Short Interest in ABM Industries Incorporated (NYSE:ABM) Declines By 11.3%

ABM Industries Incorporated (NYSE:ABM) was the recipient of a large drop in short interest during the month of November. As of November 30th, there was short interest totalling 1,020,000 shares, a drop of 11.3% from the November 15th total of 1,150,000 shares. Approximately 1.7% of the shares of the company are sold short. Based on an average trading volume of 457,800 shares, the days-to-cover ratio is presently 2.2 days.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on ABM shares. Truist Financial raised their target price on ABM Industries from $49.00 to $55.00 and gave the stock a “hold” rating in a research report on Monday, September 9th. Robert W. Baird raised their price objective on shares of ABM Industries from $49.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, September 9th. Finally, UBS Group upped their target price on shares of ABM Industries from $51.00 to $55.00 and gave the company a “neutral” rating in a report on Monday, September 9th.

ABM Industries Stock Performance

NYSE:ABM traded down $1.85 during mid-day trading on Tuesday, hitting $54.91. 435,792 shares of the company traded hands, compared to its average volume of 529,410. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.71. The stock’s fifty day moving average price is $55.37 and its 200-day moving average price is $53.30. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of 22.69 and a beta of 1.14. ABM Industries has a one year low of $39.64 and a one year high of $59.78.

ABM Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Thursday, January 2nd will be issued a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 1.93%. This is a positive change from ABM Industries’s previous quarterly dividend of $0.23. The ex-dividend date is Thursday, January 2nd. ABM Industries’s dividend payout ratio is currently 43.80%.

Insider Activity

In other news, CFO Earl Ray Ellis sold 40,000 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $53.96, for a total value of $2,158,400.00. Following the transaction, the chief financial officer now directly owns 45,260 shares in the company, valued at $2,442,229.60. This trade represents a 46.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.04% of the company’s stock.

Hedge Funds Weigh In On ABM Industries

Several large investors have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new position in shares of ABM Industries during the 3rd quarter valued at $30,000. BOKF NA bought a new position in shares of ABM Industries in the second quarter worth about $30,000. Copeland Capital Management LLC purchased a new stake in shares of ABM Industries during the third quarter worth about $37,000. GAMMA Investing LLC raised its stake in ABM Industries by 58.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,590 shares of the business services provider’s stock valued at $84,000 after purchasing an additional 589 shares during the period. Finally, Quarry LP lifted 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 worth $115,000 after purchasing an additional 721 shares in the last quarter. Hedge funds and other institutional investors own 91.62% of the company’s stock.

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.