State Street Corp, a prominent investment firm based in Boston, recently made a significant transaction involving ABM Industries Inc. This article will delve into the details of this transaction, provide an overview of both entities, and analyze the potential implications of this move on the stock market.
Details of the Transaction
On July 31, 2023, State Street Corp reduced its holdings in ABM Industries Inc by 44.74%, selling off 3,111,974 shares at a trade price of $46.28 each. This move had a minor impact of -0.01% on State Street Corp's portfolio, leaving the firm with a total of 3,843,315 shares in ABM Industries Inc. This represents a 5.81% stake in the company, making up 0.01% of State Street Corp's portfolio.
Profile of State Street Corp
State Street Corp is a renowned investment firm located at One Lincoln Street, Boston, MA. The firm manages a vast equity of $1,769.19 trillion, spread across 4,579 stocks. Its top holdings include tech giants like Apple Inc (AAPL, Financial), Amazon.com Inc (AMZN, Financial), and Microsoft Corp (MSFT, Financial), as well as NVIDIA Corp (NVDA, Financial) and Exxon Mobil Corp (XOM, Financial). The firm's investment philosophy leans heavily towards the Technology and Healthcare sectors.
Overview of ABM Industries Inc
ABM Industries Inc, symbolized as ABM on the stock market, is a US-based provider of integrated facility solutions. The company operates in five segments: Aviation, Business & Industry, Education, Manufacturing & Distribution, and Technical Solutions. As of the date of this article, ABM Industries Inc has a market capitalization of $3.07 billion and a stock price of $46.44. The company's PE percentage stands at 15.80, indicating a modest undervaluation according to the GF Valuation. The GF Value of the stock is $52.54, with a Price to GF Value ratio of 0.88.
Performance of ABM Industries Inc's Stock
Since its IPO on July 19, 1984, ABM Industries Inc's stock has seen a remarkable increase of 1106.23%. The year-to-date price change ratio stands at 3.43%. The company's GF Score is 79/100, indicating good outperformance potential. ABM Industries Inc's Financial Strength is ranked 5/10, with a interest coverage of 4.89 and a Altman Z score of 2.87. The company's Profitability Rank is 7/10, and its Piotroski F-Score is 5.
Other Gurus' Involvement in ABM Industries Inc
State Street Corp is not the only investment firm with a stake in ABM Industries Inc. Olstein Capital Management, L.P. holds the largest share among gurus. Other notable gurus with holdings in ABM Industries Inc include HOTCHKIS & WILEY, Keeley-Teton Advisors, LLC (Trades, Portfolio), and Barrow, Hanley, Mewhinney & Strauss.
Conclusion
In conclusion, State Street Corp's recent reduction in its stake in ABM Industries Inc is a significant move that could have implications for both entities. Despite the reduction, ABM Industries Inc continues to show strong potential with a good GF Score and a modest undervaluation. As always, investors are advised to conduct their own thorough research before making any investment decisions.
