Kennondale Capital Management LLC Invests $588,000 in ABM Industries Incorporated (NYSE:ABM)

Kennondale Capital Management LLC acquired a new position in shares of ABM Industries Incorporated (NYSE:ABM - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 11,486 shares of the business services provider's stock, valued at approximately $588,000.

Other institutional investors have also recently bought and sold shares of the company. SBI Securities Co. Ltd. acquired a new stake in ABM Industries during the 4th quarter worth about $33,000. Adirondack Trust Co. boosted its position in ABM Industries by 28.6% during the 4th quarter. Adirondack Trust Co. now owns 900 shares of the business services provider's stock worth $46,000 after acquiring an additional 200 shares during the period. Smartleaf Asset Management LLC boosted its position in ABM Industries by 193.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 903 shares of the business services provider's stock worth $46,000 after acquiring an additional 595 shares during the period. Quarry LP raised its stake in shares of ABM Industries by 49.7% during the 3rd quarter. Quarry LP now owns 2,171 shares of the business services provider's stock worth $115,000 after purchasing an additional 721 shares in the last quarter. Finally, KBC Group NV raised its stake in shares of ABM Industries by 60.9% during the 4th quarter. KBC Group NV now owns 2,819 shares of the business services provider's stock worth $144,000 after purchasing an additional 1,067 shares in the last quarter. 91.62% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, UBS Group cut their price target on ABM Industries from $56.00 to $50.00 and set a "neutral" rating for the company in a research note on Thursday, March 13th.

Remove Ads

ABM Industries Stock Down 1.2 %

Shares of ABM traded down $0.56 during midday trading on Friday, reaching $46.88. 1,280,356 shares of the stock were exchanged, compared to its average volume of 465,736. ABM Industries Incorporated has a 12-month low of $42.63 and a 12-month high of $59.78. The firm has a 50 day simple moving average of $52.02 and a 200-day simple moving average of $53.02. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.73. The company has a market cap of $2.92 billion, a price-to-earnings ratio of 36.91, a P/E/G ratio of 2.75 and a beta of 1.13.

ABM Industries (NYSE:ABM - Get Free Report) last posted its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.87 by $0.03. ABM Industries had a return on equity of 12.48% and a net margin of 0.97%. 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 earned $1.01 EPS. The business's quarterly revenue was up 4.0% on a year-over-year basis. Research analysts forecast that ABM Industries Incorporated will post 3.71 EPS for the current year.

ABM Industries Announces Dividend

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

Insider Activity at ABM Industries

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

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.