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

The Manufacturers Life Insurance Company acquired a new position in ABM Industries Incorporated (NYSE:ABM) during the 2nd quarter, HoldingsChannel reports. The fund acquired 26,821 shares of the business services provider’s stock, valued at approximately $1,187,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in ABM. Royal Bank of Canada increased its holdings in shares of ABM Industries by 0.4% during the 1st quarter. Royal Bank of Canada now owns 86,571 shares of the business services provider’s stock valued at $4,100,000 after purchasing an additional 312 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in ABM Industries by 2.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,983 shares of the business services provider’s stock worth $1,752,000 after buying an additional 984 shares in the last quarter. Millennium Management LLC boosted its holdings in ABM Industries by 2.2% during the first quarter. Millennium Management LLC now owns 79,533 shares of the business services provider’s stock worth $3,767,000 after buying an additional 1,734 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in ABM Industries by 5.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 180,038 shares of the business services provider’s stock valued at $8,527,000 after buying an additional 8,704 shares during the period. Finally, Jane Street Group LLC grew its position in ABM Industries by 592.0% during the first quarter. Jane Street Group LLC now owns 140,201 shares of the business services provider’s stock valued at $6,640,000 after buying an additional 119,942 shares during the period. Institutional investors and hedge funds own 91.62% of the company’s stock.

ABM Industries Trading Down 0.5%

Shares of ABM stock opened at $46.98 on Friday. ABM Industries Incorporated has a 1-year low of $36.96 and a 1-year high of $50.12. The company has a market cap of $2.75 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 1.24 and a beta of 0.68. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.46 and a quick ratio of 1.46. The stock has a 50 day simple moving average of $46.94 and a 200-day simple moving average of $43.12.

ABM Industries (NYSE:ABM) last issued its quarterly earnings results on Friday, June 5th. The business services provider reported $0.90 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.02). The company had revenue of $2.29 billion during 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%.ABM Industries’s revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.86 EPS. On average, equities research analysts expect that ABM Industries Incorporated will post 3.97 EPS for the current fiscal year.

Insider Activity

In other news, CEO Scott Salmirs sold 50,000 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer owned 395,285 shares of the company’s stock, 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 Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

About ABM Industries

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.