JPMorgan Chase & Co. Lowers Stock Position in ABM Industries Incorporated (NYSE:ABM)

JPMorgan Chase & Co. decreased its holdings in ABM Industries Incorporated (NYSE:ABM - Free Report) by 1.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,007,406 shares of the business services provider's stock after selling 16,817 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.62% of ABM Industries worth $53,151,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Creative Financial Designs Inc. ADV grew its position in shares of ABM Industries by 2.3% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 17,066 shares of the business services provider's stock valued at $900,000 after buying an additional 378 shares during the last quarter. Arizona State Retirement System boosted its holdings in ABM Industries by 2.6% in the second quarter. Arizona State Retirement System now owns 17,718 shares of the business services provider's stock valued at $896,000 after acquiring an additional 442 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in ABM Industries by 1.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,036 shares of the business services provider's stock valued at $1,772,000 after purchasing an additional 539 shares during the period. Capital Performance Advisors LLP bought a new position in ABM Industries during the 3rd quarter worth approximately $30,000. Finally, Kovitz Investment Group Partners LLC raised its holdings in ABM Industries by 3.9% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 15,804 shares of the business services provider's stock worth $791,000 after purchasing an additional 588 shares during the last quarter. 91.62% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ABM Industries

In other ABM Industries news, CFO Earl Ray Ellis sold 40,000 shares of ABM Industries stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $53.96, for a total transaction of $2,158,400.00. Following the completion of the transaction, the chief financial officer now owns 45,260 shares in the company, valued at approximately $2,442,229.60. The trade was a 46.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.04% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on ABM shares. Truist Financial increased their price objective on shares of ABM Industries from $49.00 to $55.00 and gave the stock a "hold" rating in a research report on Monday, September 9th. Robert W. Baird lifted their price objective on ABM Industries from $49.00 to $56.00 and gave the stock a "neutral" rating in a research report on Monday, September 9th. Finally, UBS Group upped their target price on ABM Industries from $55.00 to $56.00 and gave the company a "neutral" rating in a research report on Thursday, December 19th.

ABM Industries Stock Up 1.7 %

NYSE:ABM traded up $0.85 during trading hours on Friday, reaching $51.97. The company had a trading volume of 487,405 shares, compared to its average volume of 466,452. ABM Industries Incorporated has a twelve month low of $39.64 and a twelve month high of $59.78. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.71. The firm has a market cap of $3.23 billion, a price-to-earnings ratio of 21.48 and a beta of 1.16. The business's 50-day simple moving average is $54.77 and its two-hundred day simple moving average is $53.46.

ABM Industries (NYSE:ABM - Get Free Report) last issued its earnings results on Wednesday, December 18th. The business services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.87 by $0.03. ABM Industries had a return on equity of 12.93% and a net margin of 1.89%. The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.08 billion. During the same period last year, the business posted $1.01 EPS. The firm's revenue for the quarter was up 4.0% compared to the same quarter last year. On average, equities analysts expect that ABM Industries Incorporated will post 3.53 earnings per share for the current year.

ABM Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Thursday, January 2nd will be given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.04%. This is a positive change from ABM Industries's previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Thursday, January 2nd. ABM Industries's dividend payout ratio is presently 83.46%.

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.