Short Interest in ABM Industries Incorporated (NYSE:ABM) Decreases By 11.3%

ABM Industries Incorporated (NYSE:ABM) was the recipient of a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 1,020,000 shares, a drop of 11.3% from the November 15th total of 1,150,000 shares. Based on an average daily trading volume, of 457,800 shares, the short-interest ratio is presently 2.2 days. Approximately 1.7% of the company’s shares are short sold.

Insider Activity at ABM Industries

In related news, CFO Earl Ray Ellis sold 40,000 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 45,260 shares in the company, valued at approximately $2,442,229.60. This trade represents a 46.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.04% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. CWM LLC boosted its stake in shares of ABM Industries by 214.6% during the 2nd quarter. CWM LLC now owns 3,017 shares of the business services provider’s stock worth $153,000 after acquiring an additional 2,058 shares in the last quarter. Neo Ivy Capital Management bought a new position in shares of ABM Industries in the second quarter valued at approximately $3,682,000. SummerHaven Investment Management LLC raised its position in shares of ABM Industries by 1.9% in the second quarter. SummerHaven Investment Management LLC now owns 17,623 shares of the business services provider’s stock valued at $891,000 after purchasing an additional 324 shares during the period. Louisiana State Employees Retirement System lifted its stake in shares of ABM Industries by 2.3% in the second quarter. Louisiana State Employees Retirement System now owns 31,800 shares of the business services provider’s stock worth $1,608,000 after buying an additional 700 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of ABM Industries by 2.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 656,652 shares of the business services provider’s stock worth $33,207,000 after buying an additional 13,126 shares during the period. Hedge funds and other institutional investors own 91.62% of the company’s stock.

ABM Industries Trading Down 3.3 %

Shares of ABM Industries stock traded down $1.85 during trading on Tuesday, hitting $54.91. The stock had a trading volume of 435,792 shares, compared to its average volume of 529,410. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $3.45 billion, a PE ratio of 22.69 and a beta of 1.14. ABM Industries has a 1 year low of $39.64 and a 1 year high of $59.78. The stock has a 50 day simple moving average of $55.37 and a 200 day simple moving average of $53.30.

ABM Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Thursday, January 2nd will be given a dividend of $0.265 per share. The ex-dividend date is Thursday, January 2nd. This is an increase from ABM Industries’s previous quarterly dividend of $0.23. This represents a $1.06 dividend on an annualized basis and a yield of 1.93%. ABM Industries’s payout ratio is presently 43.80%.

Wall Street Analyst Weigh In

A number of research firms have commented on ABM. Truist Financial increased their target price on ABM Industries from $49.00 to $55.00 and gave the stock a “hold” rating in a report on Monday, September 9th. UBS Group boosted their target price on shares of ABM Industries from $51.00 to $55.00 and gave the company a “neutral” rating in a research note on Monday, September 9th. Finally, Robert W. Baird lifted their price target on shares of ABM Industries from $49.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, September 9th.

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.