Spartan Motors, Inc. (NASDAQ:SPAR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The firm currently has a $18.00 price objective on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 8.76% from the stock’s current price.

According to Zacks, “Spartan is a leading designer, engineer and manufacturer of custom heavy-duty chassis. The Company’s chassis consist of a frame assembly, engine, transmission, electrical systems, running gear (wheels, tires, axles, suspension and brakes) and, for some applications, a cab. The Company’s customers are original equipment manufacturers (OEMs) who complete their vehicle product by mounting the body or apparatus on a Spartan chassis. “

Other equities analysts also recently issued research reports about the company. Roth Capital set a $12.00 price target on Spartan Motors and gave the stock a “buy” rating in a research report on Tuesday, August 1st. BidaskClub downgraded Spartan Motors from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 27th. Craig Hallum set a $20.00 price target on Spartan Motors and gave the stock a “buy” rating in a research report on Friday, October 13th. Finally, TheStreet downgraded Spartan Motors from a “b-” rating to a “c+” rating in a research report on Thursday, August 24th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $17.00.

Shares of Spartan Motors (SPAR) opened at 16.55 on Friday. Spartan Motors has a 52 week low of $6.30 and a 52 week high of $16.70. The company’s 50-day moving average price is $11.50 and its 200 day moving average price is $9.35. The company has a market cap of $580.79 million, a P/E ratio of 154.67 and a beta of 1.16.

Spartan Motors (NASDAQ:SPAR) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. The company had revenue of $169.70 million for the quarter, compared to the consensus estimate of $167.83 million. Spartan Motors had a return on equity of 5.57% and a net margin of 0.59%. Spartan Motors’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.19 earnings per share. Equities research analysts anticipate that Spartan Motors will post $0.50 earnings per share for the current fiscal year.

WARNING: “Spartan Motors, Inc. (SPAR) Upgraded by Zacks Investment Research to Buy” was originally posted by American Banking News and is owned by of American Banking News. If you are viewing this article on another domain, it was illegally stolen and republished in violation of international copyright & trademark legislation. The original version of this article can be accessed at https://www.americanbankingnews.com/2017/10/20/spartan-motors-inc-spar-upgraded-by-zacks-investment-research-to-buy.html.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mesirow Financial Investment Management Inc. purchased a new position in shares of Spartan Motors in the second quarter valued at approximately $477,000. The Manufacturers Life Insurance Company lifted its position in shares of Spartan Motors by 15.5% in the second quarter. The Manufacturers Life Insurance Company now owns 30,895 shares of the company’s stock valued at $273,000 after acquiring an additional 4,145 shares in the last quarter. State Street Corp lifted its position in shares of Spartan Motors by 11.6% in the second quarter. State Street Corp now owns 532,969 shares of the company’s stock valued at $4,719,000 after acquiring an additional 55,350 shares in the last quarter. Cornerstone Capital Management Holdings LLC. lifted its position in shares of Spartan Motors by 0.8% in the second quarter. Cornerstone Capital Management Holdings LLC. now owns 256,550 shares of the company’s stock valued at $2,270,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Intrinsic Edge Capital Management LLC lifted its position in shares of Spartan Motors by 58.7% in the second quarter. Intrinsic Edge Capital Management LLC now owns 254,384 shares of the company’s stock valued at $2,251,000 after acquiring an additional 94,122 shares in the last quarter. Institutional investors and hedge funds own 66.78% of the company’s stock.

About Spartan Motors

Spartan Motors, Inc is an engineer and manufacturer in the heavy-duty, custom vehicles marketplace. The Company operates through three segments: Emergency Response Vehicles, Delivery and Service Vehicles, and Specialty Chassis and Vehicles. The Company’s Emergency Response Vehicles segment engineers and manufactures emergency response chassis, emergency response bodies and aerial equipment.

Get a free copy of the Zacks research report on Spartan Motors (SPAR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Spartan Motors Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spartan Motors Inc. and related companies with MarketBeat.com's FREE daily email newsletter.