Edgestream Partners L.P. Sells 35,591 Shares of ABM Industries Incorporated $ABM

Edgestream Partners L.P. cut its holdings in ABM Industries Incorporated (NYSE:ABM) by 28.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 87,890 shares of the business services provider’s stock after selling 35,591 shares during the period. Edgestream Partners L.P.’s holdings in ABM Industries were worth $4,149,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Summit Securities Group LLC bought a new position in shares of ABM Industries during the first quarter valued at about $38,000. Federated Hermes Inc. grew 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 worth $44,000 after acquiring an additional 477 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in ABM Industries in the 1st quarter worth approximately $45,000. Kiker Wealth Management LLC bought a new stake in ABM Industries in the second quarter valued at approximately $61,000. Finally, Virtus Advisers LLC purchased a new stake in shares of ABM Industries during the first quarter valued at approximately $64,000. 91.62% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

ABM Industries Stock Performance

Shares of ABM opened at $43.90 on Thursday. The company has a 50-day simple moving average of $43.93 and a two-hundred day simple moving average of $46.49. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.49 and a quick ratio of 1.49. The firm has a market capitalization of $2.69 billion, a PE ratio of 23.86 and a beta of 0.74. ABM Industries Incorporated has a one year low of $40.00 and a one year high of $57.93.

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

ABM Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Thursday, October 2nd were given a dividend of $0.265 per share. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $1.06 annualized dividend and a yield of 2.4%. ABM Industries’s dividend payout ratio (DPR) is currently 57.61%.

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

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.