Arrowstreet Capital Limited Partnership boosted its stake in ABM Industries Incorporated (NYSE:ABM) by 121.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 38,400 shares of the business services provider’s stock after buying an additional 21,077 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in ABM Industries were worth $1,959,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bellecapital International Ltd. purchased a new stake in ABM Industries in the 1st quarter valued at $1,370,000. Copeland Capital Management LLC increased its position in shares of ABM Industries by 5.0% during the 1st quarter. Copeland Capital Management LLC now owns 852,839 shares of the business services provider’s stock valued at $43,503,000 after purchasing an additional 40,298 shares during the last quarter. Nuveen Asset Management LLC increased its position in shares of ABM Industries by 31.9% during the 4th quarter. Nuveen Asset Management LLC now owns 618,866 shares of the business services provider’s stock valued at $23,418,000 after purchasing an additional 149,564 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of ABM Industries by 248.0% during the 1st quarter. Pacer Advisors Inc. now owns 90,143 shares of the business services provider’s stock valued at $4,598,000 after purchasing an additional 64,241 shares during the last quarter. Finally, Martingale Asset Management L P increased its position in shares of ABM Industries by 9.8% during the 1st quarter. Martingale Asset Management L P now owns 39,245 shares of the business services provider’s stock valued at $2,002,000 after purchasing an additional 3,504 shares during the last quarter. 91.50% of the stock is owned by institutional investors and hedge funds.
In other ABM Industries news, COO Rene Jacobsen sold 4,867 shares of the firm’s stock in a transaction dated Monday, July 19th. The stock was sold at an average price of $45.35, for a total value of $220,718.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.47% of the stock is owned by company insiders.
ABM Industries (NYSE:ABM) last issued its earnings results on Monday, June 7th. The business services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.71 by $0.11. ABM Industries had a return on equity of 14.42% and a net margin of 3.66%. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter last year, the company earned $0.60 EPS. The firm’s revenue was up .1% compared to the same quarter last year. On average, analysts predict that ABM Industries Incorporated will post 3.77 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 2nd. Shareholders of record on Thursday, July 1st will be paid a $0.19 dividend. The ex-dividend date of this dividend is Wednesday, June 30th. This represents a $0.76 annualized dividend and a yield of 1.66%. ABM Industries’s dividend payout ratio is currently 31.28%.
Several equities research analysts have recently issued reports on the company. Zacks Investment Research raised ABM Industries from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Monday. KeyCorp raised their target price on ABM Industries from $45.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, April 22nd. Finally, FIX upgraded ABM Industries to an “add” rating in a research note on Tuesday, June 29th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $52.67.
About ABM Industries
ABM Industries, Inc engages in the provision of facility services for commercial, industrial, and institutional buildings. It operates through the following segments: Business & Industry, Aviation, Technology & Manufacturing, Education, and Technical Solutions. The Business & Industry segment encompasses janitorial, facilities engineering, and parking services for commercial real estate properties and sports and entertainment venues.
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