Chesapeake Capital Corp IL Purchases New Shares in ABM Industries Incorporated (NYSE:ABM)

Chesapeake Capital Corp IL purchased a new stake in shares of ABM Industries Incorporated (NYSE:ABM) in the third quarter, HoldingsChannel.com reports. The firm purchased 12,181 shares of the business services provider’s stock, valued at approximately $626,000.

A number of other large investors have also added to or reduced their stakes in ABM. Pacer Advisors Inc. acquired a new position in ABM Industries during the 2nd quarter worth $125,118,000. LSV Asset Management grew its holdings in ABM Industries by 92.3% during the 2nd quarter. LSV Asset Management now owns 760,321 shares of the business services provider’s stock worth $38,449,000 after acquiring an additional 364,879 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in ABM Industries by 2.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 656,652 shares of the business services provider’s stock worth $33,207,000 after acquiring an additional 13,126 shares in the last quarter. Pzena Investment Management LLC acquired a new position in ABM Industries during the 2nd quarter worth $21,032,000. Finally, Principal Financial Group Inc. grew its holdings in ABM Industries by 4.9% during the 3rd quarter. Principal Financial Group Inc. now owns 327,631 shares of the business services provider’s stock worth $17,286,000 after acquiring an additional 15,438 shares in the last quarter. 91.62% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Robert W. Baird raised their price objective on shares of ABM Industries from $49.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, September 9th. StockNews.com lowered shares of ABM Industries from a “buy” rating to a “hold” rating in a report on Friday, August 2nd. UBS Group raised their price objective on shares of ABM Industries from $51.00 to $55.00 and gave the stock a “neutral” rating in a report on Monday, September 9th. Finally, Truist Financial raised their price target on shares of ABM Industries from $49.00 to $55.00 and gave the stock a “hold” rating in a research report on Monday, September 9th.

Insider Activity at ABM Industries

In related news, CFO Earl Ray Ellis sold 40,000 shares of ABM Industries 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 directly owns 45,260 shares in the company, valued at $2,442,229.60. This trade represents a 46.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.04% of the stock is currently owned by insiders.

ABM Industries Trading Down 1.0 %

ABM Industries stock opened at $55.01 on Friday. The firm’s 50-day moving average is $53.05 and its 200-day moving average is $51.71. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.38 and a current ratio of 1.38. ABM Industries Incorporated has a 1 year low of $39.64 and a 1 year high of $59.78. The company has a market cap of $3.45 billion, a P/E ratio of 22.73 and a beta of 1.14.

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

ABM Industries Dividend Announcement

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

ABM Industries 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.