Jennison Associates LLC Boosts Stock Position in ABM Industries Incorporated (NYSE:ABM)

Jennison Associates LLC boosted its position in shares of ABM Industries Incorporated (NYSE:ABM) by 9.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,616 shares of the business services provider’s stock after acquiring an additional 1,858 shares during the quarter. Jennison Associates LLC’s holdings in ABM Industries were worth $1,193,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ABM. Pacer Advisors Inc. purchased a new position in shares of ABM Industries in the second quarter valued at approximately $125,118,000. Pzena Investment Management LLC acquired a new stake in ABM Industries during the 2nd quarter worth approximately $21,032,000. LSV Asset Management boosted its position in ABM Industries by 92.3% in the 2nd quarter. LSV Asset Management now owns 760,321 shares of the business services provider’s stock valued at $38,449,000 after buying an additional 364,879 shares during the period. SG Capital Management LLC acquired a new position in shares of ABM Industries in the first quarter worth $13,730,000. Finally, Invenomic Capital Management LP purchased a new stake in shares of ABM Industries during the first quarter worth $10,071,000. 91.62% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Earl Ray Ellis sold 40,000 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $53.96, for a total transaction of $2,158,400.00. Following the completion of the sale, the chief financial officer now owns 45,260 shares in the company, valued at approximately $2,442,229.60. This represents a 46.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.04% of the stock is currently owned by insiders.

ABM Industries Trading Up 0.7 %

NYSE:ABM opened at $56.79 on Friday. ABM Industries Incorporated has a 1 year low of $39.64 and a 1 year high of $59.78. The stock has a market cap of $3.57 billion, a P/E ratio of 23.47 and a beta of 1.14. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a 50-day simple moving average of $53.64 and a 200-day simple moving average of $52.04.

ABM Industries (NYSE:ABM) last announced its quarterly earnings results on Friday, September 6th. The business services provider reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.08. ABM Industries had a return on equity of 12.93% and a net margin of 1.89%. The firm had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.04 billion. During the same period in the prior year, the company posted $0.79 earnings per share. The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. As a group, analysts anticipate that ABM Industries Incorporated will post 3.53 earnings per share for the current fiscal year.

ABM Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Thursday, October 3rd were paid a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend was Thursday, October 3rd. ABM Industries’s dividend payout ratio is currently 37.19%.

Analyst Ratings Changes

Several research analysts recently commented on the company. Truist Financial boosted their target price on ABM Industries from $49.00 to $55.00 and gave the stock a “hold” rating in a research note on Monday, September 9th. UBS Group boosted their price objective on ABM Industries from $51.00 to $55.00 and gave the stock a “neutral” rating in a research report on Monday, September 9th. StockNews.com downgraded shares of ABM Industries from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. Finally, Robert W. Baird boosted their price target on shares of ABM Industries from $49.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, September 9th.

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.