Zacks Investment Research Upgrades SP Plus Corporation (SP) to “Buy”
Zacks Investment Research upgraded shares of SP Plus Corporation (NASDAQ:SP) from a hold rating to a buy rating in a research note published on Saturday. They currently have $43.00 price objective on the business services provider’s stock.
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. “
SP has been the subject of a number of other research reports. BidaskClub lowered shares of SP Plus Corporation from a buy rating to a hold rating in a research report on Saturday. ValuEngine raised shares of SP Plus Corporation from a hold rating to a buy rating in a research report on Friday, September 1st.
Shares of SP Plus Corporation (NASDAQ SP) opened at $36.10 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.50. SP Plus Corporation has a 52 week low of $24.52 and a 52 week high of $41.25. The stock has a market cap of $814.12, a price-to-earnings ratio of 19.92, a P/E/G ratio of 2.17 and a beta of 1.01.
SP Plus Corporation (NASDAQ:SP) last released its quarterly earnings data on Wednesday, November 1st. The business services provider reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.08. The business had revenue of $392.70 million during the quarter, compared to analyst estimates of $228.10 million. SP Plus Corporation had a net margin of 2.64% and a return on equity of 14.29%. research analysts forecast that SP Plus Corporation will post 1.68 earnings per share for the current year.
In other SP Plus Corporation news, major shareholder Walter S. Woltosz sold 18,500 shares of the business’s stock in a transaction on Saturday, October 28th. The shares were sold at an average price of $16.37, for a total transaction of $302,845.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.40% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Ameriprise Financial Inc. raised its position in shares of SP Plus Corporation by 108.2% during the third quarter. Ameriprise Financial Inc. now owns 129,972 shares of the business services provider’s stock valued at $5,135,000 after buying an additional 67,559 shares during the last quarter. ClariVest Asset Management LLC acquired a new position in shares of SP Plus Corporation during the third quarter valued at about $996,000. SG Americas Securities LLC acquired a new position in shares of SP Plus Corporation during the third quarter valued at about $141,000. Russell Investments Group Ltd. raised its position in shares of SP Plus Corporation by 172.3% during the third quarter. Russell Investments Group Ltd. now owns 28,130 shares of the business services provider’s stock valued at $1,111,000 after buying an additional 17,800 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of SP Plus Corporation by 28.4% during the third quarter. Bank of New York Mellon Corp now owns 122,271 shares of the business services provider’s stock valued at $4,830,000 after buying an additional 27,035 shares during the last quarter. 95.19% of the stock is owned by institutional investors and hedge funds.
About SP Plus Corporation
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Stock Ratings for SP Plus Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SP Plus Corporation and related stocks with our FREE daily email newsletter.