Verition Fund Management LLC Lowers Holdings in ABM Industries Incorporated (NYSE:ABM)

Verition Fund Management LLC lowered its stake in shares of ABM Industries Incorporated (NYSE:ABM) by 84.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,296 shares of the business services provider’s stock after selling 61,214 shares during the quarter. Verition Fund Management LLC’s holdings in ABM Industries were worth $596,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. BOKF NA acquired a new position in ABM Industries during the second quarter worth approximately $30,000. Capital Performance Advisors LLP acquired a new stake in shares of ABM Industries during the 3rd quarter worth $30,000. Copeland Capital Management LLC purchased a new position in shares of ABM Industries in the 3rd quarter worth $37,000. GAMMA Investing LLC boosted its holdings in ABM Industries by 58.8% in the third quarter. GAMMA Investing LLC now owns 1,590 shares of the business services provider’s stock valued at $84,000 after acquiring an additional 589 shares during the last quarter. Finally, Innealta Capital LLC purchased a new stake in ABM Industries during the second quarter valued at about $142,000. 91.62% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at ABM Industries

In other news, CFO Earl Ray Ellis sold 40,000 shares of ABM Industries 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 of the company’s stock, valued at approximately $2,442,229.60. The trade was a 46.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.04% of the company’s stock.

ABM Industries Stock Performance

Shares of NYSE:ABM opened at $56.88 on Wednesday. The business’s 50-day simple moving average is $54.98 and its 200 day simple moving average is $53.02. The company has a market cap of $3.57 billion, a P/E ratio of 23.50 and a beta of 1.14. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.38 and a current ratio of 1.38. ABM Industries Incorporated has a one year low of $39.64 and a one year high of $59.78.

ABM Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Thursday, January 2nd will be paid a dividend of $0.265 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.86%. This is a positive change from ABM Industries’s previous quarterly dividend of $0.23. ABM Industries’s dividend payout ratio (DPR) is currently 37.19%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Truist Financial boosted 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 increased their price objective on shares of ABM Industries from $51.00 to $55.00 and gave the stock a “neutral” rating in a research report on Monday, September 9th. Finally, Robert W. Baird lifted their target price 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.