ABM Industries Incorporated (NYSE:ABM) Shares Bought by Invesco Ltd.

Key Points

• Invesco Ltd. increased its stake in ABM Industries by 17.8%, acquiring an additional 269,410 shares, bringing its total ownership to approximately 1,786,926 shares valued at around $84.6 million.
• Several institutional investors have significantly increased their positions in ABM Industries, including LSV Asset Management, which boosted its holdings by 66.4%, and Captrust Financial Advisors, which raised its stake by an impressive 2,101.3%.
• ABM Industries recently reported a quarterly earnings per share (EPS) of $0.86, slightly below analyst expectations, but achieved a revenue of $2.11 billion, marking a 4.6% increase compared to the previous year.

Invesco Ltd. boosted its position in shares of ABM Industries Incorporated (NYSE:ABM - Free Report) by 17.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,786,926 shares of the business services provider's stock after buying an additional 269,410 shares during the quarter. Invesco Ltd. owned approximately 2.87% of ABM Industries worth $84,629,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LSV Asset Management lifted its holdings in ABM Industries by 66.4% during the first quarter. LSV Asset Management now owns 1,386,172 shares of the business services provider's stock valued at $65,649,000 after purchasing an additional 553,225 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in ABM Industries by 99.2% during the fourth quarter. Nuveen Asset Management LLC now owns 671,266 shares of the business services provider's stock valued at $34,355,000 after purchasing an additional 334,295 shares in the last quarter. Bank of America Corp DE lifted its holdings in ABM Industries by 52.1% during the fourth quarter. Bank of America Corp DE now owns 677,811 shares of the business services provider's stock valued at $34,690,000 after purchasing an additional 232,190 shares in the last quarter. Captrust Financial Advisors lifted its holdings in ABM Industries by 2,101.3% during the fourth quarter. Captrust Financial Advisors now owns 172,057 shares of the business services provider's stock valued at $8,806,000 after purchasing an additional 164,241 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in ABM Industries during the fourth quarter valued at $7,044,000. Institutional investors and hedge funds own 91.62% of the company's stock.

Insider Activity at ABM Industries

In other news, Director Thomas M. Gartland sold 3,711 shares of the business's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $45.52, for a total transaction of $168,924.72. Following the completion of the sale, the director owned 30,958 shares in the company, valued at approximately $1,409,208.16. The trade was a 10.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Rene Jacobsen sold 17,250 shares of the business's stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $48.03, for a total transaction of $828,517.50. Following the sale, the chief operating officer owned 71,256 shares of the company's stock, valued at $3,422,425.68. This represents a 19.49% decrease in their position. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

ABM has been the topic of several recent analyst reports. Wall Street Zen downgraded shares of ABM Industries from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Truist Financial raised shares of ABM Industries from a "hold" rating to a "buy" rating and raised their price target for the stock from $55.00 to $58.00 in a research note on Wednesday, July 2nd. UBS Group raised shares of ABM Industries from a "neutral" rating to a "buy" rating and raised their price target for the stock from $50.00 to $54.00 in a research note on Monday, June 9th. Baird R W raised shares of ABM Industries from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 9th. Finally, Robert W. Baird raised shares of ABM Industries from a "neutral" rating to an "outperform" rating and set a $56.00 price target on the stock in a research note on Monday, June 9th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $56.00.

ABM Industries Trading Down 0.3%

Shares of ABM stock opened at $48.26 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.55 and a current ratio of 1.55. The stock has a market capitalization of $3.00 billion, a P/E ratio of 38.92 and a beta of 0.80. The company has a 50 day moving average price of $47.07 and a 200 day moving average price of $48.98. ABM Industries Incorporated has a fifty-two week low of $40.85 and a fifty-two week high of $59.78.

ABM Industries (NYSE:ABM - Get Free Report) last issued its quarterly earnings results on Friday, June 6th. The business services provider reported $0.86 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.87 by ($0.01). ABM Industries had a return on equity of 12.54% and a net margin of 0.93%. The firm had revenue of $2.11 billion during the quarter, compared to analysts' expectations of $2.07 billion. During the same quarter in the prior year, the firm earned $0.87 EPS. The firm's revenue was up 4.6% compared to the same quarter last year. Equities research analysts predict that ABM Industries Incorporated will post 3.71 EPS for the current fiscal year.

ABM Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 4th. Stockholders of record on Thursday, July 3rd were given a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Thursday, July 3rd. ABM Industries's payout ratio is currently 85.48%.

ABM Industries Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.