SP Plus (NASDAQ:SP) Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of SP Plus (NASDAQ:SP) from a buy rating to a hold rating in a report released on Friday, 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. “

SP has been the subject of a number of other reports. Barrington Research set a $118.00 price target on SYNNEX and gave the stock a buy rating in a report on Friday, July 12th. ValuEngine upgraded XPO Logistics from a strong sell rating to a sell rating in a report on Thursday, April 4th. Finally, BidaskClub downgraded Westport Fuel Systems from a buy rating to a hold rating in a report on Friday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $42.67.

NASDAQ SP opened at $34.05 on Friday. The firm has a market capitalization of $773.14 million, a P/E ratio of 14.55, a price-to-earnings-growth ratio of 1.30 and a beta of 1.06. SP Plus has a twelve month low of $27.13 and a twelve month high of $41.35. The firm has a fifty day moving average of $32.72. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 1.93.

SP Plus (NASDAQ:SP) last posted its quarterly earnings data on Wednesday, May 1st. The business services provider reported $0.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.15. The business had revenue of $409.40 million during the quarter, compared to the consensus estimate of $234.85 million. SP Plus had a return on equity of 15.92% and a net margin of 3.21%. Sell-side analysts anticipate that SP Plus will post 2.61 earnings per share for the current year.

In other SP Plus news, EVP Gerard M. Klaisle sold 1,060 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $35.00, for a total transaction of $37,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.10% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in shares of SP Plus by 7.8% during the 4th quarter. BlackRock Inc. now owns 1,694,634 shares of the business services provider’s stock worth $50,058,000 after purchasing an additional 122,255 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of SP Plus by 0.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,192,387 shares of the business services provider’s stock worth $35,223,000 after purchasing an additional 7,262 shares in the last quarter. WCM Investment Management LLC boosted its position in shares of SP Plus by 63.8% during the 1st quarter. WCM Investment Management LLC now owns 510,745 shares of the business services provider’s stock worth $17,427,000 after purchasing an additional 198,951 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of SP Plus by 10.3% during the 4th quarter. Geode Capital Management LLC now owns 295,961 shares of the business services provider’s stock worth $8,742,000 after purchasing an additional 27,752 shares in the last quarter. Finally, Rothschild & Co. Asset Management US Inc. lifted its position in SP Plus by 12.1% in the 1st quarter. Rothschild & Co. Asset Management US Inc. now owns 268,844 shares of the business services provider’s stock valued at $9,173,000 after acquiring an additional 29,050 shares in the last quarter. 98.54% of the stock is currently owned by institutional investors.

SP Plus Company Profile

SP Plus Corp. provides professional parking, ground transportation, facility maintenance, security, event logistics, and baggage handling and related services to commercial, institutional, municipal and aviation clients. It also provides a wide range of event logistics services. The company was founded in 1929 and is headquartered in Chicago, IL.

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