Brokerages Anticipate SP Plus Corp (SP) Will Post Quarterly Sales of $190.75 Million

Equities analysts predict that SP Plus Corp (NASDAQ:SP) will post $190.75 million in sales for the current quarter, Zacks reports. Two analysts have issued estimates for SP Plus’ earnings, with estimates ranging from $188.50 million to $193.00 million. SP Plus posted sales of $392.70 million during the same quarter last year, which suggests a negative year-over-year growth rate of 51.4%. The firm is scheduled to announce its next earnings results on Wednesday, November 7th.

On average, analysts expect that SP Plus will report full-year sales of $770.60 million for the current year, with estimates ranging from $765.20 million to $776.00 million. For the next year, analysts forecast that the firm will report sales of $787.80 million per share, with estimates ranging from $786.60 million to $789.00 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover SP Plus.

SP Plus (NASDAQ:SP) last issued its quarterly earnings data on Tuesday, July 31st. The business services provider reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.07. The company had revenue of $362.20 million during the quarter, compared to analysts’ expectations of $191.95 million. SP Plus had a return on equity of 14.06% and a net margin of 3.28%.

A number of research analysts recently issued reports on SP shares. BidaskClub raised SP Plus from a “hold” rating to a “buy” rating in a report on Thursday, August 2nd. Zacks Investment Research raised SP Plus from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a report on Saturday, May 26th. ValuEngine raised SP Plus from a “hold” rating to a “buy” rating in a report on Wednesday, June 27th. Finally, Barrington Research lifted their price target on SP Plus from $42.00 to $43.00 and gave the company an “outperform” rating in a report on Monday, August 6th.

Shares of NASDAQ SP traded up $0.25 during midday trading on Friday, reaching $37.70. 27,170 shares of the company traded hands, compared to its average volume of 52,055. The stock has a market cap of $859.18 million, a PE ratio of 18.71, a PEG ratio of 1.67 and a beta of 1.06. SP Plus has a 12 month low of $32.15 and a 12 month high of $41.70. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.87 and a current ratio of 0.87.

In related news, CEO G Marc Baumann sold 1,000 shares of SP Plus stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $36.95, for a total value of $36,950.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Thomas L. Hagerman sold 3,918 shares of SP Plus stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $39.25, for a total value of $153,781.50. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Comerica Bank grew its position in shares of SP Plus by 3.7% during the 1st quarter. Comerica Bank now owns 74,544 shares of the business services provider’s stock worth $2,725,000 after buying an additional 2,657 shares during the period. SG Americas Securities LLC acquired a new position in shares of SP Plus during the 1st quarter worth about $147,000. Victory Capital Management Inc. grew its position in shares of SP Plus by 13.0% during the 1st quarter. Victory Capital Management Inc. now owns 35,632 shares of the business services provider’s stock worth $1,268,000 after buying an additional 4,088 shares during the period. Prudential Financial Inc. grew its position in shares of SP Plus by 1.2% during the 1st quarter. Prudential Financial Inc. now owns 177,355 shares of the business services provider’s stock worth $6,314,000 after buying an additional 2,080 shares during the period. Finally, Swiss National Bank grew its position in shares of SP Plus by 5.6% during the 1st quarter. Swiss National Bank now owns 39,300 shares of the business services provider’s stock worth $1,399,000 after buying an additional 2,100 shares during the period. Hedge funds and other institutional investors own 96.37% of the company’s stock.

About SP Plus

SP Plus Corporation provides parking management, ground transportation, and other ancillary services to commercial, institutional, and municipal clients in the United States, Puerto Rico, and Canada. It provides facility maintenance, event logistics, security services, training, scheduling, and supervising of service personnel; and customer services, marketing, and accounting and revenue control functions to facilitate the operation of its clients' facilities or events.

Further Reading: Compound Annual Growth Rate (CAGR)

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Earnings History and Estimates for SP Plus (NASDAQ:SP)

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