Legato Capital Management LLC Invests $319,000 in ABM Industries Incorporated (ABM) Stock

Legato Capital Management LLC bought a new position in ABM Industries Incorporated (NYSE:ABM) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 7,659 shares of the business services provider’s stock, valued at approximately $319,000.

A number of other institutional investors have also recently made changes to their positions in the business. Channing Capital Management LLC raised its holdings in ABM Industries by 4.8% in the third quarter. Channing Capital Management LLC now owns 1,463,858 shares of the business services provider’s stock worth $61,058,000 after purchasing an additional 66,957 shares in the last quarter. Lee Thomas H Partners LP bought a new position in ABM Industries in the third quarter worth about $188,691,000. Vaughan Nelson Investment Management L.P. raised its holdings in ABM Industries by 65.7% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 1,235,775 shares of the business services provider’s stock worth $51,544,000 after purchasing an additional 489,875 shares in the last quarter. Strs Ohio raised its holdings in ABM Industries by 4.0% in the third quarter. Strs Ohio now owns 31,000 shares of the business services provider’s stock worth $1,293,000 after purchasing an additional 1,200 shares in the last quarter. Finally, Phocas Financial Corp. raised its holdings in ABM Industries by 4.7% in the second quarter. Phocas Financial Corp. now owns 139,647 shares of the business services provider’s stock worth $5,798,000 after purchasing an additional 6,230 shares in the last quarter. Institutional investors and hedge funds own 78.99% of the company’s stock.

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In related news, SVP Dean A. Chin sold 632 shares of the company’s 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Dean A. Chin sold 880 shares of the company’s stock in a transaction on Wednesday, October 4th. The stock was sold at an average price of $42.90, for a total transaction of $37,752.00. The disclosure for this sale can be found here. Insiders sold a total of 13,106 shares of company stock valued at $531,533 in the last three months. 1.30% of the stock is owned by company insiders.

ABM has been the subject of a number of recent research reports. BidaskClub upgraded shares of ABM Industries from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Robert W. Baird reiterated an “outperform” rating and issued a $47.00 target price (down from $49.00) on shares of ABM Industries in a report on Thursday, July 13th. Zacks Investment Research upgraded shares of ABM Industries from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a report on Monday, July 17th. Sidoti upgraded shares of ABM Industries from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $49.00 to $55.00 in a report on Thursday, July 13th. Finally, KeyCorp upgraded shares of ABM Industries from a “sector weight” rating to an “overweight” rating and set a $48.00 target price for the company in a report on Monday, September 11th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $48.20.

Shares of ABM Industries Incorporated (NYSE:ABM) traded down $0.07 during mid-day trading on Friday, hitting $41.06. The stock had a trading volume of 122,404 shares, compared to its average volume of 247,824. The firm has a market cap of $2.68 billion, a PE ratio of 21.75 and a beta of 0.81. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.27.

ABM Industries (NYSE:ABM) last announced its quarterly earnings results on Wednesday, September 6th. The business services provider reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.03). ABM Industries had a net margin of 0.29% and a return on equity of 11.37%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period last year, the firm earned $0.54 EPS. ABM Industries’s quarterly revenue was up 1.7% on a year-over-year basis. equities analysts anticipate that ABM Industries Incorporated will post 1.85 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, November 6th. Stockholders of record on Thursday, October 5th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Wednesday, October 4th. ABM Industries’s dividend payout ratio (DPR) is 251.86%.

ABM Industries 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.

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

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