Allspring Global Investments Holdings LLC Has $4.64 Million Holdings in ABM Industries Incorporated (NYSE:ABM)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of ABM Industries Incorporated (NYSE:ABM) by 29.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 97,904 shares of the business services provider’s stock after selling 40,985 shares during the period. Allspring Global Investments Holdings LLC’s holdings in ABM Industries were worth $4,637,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Highland Capital Management LLC bought a new stake in ABM Industries in the first quarter valued at $207,000. Illinois Municipal Retirement Fund grew its stake in shares of ABM Industries by 12.0% in the 1st quarter. Illinois Municipal Retirement Fund now owns 37,543 shares of the business services provider’s stock valued at $1,778,000 after buying an additional 4,030 shares during the period. Janney Montgomery Scott LLC grew its stake in shares of ABM Industries by 3.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 30,736 shares of the business services provider’s stock valued at $1,456,000 after buying an additional 910 shares during the period. Brighton Jones LLC bought a new stake in ABM Industries in the 1st quarter valued at about $330,000. Finally, Palouse Capital Management Inc. raised its stake in ABM Industries by 17.4% during the 1st quarter. Palouse Capital Management Inc. now owns 3,016 shares of the business services provider’s stock worth $143,000 after buying an additional 446 shares during the period. Institutional investors and hedge funds own 91.62% of the company’s stock.

ABM Industries Stock Performance

ABM stock opened at $47.93 on Friday. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.83. The firm has a market cap of $2.98 billion, a PE ratio of 38.65, a P/E/G ratio of 2.48 and a beta of 0.78. The business has a 50 day moving average of $48.99 and a 200-day moving average of $49.79. ABM Industries Incorporated has a 12-month low of $40.85 and a 12-month high of $59.78.

ABM Industries (NYSE:ABM) last issued its quarterly earnings results on Friday, June 6th. The business services provider reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.01). ABM Industries had a return on equity of 12.54% and a net margin of 0.93%. The company had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.07 billion. During the same period last year, the firm posted $0.87 earnings per share. ABM Industries’s quarterly revenue was up 4.6% compared to the same quarter last year. As a group, sell-side analysts expect that ABM Industries Incorporated will post 3.71 earnings per share for the current year.

ABM Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 4th. Investors of record on Thursday, July 3rd will be paid a $0.265 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.06 dividend on an annualized basis and a yield of 2.21%. ABM Industries’s dividend payout ratio is 85.48%.

Insider Activity at ABM Industries

In related news, CEO Scott B. Salmirs sold 37,065 shares of the business’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $52.37, for a total transaction of $1,941,094.05. Following the sale, the chief executive officer directly owned 369,656 shares in the company, valued at approximately $19,358,884.72. The trade was a 9.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas M. Gartland sold 3,711 shares of the company’s stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $45.52, for a total value of $168,924.72. Following the sale, the director owned 30,958 shares in the company, valued at approximately $1,409,208.16. This represents a 10.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,085 shares of company stock worth $2,902,227. Corporate insiders own 0.90% of the company’s stock.

Wall Street Analyst Weigh In

ABM has been the subject of a number of research reports. UBS Group raised ABM Industries from a “neutral” rating to a “buy” rating and raised their price objective for the company from $50.00 to $54.00 in a research note on Monday, June 9th. Truist Financial upgraded ABM Industries from a “hold” rating to a “buy” rating and increased their target price for the stock from $55.00 to $58.00 in a report on Wednesday. Wall Street Zen raised shares of ABM Industries from a “hold” rating to a “buy” rating in a research report on Saturday. Robert W. Baird upgraded shares of ABM Industries from a “neutral” rating to an “outperform” rating and set a $56.00 price objective on the stock in a report on Monday, June 9th. Finally, Baird R W raised shares of ABM Industries from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 9th. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, ABM Industries has an average rating of “Buy” and a consensus target price of $56.00.

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.