Nordea Investment Management AB Purchases New Holdings in ABM Industries Incorporated $ABM

Nordea Investment Management AB purchased a new stake in shares of ABM Industries Incorporated (NYSE:ABM) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 137,444 shares of the business services provider’s stock, valued at approximately $6,380,000. Nordea Investment Management AB owned 0.22% of ABM Industries at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of ABM. Wealth Enhancement Advisory Services LLC lifted its position in ABM Industries by 12.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,102 shares of the business services provider’s stock valued at $289,000 after acquiring an additional 693 shares during the period. Janney Montgomery Scott LLC lifted its position in ABM Industries by 3.1% during 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 acquiring an additional 910 shares during the period. Illinois Municipal Retirement Fund lifted its position in ABM Industries by 12.0% during 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 acquiring an additional 4,030 shares during the period. Highland Capital Management LLC purchased a new position in ABM Industries during the 1st quarter valued at about $207,000. Finally, Principal Financial Group Inc. lifted its position in ABM Industries by 1.7% during the 1st quarter. Principal Financial Group Inc. now owns 347,496 shares of the business services provider’s stock valued at $16,457,000 after acquiring an additional 5,880 shares during the period. 91.62% of the stock is owned by hedge funds and other institutional investors.

ABM Industries Stock Up 1.0%

Shares of ABM Industries stock opened at $45.50 on Tuesday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.49 and a current ratio of 1.49. The company has a 50-day simple moving average of $46.78 and a two-hundred day simple moving average of $47.59. ABM Industries Incorporated has a 52-week low of $40.85 and a 52-week high of $59.15. The stock has a market capitalization of $2.79 billion, a PE ratio of 24.73 and a beta of 0.78.

ABM Industries (NYSE:ABM) last released its quarterly earnings data on Friday, September 5th. The business services provider reported $0.82 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.13). ABM Industries had a net margin of 1.34% and a return on equity of 12.12%. The company had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the previous year, the firm earned $0.94 earnings per share. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. ABM Industries has set its FY 2025 guidance at 3.650-3.650 EPS. On average, analysts anticipate that ABM Industries Incorporated will post 3.71 EPS for the current fiscal year.

ABM Industries declared that its board has authorized a stock repurchase plan on Friday, September 5th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the business services provider to repurchase up to 5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

ABM Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Thursday, October 2nd will be issued a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Thursday, October 2nd. ABM Industries’s payout ratio is presently 57.61%.

Analyst Ratings Changes

A number of research analysts recently issued reports on ABM shares. Weiss Ratings reissued a “hold (c)” rating on shares of ABM Industries in a research report on Wednesday, October 8th. UBS Group lifted their target price on shares of ABM Industries from $54.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, September 8th. Robert W. Baird reaffirmed a “neutral” rating and issued a $54.00 target price (down from $56.00) on shares of ABM Industries in a report on Monday, September 8th. Baird R W cut shares of ABM Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Finally, Truist Financial raised shares of ABM Industries from a “hold” rating to a “buy” rating and lifted their target price for the stock from $55.00 to $58.00 in a report on Wednesday, July 2nd. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $55.67.

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.