State of New Jersey Common Pension Fund D Reduces Stock Position in ABM Industries Incorporated (NYSE:ABM)

State of New Jersey Common Pension Fund D decreased its position in shares of ABM Industries Incorporated (NYSE:ABM) by 41.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,213 shares of the business services provider’s stock after selling 28,073 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.06% of ABM Industries worth $2,034,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of ABM. Adirondack Trust Co. grew its stake in ABM Industries by 250.0% in the 2nd quarter. Adirondack Trust Co. now owns 700 shares of the business services provider’s stock valued at $35,000 after acquiring an additional 500 shares during the last quarter. Lazard Asset Management LLC lifted its holdings in shares of ABM Industries by 2,102.0% in the first quarter. Lazard Asset Management LLC now owns 1,079 shares of the business services provider’s stock valued at $48,000 after purchasing an additional 1,030 shares in the last quarter. GAMMA Investing LLC grew its position in shares of ABM Industries by 37.5% in the second quarter. GAMMA Investing LLC now owns 1,001 shares of the business services provider’s stock valued at $51,000 after purchasing an additional 273 shares during the last quarter. Clarity Asset Management Inc. purchased a new position in shares of ABM Industries during the 4th quarter worth approximately $54,000. Finally, Quest Partners LLC acquired a new position in shares of ABM Industries during the 4th quarter worth approximately $58,000. Institutional investors and hedge funds own 91.62% of the company’s stock.

Analysts Set New Price Targets

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

Insider Transactions at ABM Industries

In related news, COO Rene Jacobsen sold 40,000 shares of ABM Industries stock in a transaction on Monday, July 15th. The stock was sold at an average price of $51.67, for a total value of $2,066,800.00. Following the transaction, the chief operating officer now owns 72,062 shares in the company, valued at $3,723,443.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other ABM Industries news, COO Rene Jacobsen sold 40,000 shares of ABM Industries stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $51.67, for a total transaction of $2,066,800.00. Following the transaction, the chief operating officer now directly owns 72,062 shares of the company’s stock, valued at $3,723,443.54. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Scott B. Salmirs sold 11,736 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $55.08, for a total transaction of $646,418.88. Following the completion of the sale, the chief executive officer now directly owns 366,655 shares of the company’s stock, valued at approximately $20,195,357.40. The disclosure for this sale can be found here. Insiders sold a total of 78,778 shares of company stock worth $4,039,248 in the last ninety days. Insiders own 1.04% of the company’s stock.

ABM Industries Price Performance

Shares of NYSE:ABM opened at $52.05 on Friday. The company has a market cap of $3.27 billion, a P/E ratio of 13.63 and a beta of 1.14. The business has a fifty day simple moving average of $53.68 and a 200-day simple moving average of $48.87. ABM Industries Incorporated has a 52 week low of $38.48 and a 52 week high of $59.78. The company has a quick ratio of 1.44, a current ratio of 1.38 and a debt-to-equity ratio of 0.71.

ABM Industries (NYSE:ABM) last posted its quarterly earnings data on Friday, September 6th. The business services provider reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.08. ABM Industries had a net margin of 1.89% and a return on equity of 12.93%. The company had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.04 billion. During the same quarter in the prior year, the company posted $0.79 EPS. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. Equities research analysts forecast that ABM Industries Incorporated will post 3.53 EPS for the current year.

ABM Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Thursday, October 3rd will be paid a dividend of $0.225 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.90 annualized dividend and a dividend yield of 1.73%. ABM Industries’s dividend payout ratio is presently 23.56%.

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.