Spartan Motors Inc. (SPAR) Upgraded by Zacks Investment Research to Buy
Spartan Motors Inc. (NASDAQ:SPAR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm presently has a $11.00 price objective on the stock. Zacks Investment Research’s price target would suggest a potential upside of 16.77% from the company’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. “
Separately, Craig Hallum assumed coverage on shares of Spartan Motors in a research note on Tuesday, July 26th. They set a “buy” rating for the company.
Shares of Spartan Motors (NASDAQ:SPAR) opened at 9.42 on Wednesday. The stock’s market cap is $324.34 million. The stock’s 50 day moving average is $9.51 and its 200-day moving average is $7.15. Spartan Motors has a 1-year low of $2.61 and a 1-year high of $10.50.
Spartan Motors (NASDAQ:SPAR) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.11. The firm earned $162.50 million during the quarter, compared to analysts’ expectations of $152.65 million. Spartan Motors had a negative net margin of 1.80% and a positive return on equity of 1.49%. Spartan Motors’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.03 EPS. On average, analysts predict that Spartan Motors will post $0.32 EPS for the current fiscal year.
In other news, Director Kenneth Kaczmarek sold 3,909 shares of the firm’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $9.08, for a total value of $35,493.72. Following the completion of the sale, the director now owns 76,883 shares in the company, valued at approximately $698,097.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.59% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. purchased a new stake in Spartan Motors during the second quarter valued at approximately $325,000. Hillsdale Investment Management Inc. purchased a new stake in Spartan Motors during the second quarter valued at approximately $476,000. Metropolitan Life Insurance Co. NY purchased a new stake in Spartan Motors during the second quarter valued at approximately $166,000. Numeric Investors LLC purchased a new stake in Spartan Motors during the second quarter valued at approximately $637,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Spartan Motors during the second quarter valued at approximately $103,000. Institutional investors own 65.77% of the company’s stock.
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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