JPMorgan Chase & Co. Has $53.15 Million Stake in ABM Industries Incorporated (NYSE:ABM)

JPMorgan Chase & Co. lowered its stake in ABM Industries Incorporated (NYSE:ABM) by 1.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,007,406 shares of the business services provider’s stock after selling 16,817 shares during the period. JPMorgan Chase & Co. owned 1.62% of ABM Industries worth $53,151,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Pacer Advisors Inc. acquired a new stake in shares of ABM Industries in the 2nd quarter valued at $125,118,000. Geode Capital Management LLC boosted its holdings in ABM Industries by 0.5% in the third quarter. Geode Capital Management LLC now owns 1,451,252 shares of the business services provider’s stock valued at $76,582,000 after acquiring an additional 7,050 shares during the last quarter. LSV Asset Management increased its position in ABM Industries by 92.3% in the second quarter. LSV Asset Management now owns 760,321 shares of the business services provider’s stock worth $38,449,000 after purchasing an additional 364,879 shares during the period. Pzena Investment Management LLC raised its holdings in ABM Industries by 67.0% during the 3rd quarter. Pzena Investment Management LLC now owns 694,464 shares of the business services provider’s stock worth $36,640,000 after purchasing an additional 278,575 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in ABM Industries by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 681,006 shares of the business services provider’s stock valued at $35,930,000 after purchasing an additional 12,179 shares during the period. Institutional investors own 91.62% of the company’s stock.

ABM Industries Stock Up 1.7 %

Shares of NYSE:ABM opened at $51.97 on Friday. The company has a 50 day moving average price of $54.77 and a two-hundred day moving average price of $53.46. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market capitalization of $3.23 billion, a PE ratio of 21.48 and a beta of 1.16. ABM Industries Incorporated has a 52 week low of $39.64 and a 52 week high of $59.78.

ABM Industries (NYSE:ABM) last released its quarterly earnings data on Wednesday, December 18th. The business services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. The business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.08 billion. ABM Industries had a net margin of 1.89% and a return on equity of 12.93%. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.01 EPS. Analysts forecast that ABM Industries Incorporated will post 3.53 earnings per share for the current year.

ABM Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Thursday, January 2nd will be issued a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Thursday, January 2nd. This is a boost from ABM Industries’s previous quarterly dividend of $0.23. ABM Industries’s payout ratio is 83.46%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ABM shares. 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 note on Monday, September 9th. Truist Financial upped their target price on shares of ABM Industries from $49.00 to $55.00 and gave the company a “hold” rating in a research report on Monday, September 9th. Finally, UBS Group lifted their price objective on ABM Industries from $55.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, December 19th.

Insider Activity at ABM Industries

In related news, CFO Earl Ray Ellis sold 40,000 shares of the business’s stock in a transaction on 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 directly owns 45,260 shares of the company’s stock, valued at approximately $2,442,229.60. The trade was a 46.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.04% of the stock is owned by insiders.

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.