Texas Permanent School Fund Corp Raises Stake in ABM Industries Incorporated (NYSE:ABM)

Texas Permanent School Fund Corp raised its stake in ABM Industries Incorporated (NYSE:ABM) by 5.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 57,882 shares of the business services provider’s stock after buying an additional 2,867 shares during the quarter. Texas Permanent School Fund Corp owned approximately 0.09% of ABM Industries worth $2,927,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Adirondack Trust Co. grew its holdings in shares of ABM Industries by 250.0% during the 2nd quarter. Adirondack Trust Co. now owns 700 shares of the business services provider’s stock worth $35,000 after purchasing an additional 500 shares during the period. Lazard Asset Management LLC grew its holdings in shares of ABM Industries by 2,102.0% during the 1st quarter. Lazard Asset Management LLC now owns 1,079 shares of the business services provider’s stock worth $48,000 after purchasing an additional 1,030 shares during the period. GAMMA Investing LLC grew its holdings in shares of ABM Industries by 37.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,001 shares of the business services provider’s stock worth $51,000 after purchasing an additional 273 shares during the period. Clarity Asset Management Inc. purchased a new position in shares of ABM Industries during the 4th quarter worth $54,000. Finally, Quest Partners LLC purchased a new position in shares of ABM Industries during the 4th quarter worth $58,000. 91.62% of the stock is currently owned by hedge funds and other institutional investors.

ABM Industries Price Performance

ABM opened at $51.61 on Monday. The stock’s 50-day moving average price is $53.51 and its 200 day moving average price is $48.56. ABM Industries Incorporated has a 12-month low of $38.48 and a 12-month high of $59.78. The company has a current ratio of 1.38, a quick ratio of 1.44 and a debt-to-equity ratio of 0.71. The firm has a market cap of $3.24 billion, a price-to-earnings ratio of 13.51 and a beta of 1.14.

ABM Industries (NYSE:ABM) last posted its earnings results 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 firm had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.04 billion. ABM Industries had a return on equity of 12.93% and a net margin of 1.89%. ABM Industries’s revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.79 EPS. As a group, sell-side analysts expect that ABM Industries Incorporated will post 3.53 earnings per share for the current year.

ABM Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Shareholders of record on Thursday, October 3rd will be given a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date is Thursday, October 3rd. ABM Industries’s dividend payout ratio is currently 23.56%.

Insider Buying and Selling at ABM Industries

In other ABM Industries news, CEO Scott B. Salmirs sold 25,000 shares of the stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $48.90, for a total value of $1,222,500.00. Following the sale, the chief executive officer now owns 378,391 shares of the company’s stock, valued at approximately $18,503,319.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other ABM Industries news, CEO Scott B. Salmirs sold 25,000 shares of the stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $48.90, for a total value of $1,222,500.00. Following the sale, the chief executive officer now owns 378,391 shares of the company’s stock, valued at approximately $18,503,319.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Scott B. Salmirs sold 11,736 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $55.08, for a total value of $646,418.88. Following the sale, the chief executive officer now directly owns 366,655 shares in the company, valued at approximately $20,195,357.40. The disclosure for this sale can be found here. Insiders have sold 78,778 shares of company stock valued at $4,039,248 in the last quarter. Corporate insiders own 1.04% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. StockNews.com cut ABM Industries from a “buy” rating to a “hold” rating in a report on Friday, August 2nd. Truist Financial increased 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. Robert W. Baird increased their target price on ABM Industries from $49.00 to $56.00 and gave the stock a “neutral” rating in a research note on Monday, September 9th. Finally, UBS Group increased their target price on ABM Industries from $51.00 to $55.00 and gave the stock a “neutral” rating in a research note on Monday, September 9th.

About ABM Industries

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.