Cornerstone Wealth Management LLC Acquires 630 Shares of ABM Industries Incorporated (NYSE:ABM)

Cornerstone Wealth Management LLC increased its holdings in ABM Industries Incorporated (NYSE:ABM) by 6.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 10,755 shares of the business services provider’s stock after acquiring an additional 630 shares during the period. Cornerstone Wealth Management LLC’s holdings in ABM Industries were worth $550,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Adirondack Trust Co. grew its stake in shares of ABM Industries by 28.6% in the fourth quarter. Adirondack Trust Co. now owns 900 shares of the business services provider’s stock worth $46,000 after purchasing an additional 200 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its holdings in ABM Industries by 2.3% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 17,066 shares of the business services provider’s stock worth $900,000 after buying an additional 378 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of ABM Industries by 1.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,036 shares of the business services provider’s stock worth $1,772,000 after buying an additional 539 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of ABM Industries during the third quarter valued at approximately $30,000. Finally, Kovitz Investment Group Partners LLC raised its holdings in shares of ABM Industries by 3.9% during 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 acquiring an additional 588 shares in the last quarter. Institutional investors own 91.62% of the company’s stock.

ABM Industries Stock Performance

ABM Industries stock opened at $52.58 on Friday. ABM Industries Incorporated has a fifty-two week low of $39.64 and a fifty-two week high of $59.78. The stock’s 50 day simple moving average is $53.80 and its two-hundred day simple moving average is $53.64. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a market cap of $3.27 billion, a price-to-earnings ratio of 41.40, a PEG ratio of 2.76 and a beta of 1.16.

ABM Industries (NYSE:ABM) last released its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.03. The company had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.08 billion. ABM Industries had a return on equity of 12.48% and a net margin of 0.97%. The firm’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.01 earnings per share. As a group, analysts expect that ABM Industries Incorporated will post 3.71 earnings per share for the current fiscal year.

ABM Industries Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Thursday, January 2nd will be given a dividend of $0.265 per share. This is a boost from ABM Industries’s previous quarterly dividend of $0.23. This represents a $1.06 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend is Thursday, January 2nd. ABM Industries’s dividend payout ratio (DPR) is 83.47%.

Analysts Set New Price Targets

Separately, UBS Group lifted their price target on shares of ABM Industries from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Thursday, December 19th.

Insider Buying and Selling

In other ABM Industries news, CAO Dean A. Chin sold 4,281 shares of ABM Industries stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $52.36, for a total transaction of $224,153.16. Following the completion of the transaction, the chief accounting officer now owns 18,681 shares in the company, valued at approximately $978,137.16. The trade was a 18.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.04% of the stock is currently owned by insiders.

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.