Edgestream Partners L.P. Buys 58,269 Shares of ABM Industries Incorporated (NYSE:ABM)

Edgestream Partners L.P. boosted its stake in shares of ABM Industries Incorporated (NYSE:ABM) by 89.4% in the first quarter, HoldingsChannel reports. The firm owned 123,481 shares of the business services provider’s stock after purchasing an additional 58,269 shares during the quarter. Edgestream Partners L.P.’s holdings in ABM Industries were worth $5,848,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position in ABM Industries by 1.7% during the first quarter. Principal Financial Group Inc. now owns 347,496 shares of the business services provider’s stock worth $16,457,000 after purchasing an additional 5,880 shares during the period. Sei Investments Co. boosted its position in ABM Industries by 321.3% during the fourth quarter. Sei Investments Co. now owns 153,193 shares of the business services provider’s stock worth $7,840,000 after purchasing an additional 116,827 shares during the period. Janney Montgomery Scott LLC lifted its holdings in shares of ABM Industries by 3.1% during the first quarter. Janney Montgomery Scott LLC now owns 30,736 shares of the business services provider’s stock worth $1,456,000 after buying an additional 910 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of ABM Industries by 12.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 6,102 shares of the business services provider’s stock worth $289,000 after buying an additional 693 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of ABM Industries by 23.1% during the fourth quarter. Wells Fargo & Company MN now owns 42,103 shares of the business services provider’s stock worth $2,155,000 after buying an additional 7,904 shares in the last quarter. 91.62% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, COO Rene Jacobsen sold 17,250 shares of the company’s stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $48.03, for a total value of $828,517.50. Following the sale, the chief operating officer directly owned 71,256 shares in the company, valued at $3,422,425.68. This represents a 19.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Scott B. Salmirs sold 37,065 shares of the company’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $52.37, for a total value of $1,941,094.05. Following the completion of the sale, the chief executive officer owned 369,656 shares in the company, valued at $19,358,884.72. The trade was a 9.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 73,335 shares of company stock valued at $3,730,745. Insiders own 0.90% of the company’s stock.

Analysts Set New Price Targets

ABM has been the subject of a number of research reports. Truist Financial raised ABM Industries from a “hold” rating to a “buy” rating and lifted their target price for the stock from $55.00 to $58.00 in a report on Wednesday, July 2nd. UBS Group raised ABM Industries from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $50.00 to $54.00 in a research note on Monday, June 9th. Baird R W upgraded ABM Industries from a “hold” rating to a “strong-buy” rating in a report on Monday, June 9th. Wall Street Zen upgraded ABM Industries from a “hold” rating to a “buy” rating in a report on Saturday, July 5th. Finally, Robert W. Baird upgraded ABM Industries from a “neutral” rating to an “outperform” rating and set a $56.00 price target on the stock in a report on Monday, June 9th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $56.00.

ABM Industries Stock Performance

NYSE:ABM opened at $49.48 on Tuesday. The stock has a market cap of $3.08 billion, a P/E ratio of 39.90, a price-to-earnings-growth ratio of 2.52 and a beta of 0.78. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.83. The stock’s 50-day moving average is $48.95 and its 200-day moving average is $49.71. ABM Industries Incorporated has a 1-year low of $40.85 and a 1-year high of $59.78.

ABM Industries (NYSE:ABM) last announced its earnings results on Friday, June 6th. The business services provider reported $0.86 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.01). ABM Industries had a net margin of 0.93% and a return on equity of 12.54%. The company had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.07 billion. During the same quarter in the previous year, the company earned $0.87 earnings per share. The business’s revenue was up 4.6% on a year-over-year basis. Equities research analysts anticipate that ABM Industries Incorporated will post 3.71 earnings per share for the current year.

ABM Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 4th. Investors of record on Thursday, July 3rd will be issued a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Thursday, July 3rd. ABM Industries’s payout ratio is presently 85.48%.

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.