SP Plus Corporation (SP) Rating Increased to Buy at Zacks Investment Research
SP Plus Corporation (NASDAQ:SP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Saturday. The firm presently has a $43.00 price objective on the business services provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 17.97% from the stock’s previous close.
According to Zacks, “SP Plus Corporation provides professional parking, ground transportation, facility maintenance, security and event logistics services to property owners and managers in all markets of the real estate industry. The Company also provides a range of ancillary services, such as airport shuttle operations, taxi and livery dispatch services and municipal meter revenue collection and enforcement services. Its clients include owners of office building complexes, shopping centers, sports complexes, hotels, hospitals, and various airports. SP Plus Corporation, formerly known as Standard Parking Corporation, is based in United States. “
Several other research firms have also weighed in on SP. ValuEngine lowered SP Plus Corporation from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. BidaskClub lowered SP Plus Corporation from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 17th.
SP Plus Corporation (NASDAQ SP) opened at $36.45 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.51. The firm has a market cap of $862.54, a price-to-earnings ratio of 20.93, a PEG ratio of 2.28 and a beta of 1.01.
SP Plus Corporation (NASDAQ:SP) last posted its earnings results on Wednesday, November 1st. The business services provider reported $0.50 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.08. SP Plus Corporation had a return on equity of 14.63% and a net margin of 2.64%. The company had revenue of $392.70 million for the quarter, compared to analyst estimates of $228.10 million. equities analysts forecast that SP Plus Corporation will post 1.68 EPS for the current fiscal year.
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In other news, major shareholder Walter S. Woltosz sold 18,500 shares of SP Plus Corporation stock in a transaction dated Saturday, October 28th. The stock was sold at an average price of $16.37, for a total value of $302,845.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert S. Roath sold 70,000 shares of SP Plus Corporation stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $34.77, for a total value of $2,433,900.00. Following the completion of the transaction, the director now owns 36,936 shares in the company, valued at $1,284,264.72. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of SP. Russell Investments Group Ltd. increased its stake in SP Plus Corporation by 180.4% during the first quarter. Russell Investments Group Ltd. now owns 9,982 shares of the business services provider’s stock valued at $337,000 after acquiring an additional 6,422 shares during the period. Bank of New York Mellon Corp increased its stake in SP Plus Corporation by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 74,048 shares of the business services provider’s stock valued at $2,499,000 after acquiring an additional 1,389 shares during the period. Prudential Financial Inc. bought a new position in SP Plus Corporation during the first quarter valued at about $400,000. American International Group Inc. increased its stake in SP Plus Corporation by 7.1% during the first quarter. American International Group Inc. now owns 10,639 shares of the business services provider’s stock valued at $359,000 after acquiring an additional 703 shares during the period. Finally, Teachers Advisors LLC increased its stake in SP Plus Corporation by 6.4% during the first quarter. Teachers Advisors LLC now owns 29,478 shares of the business services provider’s stock valued at $995,000 after acquiring an additional 1,768 shares during the period. Hedge funds and other institutional investors own 95.81% of the company’s stock.
About SP Plus Corporation
SP Plus Corporation (SP Plus) is a provider of parking management, ground transportation and other ancillary services to commercial, institutional and municipal clients in the United States, Puerto Rico and Canada. The Company’s segments include Region One (Urban), Region Two (Airport transportation), Region Three and Other.
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