MQS Management LLC Buys New Position in ABM Industries Incorporated $ABM

MQS Management LLC bought a new stake in shares of ABM Industries Incorporated (NYSE:ABM) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 4,885 shares of the business services provider’s stock, valued at approximately $231,000.

Several other hedge funds also recently added to or reduced their stakes in ABM. Summit Securities Group LLC purchased a new stake in ABM Industries during the 1st quarter valued at about $38,000. Federated Hermes Inc. grew its stake in ABM Industries by 107.7% during the 1st quarter. Federated Hermes Inc. now owns 920 shares of the business services provider’s stock valued at $44,000 after purchasing an additional 477 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in ABM Industries during the 1st quarter valued at about $45,000. Kiker Wealth Management LLC purchased a new stake in ABM Industries during the 2nd quarter valued at about $61,000. Finally, Virtus Advisers LLC purchased a new stake in ABM Industries during the 1st quarter valued at about $64,000. 91.62% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ABM. Wall Street Zen upgraded ABM Industries from a “hold” rating to a “buy” rating in a research note on Saturday, October 4th. Weiss Ratings restated a “hold (c)” rating on shares of ABM Industries in a research note on Wednesday, October 8th. Truist Financial upgraded ABM Industries from a “hold” rating to a “buy” rating and upped their target price for the stock from $55.00 to $58.00 in a research note on Wednesday, July 2nd. UBS Group upped their target price on ABM Industries from $54.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, September 8th. Finally, Baird R W downgraded ABM Industries from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 8th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $55.67.

ABM Industries Stock Performance

Shares of ABM stock opened at $45.45 on Tuesday. The company has a market capitalization of $2.78 billion, a P/E ratio of 24.70 and a beta of 0.78. The business’s 50 day moving average is $46.47 and its two-hundred day moving average is $47.66. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.82. ABM Industries Incorporated has a 12-month low of $40.85 and a 12-month high of $59.15.

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

ABM Industries declared that its Board of Directors has approved a share repurchase plan on Friday, September 5th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the business services provider to buy up to 5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

ABM Industries Announces Dividend

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

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.