Spartan Motors (NASDAQ:SPAR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday.
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. “
A number of other research analysts have also commented on the company. BidaskClub lowered Spartan Motors from a “strong-buy” rating to a “buy” rating in a report on Tuesday, December 12th. Craig Hallum set a $20.00 price target on Spartan Motors and gave the company a “buy” rating in a report on Friday, October 13th. Sidoti initiated coverage on Spartan Motors in a report on Friday, December 1st. They set a “buy” rating on the stock. ValuEngine lowered Spartan Motors from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Seaport Global Securities reissued a “buy” rating on shares of Spartan Motors in a report on Tuesday, January 16th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $17.00.
In related news, insider John W. Slawson sold 21,191 shares of the stock in a transaction on Friday, December 15th. The stock was sold at an average price of $15.42, for a total value of $326,765.22. Following the completion of the transaction, the insider now owns 111,165 shares in the company, valued at approximately $1,714,164.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.72% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. boosted its position in Spartan Motors by 501.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 470,789 shares of the company’s stock worth $4,166,000 after acquiring an additional 392,528 shares during the period. GW&K Investment Management LLC acquired a new stake in shares of Spartan Motors during the 4th quarter valued at about $4,735,000. Russell Investments Group Ltd. lifted its holdings in shares of Spartan Motors by 665.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 307,650 shares of the company’s stock valued at $3,400,000 after buying an additional 267,441 shares during the last quarter. Zuckerman Investment Group LLC acquired a new stake in shares of Spartan Motors during the 3rd quarter valued at about $2,850,000. Finally, EAM Investors LLC acquired a new stake in shares of Spartan Motors during the 3rd quarter valued at about $2,260,000. Institutional investors and hedge funds own 66.36% of the company’s stock.
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Spartan Motors Company Profile
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.
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