Barrington Research Comments on SP Plus Corp’s FY2019 Earnings (SP)

SP Plus Corp (NASDAQ:SP) – Research analysts at Barrington Research raised their FY2019 earnings per share (EPS) estimates for shares of SP Plus in a note issued to investors on Tuesday, December 4th. Barrington Research analyst K. Steinke now anticipates that the business services provider will earn $2.57 per share for the year, up from their previous forecast of $2.36. Barrington Research has a “Buy” rating and a $43.00 price objective on the stock.

SP has been the subject of several other reports. Zacks Investment Research lowered shares of SP Plus from a “hold” rating to a “sell” rating in a research report on Tuesday, November 6th. BidaskClub lowered shares of SP Plus from a “hold” rating to a “sell” rating in a research report on Friday, September 14th. ValuEngine lowered shares of SP Plus from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Finally, Sidoti dropped their target price on shares of SP Plus from $52.00 to $48.00 and set a “buy” rating for the company in a research report on Wednesday, October 10th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $44.00.

Shares of NASDAQ:SP opened at $28.86 on Thursday. The company has a market cap of $653.79 million, a P/E ratio of 16.98, a PEG ratio of 1.29 and a beta of 1.14. SP Plus has a 12 month low of $27.83 and a 12 month high of $41.70. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.84 and a quick ratio of 0.84.

SP Plus (NASDAQ:SP) last issued its quarterly earnings data on Wednesday, October 31st. The business services provider reported $0.64 EPS for the quarter, beating the consensus estimate of $0.61 by $0.03. The company had revenue of $362.10 million during the quarter, compared to analysts’ expectations of $190.74 million. SP Plus had a net margin of 3.50% and a return on equity of 14.51%.

In other SP Plus news, CEO G Marc Baumann sold 1,000 shares of SP Plus stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $36.50, for a total transaction of $36,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.00% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Marshall Wace LLP purchased a new stake in shares of SP Plus in the 3rd quarter worth about $775,000. Vanguard Group Inc. grew its position in shares of SP Plus by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 1,340,041 shares of the business services provider’s stock worth $48,912,000 after buying an additional 11,602 shares during the period. Morgan Stanley grew its position in shares of SP Plus by 6.4% in the 3rd quarter. Morgan Stanley now owns 156,012 shares of the business services provider’s stock worth $5,695,000 after buying an additional 9,440 shares during the period. IndexIQ Advisors LLC grew its position in shares of SP Plus by 3.9% in the 3rd quarter. IndexIQ Advisors LLC now owns 63,855 shares of the business services provider’s stock worth $2,331,000 after buying an additional 2,413 shares during the period. Finally, MetLife Investment Advisors LLC grew its position in shares of SP Plus by 55.2% in the 3rd quarter. MetLife Investment Advisors LLC now owns 16,395 shares of the business services provider’s stock worth $598,000 after buying an additional 5,828 shares during the period. Hedge funds and other institutional investors own 97.61% of the company’s stock.

SP Plus Company Profile

SP Plus Corporation provides parking management, ground transportation, and other ancillary services to commercial, institutional, and municipal clients in the United States, Puerto Rico, and Canada. It provides facility maintenance, event logistics, security services, training, scheduling, and supervising of service personnel; and customer services, marketing, and accounting and revenue control functions to facilitate the operation of its clients' facilities or events.

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Earnings History and Estimates for SP Plus (NASDAQ:SP)

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