SP Plus Corporation (NASDAQ:SP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday. The firm presently has a $43.00 price target on the business services provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 17.97% from the stock’s previous close.
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. “
Other equities analysts have also issued research reports about the company. BidaskClub lowered SP Plus Corporation from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 17th. ValuEngine raised 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 $36.45 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $862.54, a P/E ratio of 20.93, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01.
SP Plus Corporation (NASDAQ:SP) last announced its quarterly earnings results on Wednesday, November 1st. The business services provider reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.08. SP Plus Corporation had a return on equity of 14.63% and a net margin of 2.64%. The company had revenue of $392.70 million during the quarter, compared to analyst estimates of $228.10 million. analysts predict that SP Plus Corporation will post 1.68 earnings per share for the current fiscal year.
In other news, major shareholder Walter S. Woltosz sold 18,500 shares of SP Plus Corporation stock in a transaction dated Saturday, October 28th. The stock was sold at an average price of $16.37, for a total value of $302,845.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert S. Roath sold 70,000 shares of SP Plus Corporation stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $34.77, for a total value of $2,433,900.00. Following the completion of the transaction, the director now directly owns 36,936 shares of the company’s stock, valued at approximately $1,284,264.72. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of SP. US Bancorp DE raised its position in shares of SP Plus Corporation by 3.1% in the 2nd quarter. US Bancorp DE now owns 3,329 shares of the business services provider’s stock worth $102,000 after purchasing an additional 100 shares during the last quarter. Legal & General Group Plc raised its position in shares of SP Plus Corporation by 5.0% in the 2nd quarter. Legal & General Group Plc now owns 4,205 shares of the business services provider’s stock worth $129,000 after purchasing an additional 200 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of SP Plus Corporation by 678.9% in the 2nd quarter. Acadian Asset Management LLC now owns 5,748 shares of the business services provider’s stock worth $176,000 after purchasing an additional 5,010 shares during the last quarter. California Public Employees Retirement System purchased a new position in shares of SP Plus Corporation in the 2nd quarter worth about $214,000. Finally, BlueCrest Capital Management Ltd purchased a new position in shares of SP Plus Corporation in the 2nd quarter worth about $221,000. 95.81% of the stock is owned by hedge funds and other institutional investors.
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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