Miracle Mile Advisors LLC Sells 1,352 Shares of ABM Industries Incorporated (NYSE:ABM)

Miracle Mile Advisors LLC cut its holdings in ABM Industries Incorporated (NYSE:ABM) by 17.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,308 shares of the business services provider’s stock after selling 1,352 shares during the period. Miracle Mile Advisors LLC’s holdings in ABM Industries were worth $299,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in ABM. Savant Capital LLC grew its holdings in ABM Industries by 1.7% in the 4th quarter. Savant Capital LLC now owns 11,707 shares of the business services provider’s stock valued at $599,000 after buying an additional 191 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of ABM Industries by 2.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 138,889 shares of the business services provider’s stock valued at $7,108,000 after acquiring an additional 3,804 shares during the period. Naples Global Advisors LLC grew its stake in shares of ABM Industries by 2.3% in the fourth quarter. Naples Global Advisors LLC now owns 11,038 shares of the business services provider’s stock worth $565,000 after acquiring an additional 253 shares during the last quarter. Rhumbline Advisers grew its stake in shares of ABM Industries by 1.3% in the fourth quarter. Rhumbline Advisers now owns 198,756 shares of the business services provider’s stock worth $10,172,000 after acquiring an additional 2,517 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D increased its position in ABM Industries by 6.6% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 37,918 shares of the business services provider’s stock worth $1,941,000 after acquiring an additional 2,364 shares during the period. Institutional investors and hedge funds own 91.62% of the company’s stock.

Insider Transactions at ABM Industries

In related news, CEO Scott B. Salmirs sold 12,135 shares of ABM Industries stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $52.06, for a total transaction of $631,748.10. Following the completion of the transaction, the chief executive officer now directly owns 406,721 shares of the company’s stock, valued at $21,173,895.26. This trade represents a 2.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Sean Michael Mahoney sold 1,800 shares of the company’s stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $50.03, for a total transaction of $90,054.00. Following the sale, the executive vice president now directly owns 47,425 shares in the company, valued at $2,372,672.75. This represents a 3.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,374 shares of company stock valued at $2,733,303. Corporate insiders own 0.90% of the company’s stock.

ABM Industries Stock Down 3.0%

Shares of ABM stock opened at $46.37 on Thursday. ABM Industries Incorporated has a one year low of $40.85 and a one year high of $59.78. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.33 and a quick ratio of 1.33. The stock has a fifty day moving average price of $49.03 and a 200 day moving average price of $51.10. The stock has a market cap of $2.89 billion, a P/E ratio of 36.51, a price-to-earnings-growth ratio of 2.75 and a beta of 0.83.

ABM Industries (NYSE:ABM) last announced its quarterly earnings data on Friday, June 6th. The business services provider reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.01). The business had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.07 billion. ABM Industries had a net margin of 0.97% and a return on equity of 12.48%. The company’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.87 EPS. Analysts predict that ABM Industries Incorporated will post 3.71 earnings per share for the current year.

ABM Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 4th. Stockholders of record on Thursday, July 3rd will be issued a $0.265 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.29%. ABM Industries’s payout ratio is presently 85.48%.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Wall Street Zen downgraded shares of ABM Industries from a “buy” rating to a “hold” rating in a report on Saturday, May 31st. UBS Group raised shares of ABM Industries from a “neutral” rating to a “buy” rating and upped their price objective for the company from $50.00 to $54.00 in a research report on Monday. Baird R W raised ABM Industries from a “hold” rating to a “strong-buy” rating in a research report on Monday. Finally, Robert W. Baird upgraded ABM Industries from a “neutral” rating to an “outperform” rating and set a $56.00 price target on the stock in a research note on Monday. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $55.00.

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.