Pzena Investment Management LLC Purchases 278,575 Shares of ABM Industries Incorporated (NYSE:ABM)

Pzena Investment Management LLC boosted its position in ABM Industries Incorporated (NYSE:ABM) by 67.0% during the third quarter, HoldingsChannel.com reports. The fund owned 694,464 shares of the business services provider’s stock after buying an additional 278,575 shares during the quarter. Pzena Investment Management LLC’s holdings in ABM Industries were worth $36,640,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ABM. Pacer Advisors Inc. bought a new stake in ABM Industries during the 2nd quarter worth $125,118,000. LSV Asset Management boosted its stake in shares of ABM Industries by 92.3% during the second quarter. LSV Asset Management now owns 760,321 shares of the business services provider’s stock valued at $38,449,000 after purchasing an additional 364,879 shares in the last quarter. SG Capital Management LLC bought a new stake in shares of ABM Industries during the first quarter worth about $13,730,000. Invenomic Capital Management LP acquired a new position in shares of ABM Industries in the first quarter valued at approximately $10,071,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in ABM Industries by 652,535.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 110,948 shares of the business services provider’s stock valued at $5,611,000 after buying an additional 110,931 shares during the last quarter. 91.62% of the stock is currently owned by institutional investors and hedge funds.

ABM Industries Trading Down 0.4 %

ABM stock traded down $0.20 during midday trading on Wednesday, hitting $55.16. The stock had a trading volume of 14,017 shares, compared to its average volume of 548,152. The business has a fifty day moving average price of $53.26 and a two-hundred day moving average price of $51.90. ABM Industries Incorporated has a 1-year low of $39.64 and a 1-year 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 firm has a market cap of $3.46 billion, a P/E ratio of 22.88 and a beta of 1.14.

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

ABM Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Thursday, October 3rd were given a dividend of $0.225 per share. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.63%. ABM Industries’s payout ratio is presently 37.19%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other ABM Industries news, CFO Earl Ray Ellis sold 40,000 shares of ABM Industries stock in a transaction on 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 completion of the sale, the chief financial officer now directly owns 45,260 shares of the company’s stock, valued at approximately $2,442,229.60. The trade was a 46.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.04% of the stock is owned by 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.