Alpha Cubed Investments LLC Has $346,000 Stake in ABM Industries Incorporated (ABM)
Alpha Cubed Investments LLC held its stake in shares of ABM Industries Incorporated (NYSE:ABM) during the second quarter, according to its most recent filing with the SEC. The fund owned 8,328 shares of the business services provider’s stock at the end of the second quarter. Alpha Cubed Investments LLC’s holdings in ABM Industries were worth $346,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of ABM Industries by 65.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,400 shares of the business services provider’s stock valued at $105,000 after buying an additional 946 shares in the last quarter. Elkfork Partners LLC raised its stake in shares of ABM Industries by 2.5% in the first quarter. Elkfork Partners LLC now owns 2,750 shares of the business services provider’s stock valued at $120,000 after buying an additional 66 shares in the last quarter. Meadow Creek Investment Management LLC raised its stake in shares of ABM Industries by 2.5% in the first quarter. Meadow Creek Investment Management LLC now owns 3,500 shares of the business services provider’s stock valued at $153,000 after buying an additional 84 shares in the last quarter. Independent Portfolio Consultants Inc. bought a new stake in shares of ABM Industries during the second quarter valued at approximately $162,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of ABM Industries by 6.6% in the first quarter. PNC Financial Services Group Inc. now owns 3,839 shares of the business services provider’s stock valued at $167,000 after buying an additional 236 shares in the last quarter. 93.28% of the stock is currently owned by institutional investors and hedge funds.
ABM Industries Incorporated (ABM) traded down 0.96% during midday trading on Friday, hitting $43.26. The stock had a trading volume of 240,363 shares. ABM Industries Incorporated has a 52 week low of $37.60 and a 52 week high of $45.12. The company’s 50-day moving average price is $43.07 and its 200 day moving average price is $42.38. The company has a market capitalization of $2.41 billion, a PE ratio of 192.27 and a beta of 0.80.
ABM Industries (NYSE:ABM) last announced its quarterly earnings results on Wednesday, June 7th. The business services provider reported $0.49 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.06. ABM Industries had a return on equity of 11.44% and a net margin of 0.25%. The company had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the prior year, the company earned $0.31 EPS. ABM Industries’s revenue was up 4.2% compared to the same quarter last year. On average, analysts expect that ABM Industries Incorporated will post $1.95 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Thursday, July 6th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date was Monday, July 3rd. ABM Industries’s payout ratio is 283.33%.
Several brokerages recently commented on ABM. BidaskClub lowered ABM Industries from a “strong-buy” rating to a “buy” rating in a research note on Friday. Zacks Investment Research lowered ABM Industries from a “buy” rating to a “hold” rating in a research note on Wednesday. Sidoti raised ABM Industries from a “neutral” rating to a “buy” rating and boosted their price target for the company from $49.00 to $55.00 in a research note on Thursday, July 13th. Finally, Robert W. Baird set a $50.00 price objective on ABM Industries and gave the company a “buy” rating in a research report on Wednesday, May 31st. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. ABM Industries has a consensus rating of “Buy” and an average target price of $48.25.
In other news, insider James P. Mcclure sold 1,970 shares of the stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $44.01, for a total value of $86,699.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Dean A. Chin sold 632 shares of the stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $44.95, for a total value of $28,408.40. The disclosure for this sale can be found here. Insiders sold a total of 8,925 shares of company stock valued at $385,575 over the last quarter. 1.30% of the stock is owned by corporate insiders.
ABM Industries Company Profile
ABM Industries Incorporated is a provider of integrated facility solutions. The Company operates through five segments: Janitorial, Facility Services, Parking, Building & Energy Solutions, and other. Its Janitorial segment provides a range of cleaning services for commercial office buildings, data centers, educational institutions, government buildings, health facilities, industrial buildings, retail stores, sport event facilities and transportation hubs.
Receive News & Ratings for ABM Industries Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ABM Industries Incorporated and related companies with Analyst Ratings Network's FREE daily email newsletter.