Norges Bank Makes New $43.97 Million Investment in ABM Industries Incorporated (NYSE:ABM)

Norges Bank acquired a new stake in ABM Industries Incorporated (NYSE:ABM) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 859,061 shares of the business services provider’s stock, valued at approximately $43,967,000. Norges Bank owned 1.38% of ABM Industries at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. SBI Securities Co. Ltd. acquired a new stake in ABM Industries in the 4th quarter worth $33,000. Adirondack Trust Co. grew its position in ABM Industries by 28.6% during the fourth quarter. Adirondack Trust Co. now owns 900 shares of the business services provider’s stock worth $46,000 after buying an additional 200 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in ABM Industries by 193.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 903 shares of the business services provider’s stock valued at $46,000 after acquiring an additional 595 shares during the period. Quarry LP raised its holdings in ABM Industries by 49.7% in the 3rd quarter. Quarry LP now owns 2,171 shares of the business services provider’s stock valued at $115,000 after acquiring an additional 721 shares in the last quarter. Finally, KBC Group NV lifted its position in shares of ABM Industries by 60.9% in the 4th quarter. KBC Group NV now owns 2,819 shares of the business services provider’s stock worth $144,000 after acquiring an additional 1,067 shares during the period. Institutional investors and hedge funds own 91.62% of the company’s stock.

Insider Buying and Selling at ABM Industries

In other news, CAO Dean A. Chin sold 4,281 shares of ABM Industries stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $52.36, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Rene Jacobsen sold 10,000 shares of the stock in a transaction that occurred on 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 owns 87,808 shares in the company, valued at approximately $4,639,774.72. This trade represents a 10.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.90% of the company’s stock.

ABM Industries Trading Down 2.7 %

ABM stock opened at $45.25 on Friday. ABM Industries Incorporated has a 1-year low of $42.63 and a 1-year high of $59.78. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.73. The business’s 50 day moving average is $50.93 and its 200-day moving average is $52.69. The firm has a market cap of $2.82 billion, a P/E ratio of 35.63, a P/E/G ratio of 2.75 and a beta of 1.05.

ABM Industries Announces Dividend

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

Wall Street Analyst Weigh In

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

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.