Norges Bank Purchases New Holdings in ABM Industries Incorporated (NYSE:ABM)

Norges Bank acquired a new stake in ABM Industries Incorporated (NYSE:ABM) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 859,061 shares of the business services provider’s stock, valued at approximately $43,967,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC boosted its holdings in ABM Industries by 25.9% in the third quarter. FMR LLC now owns 89,209 shares of the business services provider’s stock valued at $4,707,000 after acquiring an additional 18,339 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in ABM Industries by 0.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 148,535 shares of the business services provider’s stock valued at $7,837,000 after purchasing an additional 1,366 shares during the period. Captrust Financial Advisors acquired a new stake in shares of ABM Industries during the 3rd quarter worth approximately $412,000. Quarry LP raised its stake in shares of ABM Industries by 49.7% during the third quarter. Quarry LP now owns 2,171 shares of the business services provider’s stock worth $115,000 after buying an additional 721 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC lifted its holdings in ABM Industries by 3.9% in the third quarter. Kovitz Investment Group Partners LLC now owns 15,804 shares of the business services provider’s stock valued at $791,000 after buying an additional 588 shares during the period. 91.62% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, UBS Group dropped their target price on shares of ABM Industries from $56.00 to $50.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th.

Insider Buying and Selling at ABM Industries

In other ABM Industries news, CAO Dean A. Chin sold 4,281 shares of the stock in a transaction dated Tuesday, January 14th. The stock was sold at an average price of $52.36, for a total value of $224,153.16. Following the completion of the sale, the chief accounting officer now directly owns 18,681 shares in the company, valued at $978,137.16. This represents a 18.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Rene Jacobsen sold 10,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $52.84, for a total value of $528,400.00. Following the sale, the chief operating officer now directly owns 87,808 shares in the company, valued at approximately $4,639,774.72. This represents a 10.22 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.90% of the company’s stock.

ABM Industries Price Performance

Shares of ABM opened at $45.25 on Friday. The stock has a market cap of $2.82 billion, a P/E ratio of 35.63, a price-to-earnings-growth ratio of 2.75 and a beta of 1.05. ABM Industries Incorporated has a 1 year low of $42.63 and a 1 year high of $59.78. The stock’s 50-day moving average price is $50.93 and its two-hundred day moving average price is $52.69. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.73.

ABM Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Thursday, April 3rd will be issued a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Thursday, April 3rd. ABM Industries’s dividend payout ratio is currently 84.13%.

ABM Industries 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.