Hillsdale Investment Management Inc. Purchases New Position in ABM Industries Incorporated (NYSE:ABM)

Hillsdale Investment Management Inc. purchased a new stake in shares of ABM Industries Incorporated (NYSE:ABM) during the first quarter, HoldingsChannel.com reports. The firm purchased 90,500 shares of the business services provider’s stock, valued at approximately $4,038,000.

A number of other hedge funds also recently bought and sold shares of ABM. Norges Bank purchased a new position in ABM Industries during the 4th quarter valued at about $31,310,000. LSV Asset Management purchased a new position in ABM Industries during the 1st quarter valued at about $17,645,000. Simplicity Wealth LLC bought a new stake in ABM Industries during the 1st quarter valued at approximately $3,480,000. Dimensional Fund Advisors LP boosted its position in ABM Industries by 1.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,687,476 shares of the business services provider’s stock valued at $210,141,000 after acquiring an additional 66,334 shares in the last quarter. Finally, Trexquant Investment LP boosted its position in ABM Industries by 437.3% during the 4th quarter. Trexquant Investment LP now owns 68,813 shares of the business services provider’s stock valued at $3,085,000 after acquiring an additional 56,005 shares in the last quarter. Hedge funds and other institutional investors own 91.62% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on ABM shares. UBS Group lifted their price objective on ABM Industries from $45.00 to $51.00 and gave the company a “neutral” rating in a research report on Friday, June 7th. Robert W. Baird lifted their price objective on ABM Industries from $48.00 to $49.00 and gave the company a “neutral” rating in a research report on Monday, June 10th. Finally, StockNews.com raised ABM Industries from a “hold” rating to a “buy” rating in a research report on Wednesday, June 12th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, ABM Industries presently has a consensus rating of “Hold” and an average price target of $48.80.

ABM Industries Stock Up 1.5 %

Shares of ABM traded up $0.79 during mid-day trading on Monday, reaching $54.38. The company had a trading volume of 324,442 shares, compared to its average volume of 599,533. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.44 and a current ratio of 1.44. The firm has a 50-day moving average price of $49.60 and a 200 day moving average price of $45.13. ABM Industries Incorporated has a 52 week low of $37.61 and a 52 week high of $54.48. The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of 14.24 and a beta of 1.16.

ABM Industries (NYSE:ABM) last issued its quarterly earnings results on Thursday, June 6th. The business services provider reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.08. ABM Industries had a return on equity of 12.52% and a net margin of 3.04%. The firm had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $2 billion. During the same period in the previous year, the firm posted $0.90 EPS. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. On average, sell-side analysts forecast that ABM Industries Incorporated will post 3.47 EPS for the current year.

ABM Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Investors of record on Friday, July 5th will be given a $0.225 dividend. The ex-dividend date is Friday, July 5th. This represents a $0.90 annualized dividend and a yield of 1.66%. ABM Industries’s dividend payout ratio (DPR) is presently 23.56%.

Insider Activity at ABM Industries

In related news, EVP Andrea R. Newborn sold 12,615 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $45.00, for a total value of $567,675.00. Following the transaction, the executive vice president now directly owns 45,847 shares of the company’s stock, valued at approximately $2,063,115. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other ABM Industries news, CEO Scott B. Salmirs sold 25,000 shares of the business’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $48.90, for a total transaction of $1,222,500.00. Following the completion of the sale, the chief executive officer now directly owns 378,391 shares in the company, valued at approximately $18,503,319.90. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Andrea R. Newborn sold 12,615 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $45.00, for a total transaction of $567,675.00. Following the sale, the executive vice president now owns 45,847 shares of the company’s stock, valued at $2,063,115. The disclosure for this sale can be found here. In the last three months, insiders have sold 79,657 shares of company stock valued at $3,960,504. 1.04% of the stock is owned by corporate 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.