The Manufacturers Life Insurance Company Purchases Shares of 26,821 ABM Industries Incorporated $ABM

The Manufacturers Life Insurance Company purchased a new position in ABM Industries Incorporated (NYSE:ABM) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 26,821 shares of the business services provider’s stock, valued at approximately $1,187,000.

Other large investors have also modified their holdings of the company. Trajan Wealth LLC acquired a new position in shares of ABM Industries during the second quarter valued at about $204,000. Aberdeen Wealth Management LLC acquired a new stake in ABM Industries in the 2nd quarter worth approximately $25,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in ABM Industries in the 2nd quarter worth approximately $4,557,000. Meiji Yasuda Asset Management Co Ltd. purchased a new stake in ABM Industries during the 2nd quarter worth approximately $6,218,000. Finally, William Blair Investment Management LLC acquired a new position in ABM Industries during the 2nd quarter valued at approximately $17,044,000. Hedge funds and other institutional investors own 91.62% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ABM. Weiss Ratings raised shares of ABM Industries from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Robert W. Baird upped their target price on ABM Industries from $45.00 to $48.00 and gave the company a “neutral” rating in a research report on Monday, June 8th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $47.00.

ABM Industries Price Performance

Shares of NYSE ABM opened at $46.98 on Friday. ABM Industries Incorporated has a 52 week low of $36.96 and a 52 week high of $50.12. The business’s 50 day moving average price is $46.94 and its 200 day moving average price is $43.12. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 1.04. The firm has a market cap of $2.75 billion, a P/E ratio of 18.07, a P/E/G ratio of 1.24 and a beta of 0.68.

ABM Industries (NYSE:ABM) last posted its quarterly earnings results on Friday, June 5th. The business services provider reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.02). The business had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.21 billion. ABM Industries had a return on equity of 11.84% and a net margin of 1.75%.The business’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.86 earnings per share. On average, sell-side analysts expect that ABM Industries Incorporated will post 3.97 earnings per share for the current year.

Insider Activity

In related news, CEO Scott Salmirs sold 50,000 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $46.34, for a total transaction of $2,317,000.00. Following the completion of the transaction, the chief executive officer directly owned 395,285 shares in the company, valued at $18,317,506.90. The trade was a 11.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.90% of the stock is currently owned by company insiders.

ABM Industries Company Profile

ABM Industries Incorporated is a leading provider of integrated facility services, offering a comprehensive suite of solutions designed to support the operation, maintenance and enhancement of commercial properties. The company’s core services include janitorial and custodial maintenance, HVAC and mechanical systems support, electrical and lighting solutions, and energy optimization. Additional offerings span parking management, security services, landscaping, and specialized support such as technical solutions and sustainability consulting.

Serving a diverse range of markets, ABM caters to clients in commercial real estate, aviation, healthcare, manufacturing, education, government entities, and technology campuses.