Principal Financial Group Inc. Grows Holdings in ABM Industries Incorporated (ABM)

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.

Institutional Ownership by Quarter for ABM Industries (NYSE:ABM)

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