Prudential Financial Inc. Has $12.78 Million Stake in ABM Industries Incorporated $ABM

Prudential Financial Inc. raised its stake in shares of ABM Industries Incorporated (NYSE:ABM) by 7.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 270,666 shares of the business services provider’s stock after purchasing an additional 17,755 shares during the period. Prudential Financial Inc.’s holdings in ABM Industries were worth $12,778,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Summit Securities Group LLC bought a new position in shares of ABM Industries during the first quarter worth about $38,000. Federated Hermes Inc. increased its position in ABM Industries by 107.7% during the 1st quarter. Federated Hermes Inc. now owns 920 shares of the business services provider’s stock valued at $44,000 after purchasing an additional 477 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in ABM Industries during the 1st quarter valued at approximately $45,000. Kiker Wealth Management LLC bought a new position in ABM Industries during the 2nd quarter worth approximately $61,000. Finally, Virtus Advisers LLC acquired a new position in shares of ABM Industries in the 1st quarter worth approximately $64,000. Institutional investors own 91.62% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on ABM shares. Wall Street Zen upgraded shares of ABM Industries from a “hold” rating to a “buy” rating in a research report on Saturday, October 4th. Robert W. Baird reiterated a “neutral” rating and set a $54.00 price target (down from $56.00) on shares of ABM Industries in a report on Monday, September 8th. Weiss Ratings reissued a “hold (c)” rating on shares of ABM Industries in a research report on Wednesday, October 8th. Baird R W lowered ABM Industries from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 8th. Finally, UBS Group raised their target price on ABM Industries from $54.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, September 8th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, ABM Industries currently has an average rating of “Hold” and an average target price of $55.67.

ABM Industries Price Performance

Shares of NYSE ABM opened at $43.03 on Friday. The firm has a market capitalization of $2.64 billion, a P/E ratio of 23.39 and a beta of 0.76. The firm’s 50-day moving average price is $44.10 and its 200-day moving average price is $46.77. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.82. ABM Industries Incorporated has a 1-year low of $40.00 and a 1-year high of $57.93.

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

ABM Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Thursday, October 2nd were given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Thursday, October 2nd. ABM Industries’s dividend payout ratio is presently 57.61%.

ABM Industries announced that its board has initiated a stock repurchase plan on Friday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the business services provider to reacquire up to 5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

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.