Allspring Global Investments Holdings LLC Grows Position in ABM Industries Incorporated (NYSE:ABM)

Posted by Defense World Staff on Nov 3rd, 2023

Allspring Global Investments Holdings LLC grew its stake in shares of ABM Industries Incorporated (NYSE:ABM – Free Report) by 14.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 139,876 shares of the business services provider’s stock after purchasing an additional 17,457 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.21% of ABM Industries worth $5,966,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bleakley Financial Group LLC lifted its stake in ABM Industries by 5.4% in the first quarter. Bleakley Financial Group LLC now owns 78,223 shares of the business services provider’s stock worth $3,515,000 after acquiring an additional 3,999 shares during the period. Rhumbline Advisers lifted its stake in ABM Industries by 4.3% in the first quarter. Rhumbline Advisers now owns 221,847 shares of the business services provider’s stock worth $9,970,000 after acquiring an additional 9,156 shares during the period. Texas Permanent School Fund Corp lifted its stake in ABM Industries by 33.3% in the first quarter. Texas Permanent School Fund Corp now owns 59,276 shares of the business services provider’s stock worth $2,664,000 after acquiring an additional 14,803 shares during the period. Inceptionr LLC purchased a new stake in ABM Industries in the first quarter worth $893,000. Finally, Boston Partners lifted its stake in ABM Industries by 1.1% in the first quarter. Boston Partners now owns 1,842,154 shares of the business services provider’s stock worth $81,981,000 after acquiring an additional 20,696 shares during the period. Hedge funds and other institutional investors own 86.42% of the company’s stock.

Insider Buying and Selling at ABM Industries

In other news, COO Rene Jacobsen sold 6,341 shares of ABM Industries stock in a transaction dated Friday, October 13th. The stock was sold at an average price of $44.00, for a total transaction of $279,004.00. Following the transaction, the chief operating officer now directly owns 59,059 shares of the company’s stock, valued at approximately $2,598,596. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.85% of the company’s stock.

ABM Industries Price Performance

NYSE ABM opened at $40.10 on Friday. ABM Industries Incorporated has a one year low of $37.61 and a one year high of $49.58. The stock has a 50-day moving average of $41.47 and a 200 day moving average of $42.93. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of 11.26 and a beta of 1.11. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.47 and a current ratio of 1.47.

ABM Industries (NYSE:ABM – Get Free Report) last released its quarterly earnings results on Thursday, September 7th. The business services provider reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.09). The firm had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.01 billion. ABM Industries had a net margin of 2.96% and a return on equity of 12.69%. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.94 earnings per share. On average, sell-side analysts forecast that ABM Industries Incorporated will post 3.41 EPS for the current year.

ABM Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 6th. Shareholders of record on Thursday, October 5th will be paid a dividend of $0.22 per share. The ex-dividend date is Wednesday, October 4th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.19%. ABM Industries’s dividend payout ratio is currently 24.72%.

Analyst Ratings Changes

Several equities analysts have commented on ABM shares. Robert W. Baird lowered their price objective on ABM Industries from $52.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, September 8th. Deutsche Bank Aktiengesellschaft lowered ABM Industries from a “buy” rating to a “hold” rating and lowered their price objective for the company from $65.00 to $43.00 in a research report on Friday, September 8th. William Blair lowered ABM Industries from an “outperform” rating to a “market perform” rating in a research report on Thursday, September 7th. StockNews.com initiated coverage on ABM Industries in a research report on Thursday, October 5th. They set a “hold” rating for the company. Finally, UBS Group reduced their price target on ABM Industries from $50.00 to $42.00 and set a “neutral” rating for the company in a report on Friday, September 8th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $43.25.

View Our Latest Analysis on ABM Industries

ABM Industries Company Profile

(Free Report)

ABM Industries Incorporated, through its subsidiaries, engages in the provision of integrated facility, infrastructure, and mobility solutions in the United States and internationally. The company operates through Business & Industry, Manufacturing & Distribution, Education, Aviation, and Technical Solutions segments.