Principal Financial Group Inc. Boosts Stake in ABM Industries Incorporated (NYSE:ABM)

Principal Financial Group Inc. increased its position in ABM Industries Incorporated (NYSE:ABM - Free Report) by 1.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 347,496 shares of the business services provider's stock after buying an additional 5,880 shares during the period. Principal Financial Group Inc. owned 0.56% of ABM Industries worth $16,457,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in ABM. Vanguard Group Inc. raised its holdings in shares of ABM Industries by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 8,198,258 shares of the business services provider's stock worth $419,587,000 after purchasing an additional 55,584 shares during the period. Invesco Ltd. raised its holdings in shares of ABM Industries by 14.8% in the 4th quarter. Invesco Ltd. now owns 1,517,516 shares of the business services provider's stock worth $77,666,000 after purchasing an additional 195,978 shares during the period. American Century Companies Inc. raised its holdings in shares of ABM Industries by 2,322.1% in the 4th quarter. American Century Companies Inc. now owns 1,183,695 shares of the business services provider's stock worth $60,582,000 after purchasing an additional 1,134,825 shares during the period. Norges Bank bought a new stake in shares of ABM Industries in the 4th quarter worth approximately $43,967,000. Finally, Northern Trust Corp raised its holdings in shares of ABM Industries by 5.4% in the 4th quarter. Northern Trust Corp now owns 836,801 shares of the business services provider's stock worth $42,827,000 after purchasing an additional 42,997 shares during the period. 91.62% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ABM. UBS Group upgraded ABM Industries from a "neutral" rating to a "buy" rating and increased their target price for the stock from $50.00 to $54.00 in a research report on Monday, June 9th. Robert W. Baird upgraded shares of ABM Industries from a "neutral" rating to an "outperform" rating and set a $56.00 price target for the company in a research report on Monday, June 9th. Baird R W upgraded shares of ABM Industries from a "hold" rating to a "strong-buy" rating in a report on Monday, June 9th. Truist Financial upgraded shares of ABM Industries from a "hold" rating to a "buy" rating and increased their target price for the stock from $55.00 to $58.00 in a report on Wednesday, July 2nd. Finally, Wall Street Zen raised ABM Industries from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $56.00.

Insider Buying and Selling

In other ABM Industries news, COO Rene Jacobsen sold 17,250 shares of ABM Industries stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $48.03, for a total value of $828,517.50. Following the completion of the sale, the chief operating officer directly owned 71,256 shares in the company, valued at approximately $3,422,425.68. The trade was a 19.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas M. Gartland sold 3,711 shares of the business's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $45.52, for a total value of $168,924.72. Following the completion of the transaction, the director directly owned 30,958 shares in the company, valued at approximately $1,409,208.16. This represents a 10.70% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 73,335 shares of company stock worth $3,730,745. 0.90% of the stock is owned by corporate insiders.

ABM Industries Price Performance

ABM stock traded down $1.58 on Tuesday, reaching $47.91. 376,808 shares of the company's stock were exchanged, compared to its average volume of 480,006. The firm has a market cap of $2.98 billion, a PE ratio of 38.64, a P/E/G ratio of 2.52 and a beta of 0.78. The stock has a fifty day moving average of $48.95 and a 200-day moving average of $49.71. ABM Industries Incorporated has a twelve month low of $40.85 and a twelve month high of $59.78. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.83.

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

ABM Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 4th. Shareholders of record on Thursday, July 3rd will be given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend is Thursday, July 3rd. ABM Industries's dividend payout ratio (DPR) is currently 85.48%.

ABM Industries Company 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.