Olstein Capital Management L.P. Reduces Holdings in ABM Industries Incorporated (NYSE:ABM)

Olstein Capital Management L.P. reduced its stake in ABM Industries Incorporated (NYSE:ABM) by 9.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 245,000 shares of the business services provider’s stock after selling 27,000 shares during the quarter. ABM Industries comprises approximately 1.9% of Olstein Capital Management L.P.’s holdings, making the stock its 7th largest position. Olstein Capital Management L.P. owned 0.39% of ABM Industries worth $10,983,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Comerica Bank bought a new stake in shares of ABM Industries in the 2nd quarter worth approximately $8,490,000. SG Americas Securities LLC purchased a new position in ABM Industries in the 3rd quarter worth approximately $1,359,000. Charles Schwab Investment Management Inc. raised its holdings in ABM Industries by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 611,698 shares of the business services provider’s stock worth $24,474,000 after acquiring an additional 15,976 shares during the last quarter. Van ECK Associates Corp raised its holdings in ABM Industries by 26.2% in the 3rd quarter. Van ECK Associates Corp now owns 67,585 shares of the business services provider’s stock worth $2,704,000 after acquiring an additional 14,029 shares during the last quarter. Finally, Strs Ohio raised its holdings in ABM Industries by 25.1% in the 3rd quarter. Strs Ohio now owns 26,400 shares of the business services provider’s stock worth $1,056,000 after acquiring an additional 5,300 shares during the last quarter. 91.62% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ABM. Truist Financial boosted their price objective on shares of ABM Industries from $43.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday, December 14th. StockNews.com lowered shares of ABM Industries from a “buy” rating to a “hold” rating in a report on Saturday, February 3rd. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $45.20.

ABM Industries Price Performance

Shares of ABM opened at $44.15 on Monday. The firm has a market cap of $2.79 billion, a PE ratio of 11.29 and a beta of 1.16. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.71. The firm has a fifty day simple moving average of $42.02 and a two-hundred day simple moving average of $42.08. ABM Industries Incorporated has a 1-year low of $37.61 and a 1-year high of $53.05.

ABM Industries (NYSE:ABM) last announced its earnings results on Thursday, March 7th. The business services provider reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.14. The business had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.01 billion. ABM Industries had a net margin of 3.15% and a return on equity of 12.88%. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.79 EPS. On average, equities analysts anticipate that ABM Industries Incorporated will post 3.37 EPS for the current year.

ABM Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 6th. Stockholders of record on Thursday, April 4th will be paid a $0.225 dividend. The ex-dividend date is Wednesday, April 3rd. This represents a $0.90 annualized dividend and a dividend yield of 2.04%. ABM Industries’s dividend payout ratio (DPR) is 23.02%.

Insider Transactions at ABM Industries

In other news, COO Rene Jacobsen sold 5,563 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $43.59, for a total value of $242,491.17. Following the completion of the sale, the chief operating officer now directly owns 111,677 shares in the company, valued at approximately $4,868,000.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Dean A. Chin sold 5,465 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $44.89, for a total value of $245,323.85. Following the completion of the sale, the chief accounting officer now directly owns 19,972 shares in the company, valued at approximately $896,543.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Rene Jacobsen sold 5,563 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $43.59, for a total transaction of $242,491.17. Following the completion of the transaction, the chief operating officer now directly owns 111,677 shares of the company’s stock, valued at approximately $4,868,000.43. The disclosure for this sale can be found here. 1.04% of the stock is currently owned by company insiders.

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.