ABM Industries Incorporated (NYSE:ABM) Shares Purchased by Convergence Investment Partners LLC

Convergence Investment Partners LLC lifted its position in ABM Industries Incorporated (NYSE:ABM) by 34.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,480 shares of the business services provider’s stock after acquiring an additional 3,740 shares during the period. Convergence Investment Partners LLC’s holdings in ABM Industries were worth $741,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Creative Planning increased its holdings in shares of ABM Industries by 20.8% in the third quarter. Creative Planning now owns 25,370 shares of the business services provider’s stock valued at $1,339,000 after purchasing an additional 4,374 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in ABM Industries by 21.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 135,085 shares of the business services provider’s stock worth $7,127,000 after buying an additional 24,137 shares during the period. Copeland Capital Management LLC acquired a new stake in shares of ABM Industries in the third quarter worth $37,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of ABM Industries by 34.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,688 shares of the business services provider’s stock worth $300,000 after acquiring an additional 1,473 shares during the period. Finally, Pallas Capital Advisors LLC acquired a new stake in shares of ABM Industries in the third quarter worth $210,000. 91.62% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Dean A. Chin sold 4,281 shares of the business’s stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $52.36, for a total value of $224,153.16. Following the sale, the chief accounting officer now directly owns 18,681 shares of the company’s stock, valued at approximately $978,137.16. The trade was a 18.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Rene Jacobsen sold 10,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $52.84, for a total transaction of $528,400.00. Following the sale, the chief operating officer now owns 87,808 shares in the company, valued at $4,639,774.72. This trade represents a 10.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.04% of the company’s stock.

ABM Industries Price Performance

Shares of NYSE ABM opened at $52.37 on Thursday. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of 41.24, a PEG ratio of 2.76 and a beta of 1.16. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.33 and a quick ratio of 1.33. The firm’s 50 day simple moving average is $52.51 and its 200-day simple moving average is $53.56. ABM Industries Incorporated has a 12 month low of $39.77 and a 12 month high of $59.78.

ABM Industries (NYSE:ABM) last released its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.87 by $0.03. ABM Industries had a net margin of 0.97% and a return on equity of 12.48%. The company had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same quarter last year, the business earned $1.01 earnings per share. The firm’s revenue was up 4.0% on a year-over-year basis. Analysts expect that ABM Industries Incorporated will post 3.71 EPS for the current year.

ABM Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Thursday, January 2nd were given a $0.265 dividend. This is a positive change from ABM Industries’s previous quarterly dividend of $0.23. The ex-dividend date was Thursday, January 2nd. This represents a $1.06 annualized dividend and a dividend yield of 2.02%. ABM Industries’s dividend payout ratio (DPR) is 83.46%.

Analyst Ratings Changes

Separately, UBS Group increased their price target on ABM Industries from $55.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday, December 19th.

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.