Zacks: SP Plus Corp (NASDAQ:SP) Receives Average Recommendation of “Strong Buy” from Analysts

Shares of SP Plus Corp (NASDAQ:SP) have been assigned an average broker rating score of 1.00 (Strong Buy) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. Two investment analysts have rated the stock with a strong buy recommendation.

Analysts have set a 1-year consensus price objective of $51.00 for the company and are expecting that the company will post $0.62 earnings per share for the current quarter, according to Zacks. Zacks has also assigned SP Plus an industry rank of 18 out of 255 based on the ratings given to its competitors.

SP has been the subject of a number of recent analyst reports. ValuEngine lowered SP Plus from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. BidaskClub downgraded SP Plus from a “sell” rating to a “strong sell” rating in a research note on Thursday, January 16th. Zacks Investment Research cut SP Plus from a “buy” rating to a “hold” rating in a report on Wednesday, January 8th. Finally, Barrington Research raised their price target on SP Plus from $43.00 to $51.00 in a report on Wednesday, November 6th.

Shares of NASDAQ:SP traded up $0.14 during trading on Friday, reaching $41.25. The stock had a trading volume of 74,922 shares, compared to its average volume of 75,448. The business has a fifty day moving average price of $42.80 and a 200-day moving average price of $38.86. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 1.79. The stock has a market cap of $943.42 million, a P/E ratio of 18.84, a PEG ratio of 1.37 and a beta of 1.00. SP Plus has a fifty-two week low of $30.66 and a fifty-two week high of $47.33.

SP Plus (NASDAQ:SP) last issued its quarterly earnings results on Wednesday, October 30th. The business services provider reported $0.77 EPS for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.11. SP Plus had a return on equity of 16.39% and a net margin of 3.03%. The business had revenue of $418.60 million for the quarter, compared to analyst estimates of $231.35 million. As a group, equities analysts forecast that SP Plus will post 2.79 EPS for the current year.

In related news, CEO G Marc Baumann sold 3,800 shares of SP Plus stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $46.63, for a total value of $177,194.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Gerard M. Klaisle sold 8,000 shares of SP Plus stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $44.20, for a total value of $353,600.00. The disclosure for this sale can be found here. Insiders sold 17,211 shares of company stock worth $765,415 over the last ninety days. Insiders own 1.10% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Morgan Stanley boosted its position in shares of SP Plus by 1,468.2% during the second quarter. Morgan Stanley now owns 202,408 shares of the business services provider’s stock valued at $6,463,000 after buying an additional 189,501 shares during the period. Nuveen Asset Management LLC raised its stake in shares of SP Plus by 19.8% during the second quarter. Nuveen Asset Management LLC now owns 1,144,556 shares of the business services provider’s stock valued at $36,545,000 after acquiring an additional 189,296 shares in the last quarter. BlackRock Inc. raised its stake in shares of SP Plus by 9.6% during the second quarter. BlackRock Inc. now owns 1,795,084 shares of the business services provider’s stock valued at $57,316,000 after acquiring an additional 156,491 shares in the last quarter. Atria Investments LLC bought a new position in SP Plus in the second quarter worth approximately $7,068,000. Finally, Millennium Management LLC raised its stake in SP Plus by 544.5% in the third quarter. Millennium Management LLC now owns 94,104 shares of the business services provider’s stock worth $3,481,000 after buying an additional 79,504 shares in the last quarter. Institutional investors own 94.05% of the company’s stock.

About SP Plus

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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