SP Plus (NASDAQ:SP) was downgraded by Zacks Investment Research from a "strong-buy" rating to a "hold" rating in a research note issued on Thursday, Zacks.com reports.
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. "
Several other equities research analysts have also issued reports on SP. BidaskClub raised shares of SP Plus from a "hold" rating to a "buy" rating in a research note on Thursday, November 5th. Barrington Research increased their target price on shares of SP Plus from $29.00 to $36.00 and gave the stock an "outperform" rating in a research note on Thursday, November 19th. Finally, ValuEngine raised shares of SP Plus from a "sell" rating to a "hold" rating in a research note on Tuesday, November 10th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. SP Plus presently has a consensus rating of "Buy" and an average target price of $36.33.
Shares of SP opened at $30.67 on Thursday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.32. The stock has a fifty day moving average price of $29.35 and a 200-day moving average price of $21.99. SP Plus has a 12 month low of $14.44 and a 12 month high of $46.65. The firm has a market cap of $708.11 million, a PE ratio of -10.26 and a beta of 1.30.
SP Plus (NASDAQ:SP) last released its earnings results on Thursday, November 5th. The business services provider reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.96. The firm had revenue of $118.20 million for the quarter, compared to the consensus estimate of $125.00 million. SP Plus had a positive return on equity of 7.37% and a negative net margin of 4.28%. As a group, research analysts forecast that SP Plus will post -0.76 EPS for the current year.
In other SP Plus news, insider John Ricchiuto sold 2,500 shares of the firm's stock in a transaction that occurred on Wednesday, December 23rd. The shares were sold at an average price of $28.93, for a total value of $72,325.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.86% of the company's stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of SP Plus by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 1,134,004 shares of the business services provider's stock worth $23,485,000 after buying an additional 20,112 shares during the last quarter. WCM Investment Management LLC lifted its position in SP Plus by 22.1% in the third quarter. WCM Investment Management LLC now owns 498,001 shares of the business services provider's stock valued at $8,939,000 after acquiring an additional 90,154 shares during the last quarter. Telemark Asset Management LLC lifted its position in SP Plus by 70.6% in the third quarter. Telemark Asset Management LLC now owns 341,195 shares of the business services provider's stock valued at $6,124,000 after acquiring an additional 141,195 shares during the last quarter. Wedge Capital Management L L P NC lifted its position in SP Plus by 2.4% in the third quarter. Wedge Capital Management L L P NC now owns 329,943 shares of the business services provider's stock valued at $5,922,000 after acquiring an additional 7,860 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in SP Plus by 3.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 272,738 shares of the business services provider's stock valued at $4,896,000 after acquiring an additional 8,296 shares during the last quarter. 93.91% of the stock is currently owned by institutional investors and hedge funds.
SP Plus Company Profile
SP Plus Corporation provides parking management, ground transportation, baggage, and other ancillary services in North America. It provides on-site parking management, valet parking, ground transportation, facility maintenance, event logistics, baggage handling, remote airline check-in, security, municipal meter revenue collection and enforcement, and consulting services.
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