Principal Financial Group Inc. grew its position in shares of ABM Industries Incorporated (NYSE:ABM) by 5.8% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 471,406 shares of the business services provider’s stock after purchasing an additional 25,860 shares during the period. Principal Financial Group Inc. owned approximately 0.85% of ABM Industries worth $19,573,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in ABM Industries by 35,805.5% during the first quarter. BlackRock Inc. now owns 7,121,861 shares of the business services provider’s stock worth $310,513,000 after purchasing an additional 7,102,026 shares in the last quarter. Vanguard Group Inc. lifted its stake in ABM Industries by 6.8% during the first quarter. Vanguard Group Inc. now owns 5,261,484 shares of the business services provider’s stock worth $229,401,000 after purchasing an additional 333,410 shares in the last quarter. State Street Corp lifted its stake in ABM Industries by 236.6% during the first quarter. State Street Corp now owns 4,414,087 shares of the business services provider’s stock worth $192,454,000 after purchasing an additional 3,102,800 shares in the last quarter. Aberdeen Asset Management PLC UK lifted its stake in ABM Industries by 17.1% during the first quarter. Aberdeen Asset Management PLC UK now owns 1,098,983 shares of the business services provider’s stock worth $47,915,000 after purchasing an additional 160,140 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in ABM Industries by 4.9% during the first quarter. Bank of New York Mellon Corp now owns 1,011,176 shares of the business services provider’s stock worth $44,088,000 after purchasing an additional 47,155 shares in the last quarter. Institutional investors own 91.49% of the company’s stock.
Several analysts have recently issued reports on the company. BidaskClub upgraded ABM Industries from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 1st. Zacks Investment Research cut ABM Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Robert W. Baird set a $47.00 price objective on ABM Industries and gave the company a “buy” rating in a research note on Thursday, August 24th. Finally, Sidoti upgraded ABM Industries from a “neutral” rating to a “buy” rating and increased their price objective for the company from $49.00 to $55.00 in a research note on Thursday, July 13th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $48.20.
In other ABM Industries news, insider Rene Jacobsen sold 940 shares of the business’s stock in a transaction on Monday, July 10th. The shares were sold at an average price of $40.92, for a total value of $38,464.80. Following the transaction, the insider now owns 22,729 shares in the company, valued at approximately $930,070.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Dean A. Chin sold 632 shares of the business’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $44.95, for a total transaction of $28,408.40. The disclosure for this sale can be found here. Insiders have sold a total of 17,099 shares of company stock worth $699,995 in the last 90 days. Company insiders own 1.30% of the company’s stock.
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Shares of ABM Industries Incorporated (ABM) opened at 39.75 on Friday. The firm has a market capitalization of $2.22 billion, a PE ratio of 176.67 and a beta of 0.79. The stock has a 50 day moving average price of $43.44 and a 200 day moving average price of $42.76. ABM Industries Incorporated has a 52 week low of $37.12 and a 52 week high of $45.12.
ABM Industries (NYSE:ABM) last posted its earnings results on Wednesday, September 6th. The business services provider reported $0.51 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.03). The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.32 billion. ABM Industries had a net margin of 0.29% and a return on equity of 11.37%. The business’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.54 EPS. Equities analysts forecast that ABM Industries Incorporated will post $1.88 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 6th. Investors of record on Thursday, October 5th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Wednesday, October 4th. This represents a $0.68 annualized dividend and a dividend yield of 1.71%. ABM Industries’s payout ratio is 251.86%.
About ABM Industries
ABM Industries Incorporated is a provider of integrated facility solutions. The Company operates through five segments: Janitorial, Facility Services, Parking, Building & Energy Solutions, and other. Its Janitorial segment provides a range of cleaning services for commercial office buildings, data centers, educational institutions, government buildings, health facilities, industrial buildings, retail stores, sport event facilities and transportation hubs.
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