ABM Industries (NYSE:ABM) Stock Price Down 6.9% – Here’s Why

Shares of ABM Industries Incorporated (NYSE:ABM) fell 6.9% on Wednesday . The company traded as low as $46.53 and last traded at $46.40. 156,604 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 468,417 shares. The stock had previously closed at $49.83.

Analysts Set New Price Targets

Separately, UBS Group lowered 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.

ABM Industries Stock Performance

The firm has a market cap of $2.93 billion, a P/E ratio of 37.10, a PEG ratio of 2.75 and a beta of 1.13. 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 is $52.47 and its 200 day moving average is $53.40.

ABM Industries (NYSE:ABM) last posted its earnings results on Wednesday, December 18th. The business services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. The firm 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 12.48% and a net margin of 0.97%. The company’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.01 earnings per share. On average, research analysts predict that ABM Industries Incorporated will post 3.71 earnings per share for the current year.

ABM Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, May 5th. Shareholders of record on Thursday, April 3rd will be issued a dividend of $0.265 per share. The ex-dividend date is Thursday, April 3rd. This represents a $1.06 annualized dividend and a yield of 2.25%. ABM Industries’s dividend payout ratio (DPR) is currently 83.46%.

Insider Activity

In other ABM Industries news, CAO Dean A. Chin sold 4,281 shares of the company’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 transaction of $224,153.16. Following the completion of the transaction, the chief accounting officer now owns 18,681 shares of the company’s stock, valued at $978,137.16. This represents a 18.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Rene Jacobsen sold 10,000 shares of ABM Industries stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $52.84, for a total transaction of $528,400.00. Following the completion of the sale, 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 disclosure for this sale can be found here. Corporate insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On ABM Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Savant Capital LLC boosted its stake in shares of ABM Industries by 1.7% during the 4th quarter. Savant Capital LLC now owns 11,707 shares of the business services provider’s stock worth $599,000 after buying an additional 191 shares during the last quarter. 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 acquiring an additional 200 shares in the last quarter. Naples Global Advisors LLC boosted its position in ABM Industries by 2.3% during the fourth quarter. Naples Global Advisors LLC now owns 11,038 shares of the business services provider’s stock valued at $565,000 after purchasing an additional 253 shares during the last quarter. CIBC Asset Management Inc grew its stake in ABM Industries by 4.8% in the fourth quarter. CIBC Asset Management Inc now owns 6,274 shares of the business services provider’s stock valued at $321,000 after purchasing an additional 289 shares in the last quarter. Finally, Summit Investment Advisors Inc. grew its stake in ABM Industries by 5.2% in the fourth quarter. Summit Investment Advisors Inc. now owns 6,615 shares of the business services provider’s stock valued at $339,000 after purchasing an additional 329 shares in the last quarter. 91.62% of the stock is currently owned by institutional investors and hedge funds.

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.