Palouse Capital Management Inc. Sells 1,408 Shares of ABM Industries Incorporated (NYSE:ABM)

Palouse Capital Management Inc. cut its holdings in ABM Industries Incorporated (NYSE:ABM) by 35.4% in the third quarter, Holdings Channel.com reports. The fund owned 2,570 shares of the business services provider’s stock after selling 1,408 shares during the quarter. Palouse Capital Management Inc.’s holdings in ABM Industries were worth $136,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Pacer Advisors Inc. bought a new stake in ABM Industries in the second quarter worth $125,118,000. LSV Asset Management boosted its position in ABM Industries by 92.3% during the second quarter. LSV Asset Management now owns 760,321 shares of the business services provider’s stock worth $38,449,000 after purchasing an additional 364,879 shares during the period. Bank of New York Mellon Corp grew its holdings in ABM Industries by 2.0% during the second quarter. Bank of New York Mellon Corp now owns 656,652 shares of the business services provider’s stock valued at $33,207,000 after purchasing an additional 13,126 shares during the last quarter. Pzena Investment Management LLC bought a new position in shares of ABM Industries in the second quarter valued at approximately $21,032,000. Finally, SG Capital Management LLC acquired a new stake in shares of ABM Industries in the first quarter worth $13,730,000. 91.62% of the stock is owned by institutional investors.

Insider Buying and Selling

In other ABM Industries news, CEO Scott B. Salmirs sold 11,736 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $55.08, for a total value of $646,418.88. Following the sale, the chief executive officer now directly owns 366,655 shares in the company, valued at $20,195,357.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Scott B. Salmirs sold 11,736 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $55.08, for a total value of $646,418.88. Following the sale, the chief executive officer now owns 366,655 shares in the company, valued at approximately $20,195,357.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Earl Ray Ellis sold 40,000 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $53.96, for a total transaction of $2,158,400.00. Following the completion of the sale, the chief financial officer now directly owns 45,260 shares in the company, valued at approximately $2,442,229.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.04% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

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

ABM Industries Stock Performance

ABM stock traded down $0.58 during midday trading on Monday, hitting $54.43. The stock had a trading volume of 216,121 shares, compared to its average volume of 570,516. ABM Industries Incorporated has a 52 week low of $38.48 and a 52 week high of $59.78. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.71. The stock has a 50-day simple moving average of $53.07 and a 200 day simple moving average of $50.23. The firm has a market capitalization of $3.42 billion, a price-to-earnings ratio of 14.19 and a beta of 1.14.

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

ABM Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Thursday, October 3rd will be issued a $0.225 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.65%. ABM Industries’s payout ratio is presently 23.56%.

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.