Short Interest in ABM Industries Incorporated (NYSE:ABM) Rises By 22.9%

by · The Markets Daily

ABM Industries Incorporated (NYSE:ABM – Get Free Report) was the recipient of a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 1,340,000 shares, an increase of 22.9% from the September 30th total of 1,090,000 shares. Based on an average daily volume of 511,000 shares, the days-to-cover ratio is currently 2.6 days. Approximately 2.2% of the shares of the stock are sold short.

Insider Activity at ABM Industries

In other ABM Industries news, CFO Earl Ray Ellis sold 40,000 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $53.96, for a total transaction of $2,158,400.00. Following the completion of the sale, the chief financial officer now owns 45,260 shares of the company’s stock, valued at $2,442,229.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.04% of the company’s stock.

Institutional Trading of ABM Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of ABM. BOKF NA acquired a new stake in shares of ABM Industries during the second quarter worth about $30,000. Adirondack Trust Co. increased its position in shares of ABM Industries by 250.0% during the second quarter. Adirondack Trust Co. now owns 700 shares of the business services provider’s stock worth $35,000 after purchasing an additional 500 shares in the last quarter. Copeland Capital Management LLC acquired a new stake in shares of ABM Industries during the third quarter worth about $37,000. Lazard Asset Management LLC increased its position in shares of ABM Industries by 2,102.0% during the first quarter. Lazard Asset Management LLC now owns 1,079 shares of the business services provider’s stock worth $48,000 after purchasing an additional 1,030 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in ABM Industries by 37.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,001 shares of the business services provider’s stock valued at $51,000 after acquiring an additional 273 shares during the period. 91.62% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ABM has been the subject of several research analyst reports. StockNews.com lowered ABM Industries from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Truist Financial lifted their target price on ABM Industries from $49.00 to $55.00 and gave the company a “hold” rating in a report on Monday, September 9th. Robert W. Baird lifted their target price on ABM Industries from $49.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, September 9th. Finally, UBS Group lifted their target price on ABM Industries from $51.00 to $55.00 and gave the company a “neutral” rating in a report on Monday, September 9th.

Get Our Latest Research Report on ABM Industries

ABM Industries Stock Up 0.1 %

NYSE:ABM traded up $0.04 during midday trading on Wednesday, reaching $53.69. The company had a trading volume of 312,316 shares, compared to its average volume of 564,949. ABM Industries has a 12-month low of $38.48 and a 12-month high of $59.78. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $3.37 billion, a price-to-earnings ratio of 14.19 and a beta of 1.14. The stock’s fifty day simple moving average is $53.04 and its 200-day simple moving average is $50.71.

ABM Industries (NYSE:ABM – Get Free Report) last posted its quarterly earnings results on Friday, September 6th. The business services provider reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.08. ABM Industries had a return on equity of 12.93% and a net margin of 1.89%. The company had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.04 billion. During the same period last year, the firm earned $0.79 earnings per share. ABM Industries’s quarterly revenue was up 3.3% on a year-over-year basis. On average, sell-side analysts anticipate that ABM Industries will post 3.53 earnings per share for the current fiscal year.

ABM Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Shareholders of record on Thursday, October 3rd will be paid a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date of this dividend is Thursday, October 3rd. ABM Industries’s dividend payout ratio is presently 23.56%.

ABM Industries Company Profile

(Get Free Report)

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.

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