State of New Jersey Common Pension Fund D Sells 4,659 Shares of ABM Industries Incorporated (NYSE:ABM)

State of New Jersey Common Pension Fund D trimmed its holdings in shares of ABM Industries Incorporated (NYSE:ABM) by 11.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,554 shares of the business services provider’s stock after selling 4,659 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.06% of ABM Industries worth $1,876,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ABM. Janney Montgomery Scott LLC acquired a new stake in ABM Industries in the first quarter valued at $481,000. SG Americas Securities LLC raised its position in shares of ABM Industries by 83.8% during the first quarter. SG Americas Securities LLC now owns 5,170 shares of the business services provider’s stock worth $231,000 after acquiring an additional 2,357 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its stake in shares of ABM Industries by 21.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 22,982 shares of the business services provider’s stock worth $1,033,000 after acquiring an additional 4,070 shares during the period. Mitsubishi UFJ Trust & Banking Corp bought a new stake in ABM Industries in the first quarter valued at approximately $225,000. Finally, UniSuper Management Pty Ltd bought a new stake in ABM Industries in the first quarter valued at approximately $710,000. 91.62% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at ABM Industries

In related news, CFO Earl Ray Ellis sold 40,000 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $53.96, for a total value of $2,158,400.00. Following the sale, the chief financial officer now owns 45,260 shares in the company, valued at $2,442,229.60. This represents a 46.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.04% of the company’s stock.

ABM Industries Price Performance

Shares of NYSE ABM opened at $54.85 on Tuesday. The firm has a market capitalization of $3.44 billion, a P/E ratio of 22.67 and a beta of 1.14. The firm’s 50-day moving average price is $53.05 and its 200-day moving average price is $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 1-year low of $39.64 and a 1-year high of $59.78.

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

ABM Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Thursday, October 3rd were issued a dividend of $0.225 per share. The ex-dividend date was Thursday, October 3rd. This represents a $0.90 annualized dividend and a yield of 1.64%. ABM Industries’s payout ratio is 37.19%.

Wall Street Analysts Forecast Growth

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

ABM Industries Company 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.