ABM Industries Incorporated (NYSE:ABM) Shares Sold by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. reduced its stake in ABM Industries Incorporated (NYSE:ABM) by 62.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,821 shares of the business services provider’s stock after selling 8,068 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in ABM Industries were worth $254,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Pacer Advisors Inc. purchased a new position in shares of ABM Industries during the second quarter worth $125,118,000. LSV Asset Management grew its position in ABM Industries by 92.3% in the 2nd quarter. LSV Asset Management now owns 760,321 shares of the business services provider’s stock valued at $38,449,000 after acquiring an additional 364,879 shares in the last quarter. Bank of New York Mellon Corp increased its stake in ABM Industries by 2.0% during the second quarter. Bank of New York Mellon Corp now owns 656,652 shares of the business services provider’s stock worth $33,207,000 after purchasing an additional 13,126 shares during the period. Pzena Investment Management LLC purchased a new stake in ABM Industries during the second quarter worth about $21,032,000. Finally, Principal Financial Group Inc. lifted its position in shares of ABM Industries by 4.9% during the third quarter. Principal Financial Group Inc. now owns 327,631 shares of the business services provider’s stock worth $17,286,000 after purchasing an additional 15,438 shares in the last quarter. Hedge funds and other institutional investors own 91.62% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ABM. Robert W. Baird increased their target price on shares of ABM Industries from $49.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, September 9th. StockNews.com lowered ABM Industries from a “buy” rating to a “hold” rating in a report on Friday, August 2nd. Truist Financial upped their price target on ABM Industries from $49.00 to $55.00 and gave the stock a “hold” rating in a report on Monday, September 9th. Finally, UBS Group lifted their price objective on 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

Shares of ABM stock opened at $54.85 on Tuesday. The company has a market cap of $3.44 billion, a P/E ratio of 22.67 and a beta of 1.14. The firm has a fifty day moving average price of $53.05 and a 200 day moving average price of $51.76. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.71. ABM Industries Incorporated has a 12 month low of $39.64 and a 12 month high of $59.78.

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

ABM Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Thursday, October 3rd were given a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend was Thursday, October 3rd. ABM Industries’s dividend payout ratio (DPR) is 37.19%.

Insider Buying and Selling

In other ABM Industries news, CFO Earl Ray Ellis sold 40,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $53.96, for a total transaction of $2,158,400.00. Following the transaction, the chief financial officer now owns 45,260 shares of the company’s stock, valued at approximately $2,442,229.60. This trade represents a 46.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.04% of the stock is owned by company insiders.

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.