Norges Bank Buys Shares of 859,061 ABM Industries Incorporated (NYSE:ABM)

Norges Bank purchased a new position in shares of ABM Industries Incorporated (NYSE:ABM - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 859,061 shares of the business services provider's stock, valued at approximately $43,967,000. Norges Bank owned 1.38% of ABM Industries at the end of the most recent reporting period.

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

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ABM Industries Price Performance

ABM stock traded up $3.05 during trading on Wednesday, reaching $45.29. 2,909,401 shares of the company were exchanged, compared to its average volume of 498,657. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.33 and a current ratio of 1.33. The stock's 50 day moving average price is $49.99 and its 200 day moving average price is $52.42. ABM Industries Incorporated has a 52-week low of $40.91 and a 52-week high of $59.78. The company has a market cap of $2.82 billion, a P/E ratio of 35.66, a PEG ratio of 2.75 and a beta of 1.05.

ABM Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Thursday, April 3rd will be issued a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Thursday, April 3rd. ABM Industries's dividend payout ratio is currently 84.13%.

Insider Activity at ABM Industries

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

Analyst Ratings Changes

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

ABM Industries 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.