Brokerages Expect SP Plus Corp (SP) Will Announce Quarterly Sales of $223.40 Million

Brokerages forecast that SP Plus Corp (NASDAQ:SP) will report sales of $223.40 million for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for SP Plus’ earnings, with the highest sales estimate coming in at $225.00 million and the lowest estimate coming in at $221.80 million. SP Plus reported sales of $406.20 million during the same quarter last year, which indicates a negative year-over-year growth rate of 45%. The business is scheduled to report its next earnings results on Wednesday, February 28th.

According to Zacks, analysts expect that SP Plus will report full year sales of $223.40 million for the current financial year, with estimates ranging from $907.20 million to $910.00 million. For the next year, analysts expect that the business will report sales of $923.05 million per share, with estimates ranging from $916.10 million to $930.00 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow SP Plus.

SP Plus (NASDAQ:SP) last released its quarterly earnings results on Wednesday, November 1st. The business services provider reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.08. The business had revenue of $392.70 million during the quarter, compared to the consensus estimate of $228.10 million. SP Plus had a return on equity of 14.29% and a net margin of 2.64%.

SP has been the subject of a number of recent research reports. BidaskClub upgraded SP Plus from a “buy” rating to a “strong-buy” rating in a research note on Thursday, September 28th. ValuEngine downgraded SP Plus from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Finally, Zacks Investment Research upgraded SP Plus from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a research note on Saturday, November 4th.

In related news, major shareholder Walter S. Woltosz sold 18,500 shares of the business’s stock in a transaction that occurred on Saturday, October 28th. The stock was sold at an average price of $16.37, for a total transaction of $302,845.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.40% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Zions Bancorporation purchased a new position in SP Plus in the 3rd quarter worth approximately $108,000. SG Americas Securities LLC purchased a new position in SP Plus in the 3rd quarter worth approximately $141,000. Legal & General Group Plc lifted its holdings in SP Plus by 5.0% in the 2nd quarter. Legal & General Group Plc now owns 4,205 shares of the business services provider’s stock worth $129,000 after purchasing an additional 200 shares in the last quarter. Magnetar Financial LLC purchased a new position in SP Plus in the 3rd quarter worth approximately $271,000. Finally, California Public Employees Retirement System purchased a new position in SP Plus in the 2nd quarter worth approximately $214,000. Institutional investors own 96.53% of the company’s stock.

Shares of SP Plus (NASDAQ SP) opened at $40.45 on Thursday. The stock has a market capitalization of $883.94, a PE ratio of 21.18, a price-to-earnings-growth ratio of 2.04 and a beta of 1.00. SP Plus has a 52 week low of $27.05 and a 52 week high of $41.25. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.82 and a current ratio of 0.82.

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About SP Plus

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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