Principal Financial Group Inc. Cuts Stake in ABM Industries Incorporated (ABM)

Principal Financial Group Inc. reduced its position in shares of ABM Industries Incorporated (NYSE:ABM) by 48.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 445,546 shares of the business services provider’s stock after selling 426,494 shares during the period. Principal Financial Group Inc.’s holdings in ABM Industries were worth $19,426,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of ABM. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of ABM Industries by 65.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,400 shares of the business services provider’s stock worth $105,000 after buying an additional 946 shares during the last quarter. Elkfork Partners LLC acquired a new stake in shares of ABM Industries during the fourth quarter worth $110,000. Meadow Creek Investment Management LLC increased its stake in shares of ABM Industries by 2.5% in the first quarter. Meadow Creek Investment Management LLC now owns 3,500 shares of the business services provider’s stock worth $153,000 after buying an additional 84 shares during the last quarter. Glen Harbor Capital Management LLC increased its stake in shares of ABM Industries by 2.5% in the first quarter. Glen Harbor Capital Management LLC now owns 4,250 shares of the business services provider’s stock worth $185,000 after buying an additional 102 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of ABM Industries by 4.9% in the first quarter. Victory Capital Management Inc. now owns 4,427 shares of the business services provider’s stock worth $193,000 after buying an additional 206 shares during the last quarter. 91.74% of the stock is owned by institutional investors.

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

ABM Industries Incorporated (NYSE:ABM) traded down 0.50% during mid-day trading on Tuesday, hitting $41.42. 59,662 shares of the stock were exchanged. The firm has a 50-day moving average price of $42.52 and a 200-day moving average price of $41.84. ABM Industries Incorporated has a 12-month low of $35.03 and a 12-month high of $45.03. The stock has a market capitalization of $2.31 billion, a P/E ratio of 184.09 and a beta of 0.70.

ABM Industries (NYSE:ABM) last released its quarterly earnings data on Wednesday, June 7th. The business services provider reported $0.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.06. ABM Industries had a return on equity of 11.44% and a net margin of 0.25%. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the previous year, the business posted $0.31 EPS. ABM Industries’s revenue for the quarter was up 4.2% on a year-over-year basis. Equities analysts predict that ABM Industries Incorporated will post $1.95 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 7th. Shareholders of record on Thursday, July 6th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend is Monday, July 3rd. ABM Industries’s payout ratio is 283.33%.

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A number of brokerages have weighed in on ABM. Robert W. Baird raised shares of ABM Industries from a “neutral” rating to an “outperform” rating and upped their price target for the company from $46.00 to $50.00 in a report on Thursday, March 9th. Zacks Investment Research downgraded shares of ABM Industries from a “buy” rating to a “hold” rating in a report on Tuesday, May 9th.

In other ABM Industries news, insider James P. Mcclure sold 1,970 shares of the business’s stock in a transaction that occurred on Thursday, April 13th. The stock was sold at an average price of $42.33, for a total value of $83,390.10. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Rene Jacobsen sold 950 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $43.95, for a total value of $41,752.50. Following the completion of the sale, the insider now owns 16,594 shares in the company, valued at approximately $729,306.30. The disclosure for this sale can be found here. Insiders sold a total of 14,761 shares of company stock worth $637,135 in the last 90 days. Company insiders own 1.30% of the company’s stock.

ABM Industries Company Profile

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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