Tidal Investments LLC Raises Stock Position in ABM Industries Incorporated (NYSE:ABM)

Tidal Investments LLC boosted its holdings in ABM Industries Incorporated (NYSE:ABM - Free Report) by 176.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,761 shares of the business services provider's stock after buying an additional 15,163 shares during the quarter. Tidal Investments LLC's holdings in ABM Industries were worth $1,254,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ABM. Louisiana State Employees Retirement System raised its holdings in ABM Industries by 2.3% during the second quarter. Louisiana State Employees Retirement System now owns 31,800 shares of the business services provider's stock worth $1,608,000 after purchasing an additional 700 shares in the last quarter. Bank of New York Mellon Corp lifted its position in ABM Industries by 2.0% in the second quarter. Bank of New York Mellon Corp now owns 656,652 shares of the business services provider's stock valued at $33,207,000 after acquiring an additional 13,126 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in ABM Industries by 652,535.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 110,948 shares of the business services provider's stock valued at $5,611,000 after acquiring an additional 110,931 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in ABM Industries by 15.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,072 shares of the business services provider's stock valued at $712,000 after acquiring an additional 1,856 shares in the last quarter. Finally, Innealta Capital LLC purchased a new position in shares of ABM Industries during the second quarter worth about $142,000. 91.62% of the stock is currently owned by institutional investors and hedge funds.

ABM Industries Stock Performance

Shares of ABM traded up $0.82 during mid-day trading on Thursday, hitting $51.14. 657,956 shares of the company's stock were exchanged, compared to its average volume of 531,939. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.71. ABM Industries Incorporated has a fifty-two week low of $39.64 and a fifty-two week high of $59.78. The business's 50 day moving average is $55.38 and its two-hundred day moving average is $53.33. The firm has a market capitalization of $3.21 billion, a P/E ratio of 21.13 and a beta of 1.14.

ABM Industries (NYSE:ABM - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $2.18 billion during the quarter, compared to analysts' expectations of $2.08 billion. ABM Industries had a return on equity of 12.93% and a net margin of 1.89%. The firm's revenue for the quarter was up 4.0% on a year-over-year basis. During the same period last year, the firm earned $1.01 EPS. 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 paid a $0.265 dividend. This represents a $1.06 annualized dividend and a dividend yield of 2.07%. The ex-dividend date is Thursday, January 2nd. This is a boost from ABM Industries's previous quarterly dividend of $0.23. ABM Industries's dividend payout ratio (DPR) is 43.80%.

Insider Activity

In other ABM Industries news, CFO Earl Ray Ellis sold 40,000 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $53.96, for a total value 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. This represents a 46.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.04% of the company's stock.

Analyst Ratings Changes

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

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.