SSgA Funds Management, Inc. recently announced the acquisition of new stake in ABM Industries Incorporated (NYSE:ABM). The institutional investor has increased its shareholding in the Industrials company by 9.62% to 6.42 million shares with purchase of 0.56 million shares. This fresh investment now brings its stake to 9.71% valued currently at $303.12 million. In addition, Dimensional Fund Advisors LP raised its holdings by 89431.0 to 4.35 million shares. And Principal Global Investors LLC has lifted its position by 3.53% or 63294.0 shares – to 1.85 million shares.
With over 0.35 million ABM Industries Incorporated (ABM) shares trading Tuesday and a closing price of $46.19 on the day, the dollar volume was approximately $16.07 million. The shares have shown a positive half year performance of 8.05% and its price on 01/10/23 gained nearly 1.43%. Currently, there are 66.50M common shares owned by the public and among those 65.41M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for ABM have a consensus price objective of $58.00. The analysts have set the share’s price value over the next 12 months at a high of $65.00 and a low of $51.00. The average price target is 20.36% above its recent price level and an upside to the estimated low will see the stock gain 9.43% over that period. But an upside of 28.94% will see the stock hit the forecast high price target while median target price for the stock is $58.00.
Insiders at the company have transacted a total of 88 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 72 of these insider trades were purchases, accounting for 14,777 shares. Insider sales of the common stock occurred on 16 occasions, with total insider shares sold totaling 80,228 shares.
The top 3 mutual fund holders in ABM Industries Incorporated are iShares Core S&P Small Cap ETF, SPDR S&P Dividend ETF, and Vanguard Total Stock Market Index. iShares Core S&P Small Cap ETF owns 5.01 million shares of the company’s stock, all valued at over $236.2 million. The company bought an additional 1624.0 shares recently to bring their total holdings to about 7.57% of the shares outstanding. SPDR S&P Dividend ETF bought 5604.0 shares to see its total holdings expand to 3.45 million shares valued at over $162.74 million and representing 5.21% of the shares outstanding. Vanguard Total Stock Market Index bought 2987.0 shares to bring its total holdings to over 2.02 million shares at a value of $95.13 million. Vanguard Total Stock Market Index now owns shares totaling to 3.05% of the shares outstanding.
Shares of ABM Industries Incorporated (NYSE: ABM) opened at $45.31, down -$0.23 from a prior closing price of $45.54. However, the script later moved the day high at 46.30, up 1.43%. The company’s stock has a 5-day price change of 2.87% and 12.17% over the past three months. ABM shares are trading 3.98% year to date (YTD), with the 12-month market performance up to 7.72% higher. It has a 12-month low price of $37.68 and touched a high of $54.00 over the same period. ABM has an average intraday trading volume of 307.19K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.81%, 2.66%, and 3.39% respectively.
Institutional ownership of ABM Industries Incorporated (NYSE: ABM) shares accounts for 97.50% of the company’s 66.50M shares outstanding. Mutual fund holders own 31.05%, while other institutional holders and individual stakeholders account for 64.22% and 11.43% respectively.
It has a market capitalization of $2.99B and a beta (3y monthly) value of 1.13. The stock’s trailing 12-month PE ratio is 13.55, while the earnings-per-share (ttm) stands at $3.41. The company has a PEG of 4.87 and a Quick Ratio of 1.20 with the debt-to-equity ratio at 0.74. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.12% over the week and 2.68% over the month.
Analysts forecast that ABM Industries Incorporated (ABM) will achieve an EPS of $0.88 for the current quarter, $0.89 for the next quarter and $3.71 for 2023. The lowest estimate earnings-per-share for the quarter is $0.84 while analysts give the company a high EPS estimate of $0.91. Comparatively, EPS for the current quarter was $0.85 a year ago. Earnings per share for the fiscal year are expected to increase by 83.80%, and 12.50% over the next financial year. EPS should shrink at an annualized rate of 2.78% over the next five years, compared to 20.60% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate ABM Industries Incorporated (ABM) as a “Strong Buy” at a consensus score of 1.70. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 1 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ABM, a number of firms have released research notes about the stock. Robert W. Baird stated their Outperform rating for the stock in a research note on June 21, 2022, with the firm’s price target at $50. Deutsche Bank coverage for the ABM Industries Incorporated (ABM) stock in a research note released on March 30, 2022 offered a Buy rating with a price target of $62. Sidoti was of a view on September 17, 2020 that the stock is Buy, while CL King gave the stock Buy rating on June 19, 2020, issuing a price target of $45. Sidoti on their part issued Neutral rating on May 27, 2020.