Fox Run Management Acquires 12,986 Shares of ABM Industries

Fox Run Management L.L.C. has acquired a stake of 12,986 shares in ABM Industries Incorporated, valued at approximately $613,000. This acquisition occurred during the second quarter of 2023, as detailed in a recent filing with the Securities and Exchange Commission. The involvement of institutional investors is notable, as various firms have adjusted their positions in ABM.

In the first quarter of 2023, Summit Securities Group LLC entered the market with a new stake valued at $38,000. Additionally, Federated Hermes Inc. significantly increased its holdings in ABM Industries by 107.7%, now owning 920 shares worth $44,000 after acquiring an additional 477 shares. Caitong International Asset Management Co. Ltd. also made a new investment, approximately valued at $45,000, while Kiker Wealth Management LLC purchased shares worth around $61,000. Lastly, Virtus Advisers LLC entered the market with a new position valued at $64,000. Currently, institutional investors and hedge funds own 91.62% of ABM’s stock.

Current Stock Performance and Financial Metrics

As of Tuesday, the shares of ABM Industries (NYSE: ABM) opened at $42.30. The company showcases a quick ratio of 1.49 and a current ratio of 1.49, with a debt-to-equity ratio standing at 0.82. Over recent months, ABM’s stock has fluctuated, with a 52-week low of $40.85 and a 52-week high of $59.15. The company’s market capitalization is currently $2.59 billion, accompanied by a price-to-earnings ratio of 22.99 and a beta of 0.76.

ABM Industries recently declared a quarterly dividend of $0.265 per share, which was paid on November 3, 2023. Shareholders of record as of October 2, 2023 received this dividend, which represents an annualized rate of $1.06 and a dividend yield of 2.5%. The company’s dividend payout ratio currently stands at 57.61%.

Furthermore, ABM’s Board of Directors authorized a stock buyback plan on September 5, 2023, allowing for the repurchase of up to $150 million in outstanding shares. This decision indicates management’s belief that the stock may be undervalued, as the plan permits the company to buy back up to 5% of its stock through open market purchases.

Analysts’ Ratings and Market Outlook

Recent assessments from various research firms have influenced the market perception of ABM Industries. Baird R W downgraded the company from a “strong-buy” to a “hold” rating on September 8, 2023. Conversely, Wall Street Zen upgraded ABM from a “hold” to a “buy” rating on October 4, 2023. UBS Group raised its price target from $54.00 to $55.00, maintaining a “buy” rating as of September 8, 2023. Weiss Ratings reiterated a “hold (c)” rating on shares as of October 8, 2023, while Robert W. Baird adjusted its target price to $54.00, previously $56.00.

Currently, two analysts have rated ABM Industries with a “buy” status, while three others have issued a “hold” rating. According to MarketBeat, the company holds a consensus rating of “hold” with an average target price of $55.67.

ABM Industries Incorporated, through its subsidiaries, provides integrated facility, infrastructure, and mobility solutions across the United States and internationally. The company operates via several segments, including Business & Industry, Manufacturing & Distribution, Education, Aviation, and Technical Solutions.