ABM Industries (NYSE:ABM) Sees Large Volume Increase - Here's Why

Shares of ABM Industries Incorporated (NYSE:ABM - Get Free Report) saw strong trading volume on Wednesday . 1,087,718 shares were traded during mid-day trading, an increase of 144% from the previous session's volume of 445,171 shares.The stock last traded at $41.28 and had previously closed at $42.24.

Analyst Upgrades and Downgrades

Separately, UBS Group dropped their target price on shares of ABM Industries from $56.00 to $50.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th.

ABM Industries Trading Up 1.8 %

The stock has a 50-day moving average of $49.68 and a two-hundred day moving average of $52.35. The company has a market cap of $2.92 billion, a P/E ratio of 36.96, a price-to-earnings-growth ratio of 2.75 and a beta of 1.05. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.33 and a current ratio of 1.33.

ABM Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Thursday, April 3rd will be given a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend is Thursday, April 3rd. ABM Industries's dividend payout ratio (DPR) is 84.13%.

Insiders Place Their Bets

In related news, CAO Dean A. Chin sold 4,281 shares of ABM Industries stock in a transaction dated Tuesday, January 14th. The stock was sold at an average price of $52.36, for a total value of $224,153.16. Following the completion of the sale, the chief accounting officer now directly owns 18,681 shares in the company, valued at approximately $978,137.16. This trade represents a 18.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Rene Jacobsen sold 10,000 shares of the company's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $52.84, for a total transaction of $528,400.00. Following the transaction, the chief operating officer now owns 87,808 shares in the company, valued at $4,639,774.72. This represents a 10.22 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.90% of the company's stock.

Remove Ads

Hedge Funds Weigh In On ABM Industries

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in ABM Industries by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 8,198,258 shares of the business services provider's stock valued at $419,587,000 after acquiring an additional 55,584 shares during the last quarter. Invesco Ltd. increased its position in shares of ABM Industries by 14.8% during the 4th quarter. Invesco Ltd. now owns 1,517,516 shares of the business services provider's stock valued at $77,666,000 after purchasing an additional 195,978 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of ABM Industries by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,451,252 shares of the business services provider's stock worth $76,582,000 after purchasing an additional 7,050 shares during the period. American Century Companies Inc. boosted its holdings in shares of ABM Industries by 2,322.1% in the fourth quarter. American Century Companies Inc. now owns 1,183,695 shares of the business services provider's stock worth $60,582,000 after buying an additional 1,134,825 shares during the last quarter. Finally, Norges Bank bought a new stake in ABM Industries during the fourth quarter valued at approximately $43,967,000. 91.62% of the stock is owned by institutional investors.

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.