ABM Industries Incorporated (NYSE:ABM) Sees Large Decrease in Short Interest

ABM Industries Incorporated (NYSE:ABM) was the target of a large 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. Currently, 1.7% of the company’s shares are short sold. Based on an average daily trading volume, of 457,800 shares, the days-to-cover ratio is currently 2.2 days.

Analyst Ratings Changes

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

ABM Industries Stock Down 3.3 %

NYSE ABM traded down $1.85 during mid-day trading on Tuesday, reaching $54.91. The stock had a trading volume of 435,792 shares, compared to its average volume of 529,410. The stock has a market cap 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 company has a debt-to-equity ratio of 0.71, a current ratio of 1.38 and a quick ratio of 1.38. The company has a fifty day moving average price of $55.37 and a 200 day moving average price of $53.30.

ABM Industries Increases Dividend

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

Insiders Place Their Bets

In related news, CFO Earl Ray Ellis sold 40,000 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $53.96, for a total value of $2,158,400.00. Following the completion of the transaction, the chief financial officer now directly owns 45,260 shares of the company’s stock, valued at $2,442,229.60. This represents a 46.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.04% of the company’s stock.

Hedge Funds Weigh In On ABM Industries

A number of institutional investors and hedge funds have recently modified their holdings of ABM. Capital Performance Advisors LLP purchased a new stake in ABM Industries during the third quarter valued at approximately $30,000. BOKF NA bought a new stake in shares of ABM Industries during the 2nd quarter valued at $30,000. Copeland Capital Management LLC purchased a new stake in shares of ABM Industries in the 3rd quarter worth $37,000. GAMMA Investing LLC raised its holdings in ABM Industries by 58.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,590 shares of the business services provider’s stock worth $84,000 after purchasing an additional 589 shares during the period. Finally, Quarry LP lifted its position in ABM Industries by 49.7% during the third quarter. Quarry LP now owns 2,171 shares of the business services provider’s stock valued at $115,000 after purchasing an additional 721 shares in the last quarter. 91.62% of the stock is currently owned by hedge funds and other institutional investors.

ABM Industries Company Profile

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.