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

Jennison Associates LLC lifted its stake in shares of ABM Industries Incorporated (NYSE:ABM) by 9.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,616 shares of the business services provider’s stock after purchasing an additional 1,858 shares during the period. Jennison Associates LLC’s holdings in ABM Industries were worth $1,193,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in ABM Industries during the 1st quarter worth approximately $225,000. CANADA LIFE ASSURANCE Co boosted its stake in shares of ABM Industries by 5.5% in the first quarter. CANADA LIFE ASSURANCE Co now owns 74,268 shares of the business services provider’s stock worth $3,314,000 after acquiring an additional 3,841 shares during the last quarter. Shell Asset Management Co. purchased a new stake in shares of ABM Industries during the first quarter worth approximately $241,000. Lazard Asset Management LLC increased its position in shares of ABM Industries by 2,102.0% during the first quarter. Lazard Asset Management LLC now owns 1,079 shares of the business services provider’s stock worth $48,000 after purchasing an additional 1,030 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in ABM Industries by 4.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 39,717 shares of the business services provider’s stock valued at $1,773,000 after purchasing an additional 1,579 shares in the last quarter. Institutional investors and hedge funds own 91.62% of the company’s stock.

ABM Industries Trading Up 0.7 %

Shares of ABM opened at $56.79 on Friday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.71. The firm has a 50-day moving average price of $53.64 and a 200 day moving average price of $52.04. ABM Industries Incorporated has a 12-month low of $39.64 and a 12-month high of $59.78. The firm has a market capitalization of $3.57 billion, a P/E ratio of 23.47 and a beta of 1.14.

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, topping analysts’ consensus estimates of $0.86 by $0.08. ABM Industries had a net margin of 1.89% and a return on equity of 12.93%. The business had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.04 billion. During the same quarter last year, the firm earned $0.79 EPS. The business’s revenue was up 3.3% compared to the same quarter last year. Sell-side analysts forecast that ABM Industries Incorporated will post 3.53 EPS for the current year.

ABM Industries Announces Dividend

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

Insider Transactions at ABM Industries

In other ABM Industries news, CFO Earl Ray Ellis sold 40,000 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $53.96, for a total value of $2,158,400.00. Following the transaction, the chief financial officer now owns 45,260 shares of the company’s stock, valued at $2,442,229.60. This represents a 46.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.04% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ABM. Truist Financial upped their target price on shares of ABM Industries from $49.00 to $55.00 and gave the stock a “hold” rating in a report on Monday, September 9th. UBS Group increased their price objective on shares of ABM Industries from $51.00 to $55.00 and gave the company a “neutral” rating in a report on Monday, September 9th. StockNews.com cut ABM Industries from a “buy” rating to a “hold” rating in a report on Friday, August 2nd. Finally, Robert W. Baird increased their price target on ABM Industries from $49.00 to $56.00 and gave the company 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.