ABM Industries (NYSE:ABM) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of ABM Industries (NYSE:ABM) from a buy rating to a hold rating in a research note released on Saturday.

Several other equities analysts also recently commented on ABM. UBS Group increased their target price on ABM Industries from $54.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, September 8th. Robert W. Baird reiterated a “neutral” rating and set a $54.00 target price (down from $56.00) on shares of ABM Industries in a research report on Monday, September 8th. Baird R W cut shares of ABM Industries from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 8th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of ABM Industries in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $55.67.

ABM Industries Stock Up 1.2%

ABM Industries stock opened at $47.20 on Friday. The stock has a market capitalization of $2.89 billion, a PE ratio of 25.65 and a beta of 0.74. ABM Industries has a twelve month low of $40.00 and a twelve month high of $56.83. The company has a 50 day moving average of $43.85 and a 200-day moving average of $46.10. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.82.

ABM Industries announced that its Board of Directors has initiated a stock buyback program on Friday, September 5th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the business services provider to buy up to 5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On ABM Industries

A number of institutional investors and hedge funds have recently made changes to their positions in ABM. Caitong International Asset Management Co. Ltd increased its stake in shares of ABM Industries by 590.9% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 608 shares of the business services provider’s stock worth $28,000 after acquiring an additional 520 shares in the last quarter. Summit Securities Group LLC bought a new position in ABM Industries during the 1st quarter valued at about $38,000. Quarry LP grew its stake in shares of ABM Industries by 667.0% in the third quarter. Quarry LP now owns 882 shares of the business services provider’s stock worth $41,000 after acquiring an additional 767 shares during the period. Federated Hermes Inc. raised its holdings in shares of ABM Industries by 34.7% during the third quarter. Federated Hermes Inc. now owns 1,239 shares of the business services provider’s stock valued at $57,000 after purchasing an additional 319 shares during the last quarter. Finally, Kiker Wealth Management LLC purchased a new stake in ABM Industries in the second quarter worth approximately $61,000. 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.