SP Plus Corporation (NASDAQ:SP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday, July 12th.

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. “

Separately, ValuEngine upgraded SP Plus Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 9th.

Shares of SP Plus Corporation (NASDAQ SP) traded up 1.01% during trading on Wednesday, hitting $34.90. The stock had a trading volume of 252,074 shares. The stock has a market capitalization of $774.85 million, a P/E ratio of 20.27 and a beta of 1.01. The stock’s 50-day moving average is $31.09 and its 200-day moving average is $31.10. SP Plus Corporation has a 12-month low of $22.60 and a 12-month high of $38.55.

SP Plus Corporation (NASDAQ:SP) last issued its quarterly earnings results on Tuesday, August 1st. The business services provider reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.11. The business had revenue of $415.40 million during the quarter, compared to analysts’ expectations of $223.35 million. SP Plus Corporation had a return on equity of 13.82% and a net margin of 2.36%. Analysts predict that SP Plus Corporation will post $1.65 EPS for the current fiscal year.

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In related news, major shareholder Cpc Rep L.L.C. Kohlberg sold 2,625,415 shares of the business’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $29.20, for a total value of $76,662,118.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in SP. Algert Global LLC bought a new position in shares of SP Plus Corporation during the first quarter worth approximately $806,000. Norges Bank acquired a new position in shares of SP Plus Corporation during the fourth quarter worth about $1,933,000. North Star Investment Management Corp. raised its position in shares of SP Plus Corporation by 12.8% in the first quarter. North Star Investment Management Corp. now owns 109,900 shares of the business services provider’s stock worth $3,709,000 after buying an additional 12,500 shares during the period. Sawgrass Asset Management LLC acquired a new position in shares of SP Plus Corporation during the first quarter worth about $243,000. Finally, Dalton Greiner Hartman Maher & Co. raised its position in shares of SP Plus Corporation by 0.4% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 75,704 shares of the business services provider’s stock worth $2,555,000 after buying an additional 269 shares during the period. Institutional investors and hedge funds own 74.29% of the company’s stock.

SP Plus Corporation Company Profile

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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