Assetmark Inc. Takes $146,000 Position in ABM Industries Incorporated $ABM

Assetmark Inc. acquired a new position in ABM Industries Incorporated (NYSE:ABM) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 3,084 shares of the business services provider’s stock, valued at approximately $146,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ABM. Naples Global Advisors LLC boosted its stake in ABM Industries by 2.7% during the 2nd quarter. Naples Global Advisors LLC now owns 11,370 shares of the business services provider’s stock valued at $537,000 after purchasing an additional 304 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of ABM Industries by 0.4% during the first quarter. Royal Bank of Canada now owns 86,571 shares of the business services provider’s stock valued at $4,100,000 after purchasing an additional 312 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of ABM Industries by 1.8% during the first quarter. HighTower Advisors LLC now owns 20,398 shares of the business services provider’s stock valued at $966,000 after buying an additional 362 shares during the last quarter. Brighton Jones LLC increased its holdings in ABM Industries by 5.3% in the 2nd quarter. Brighton Jones LLC now owns 7,344 shares of the business services provider’s stock worth $347,000 after buying an additional 371 shares in the last quarter. Finally, Verdence Capital Advisors LLC raised its position in ABM Industries by 3.8% in the 2nd quarter. Verdence Capital Advisors LLC now owns 10,388 shares of the business services provider’s stock worth $490,000 after buying an additional 376 shares during the last quarter. 91.62% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ABM has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ABM Industries in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of ABM Industries from a “hold” rating to a “buy” rating in a report on Saturday, October 4th. Robert W. Baird reaffirmed a “neutral” rating and issued a $54.00 target price (down previously from $56.00) on shares of ABM Industries in a research report on Monday, September 8th. Baird R W cut ABM Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Finally, UBS Group raised their price target on ABM Industries from $54.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, September 8th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $55.67.

ABM Industries Trading Down 0.1%

Shares of NYSE:ABM opened at $41.94 on Monday. The stock has a 50 day moving average of $45.44 and a 200 day moving average of $47.46. The company has a market cap of $2.57 billion, a PE ratio of 22.80 and a beta of 0.76. ABM Industries Incorporated has a 12-month low of $40.85 and a 12-month high of $59.15. 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 (NYSE:ABM) last issued its quarterly earnings results 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). The firm had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.16 billion. ABM Industries had a net margin of 1.34% and a return on equity of 12.12%. ABM Industries’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.94 EPS. ABM Industries has set its FY 2025 guidance at 3.650-3.650 EPS. As a group, equities research analysts expect that ABM Industries Incorporated will post 3.71 EPS for the current year.

ABM Industries announced that its board has approved a share buyback plan on Friday, September 5th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the business services provider to purchase up to 5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

ABM Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Thursday, October 2nd were issued a $0.265 dividend. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $1.06 annualized dividend and a yield of 2.5%. ABM Industries’s dividend payout ratio is currently 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.