provider to purchase up to 5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board 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.