ABM Industries Incorporated (ABM) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its position in ABM Industries Incorporated (NYSE:ABM) by 23.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,941 shares of the business services provider’s stock after selling 898 shares during the quarter. PNC Financial Services Group Inc.’s holdings in ABM Industries were worth $122,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of ABM Industries by 9.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,629 shares of the business services provider’s stock worth $109,000 after purchasing an additional 229 shares during the last quarter. Riverhead Capital Management LLC raised its stake in shares of ABM Industries by 60.4% in the second quarter. Riverhead Capital Management LLC now owns 3,528 shares of the business services provider’s stock worth $146,000 after purchasing an additional 1,328 shares during the last quarter. Independent Portfolio Consultants Inc. purchased a new position in shares of ABM Industries in the second quarter worth about $162,000. Bruderman Asset Management LLC purchased a new position in shares of ABM Industries in the second quarter worth about $164,000. Finally, Victory Capital Management Inc. raised its stake in shares of ABM Industries by 17.7% in the second quarter. Victory Capital Management Inc. now owns 5,209 shares of the business services provider’s stock worth $216,000 after purchasing an additional 782 shares during the last quarter. Hedge funds and other institutional investors own 78.99% of the company’s stock.

ABM has been the subject of several research analyst reports. Robert W. Baird set a $47.00 price objective on ABM Industries and gave the stock a “buy” rating in a research note on Thursday, August 24th. Zacks Investment Research upgraded ABM Industries from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a research report on Monday, July 17th. BidaskClub upgraded ABM Industries from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 26th. Sidoti upgraded ABM Industries from a “neutral” rating to a “buy” rating and lifted their price target for the company from $49.00 to $55.00 in a research report on Thursday, July 13th. Finally, KeyCorp upgraded ABM Industries from a “sector weight” rating to an “overweight” rating and set a $48.00 price target for the company in a research report on Monday, September 11th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $48.20.

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Shares of ABM Industries Incorporated (NYSE ABM) opened at 41.99 on Tuesday. The stock has a 50 day moving average price of $41.58 and a 200-day moving average price of $42.56. ABM Industries Incorporated has a 52-week low of $37.12 and a 52-week high of $45.12. The stock has a market capitalization of $2.74 billion, a PE ratio of 164.02 and a beta of 0.80.

ABM Industries (NYSE:ABM) last issued its earnings results on Wednesday, September 6th. The business services provider reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.03). The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.32 billion. ABM Industries had a return on equity of 11.37% and a net margin of 0.29%. The business’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period last year, the company posted $0.54 earnings per share. On average, equities research analysts anticipate that ABM Industries Incorporated will post $1.88 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 6th. Stockholders of record on Thursday, October 5th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date is Wednesday, October 4th. ABM Industries’s dividend payout ratio (DPR) is 251.86%.

In other news, insider Scott J. Giacobbe sold 11,094 shares of the stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $39.92, for a total transaction of $442,872.48. Following the completion of the transaction, the insider now directly owns 59,152 shares of the company’s stock, valued at approximately $2,361,347.84. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider James P. Mcclure sold 1,963 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $44.44, for a total value of $87,235.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,069 shares of company stock valued at $618,769. Company insiders own 1.30% of the company’s stock.

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.

Institutional Ownership by Quarter for ABM Industries (NYSE:ABM)

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