Q2 2024 EPS Estimates for SP Plus Co. Cut by Analyst (NASDAQ:SP)

SP Plus Co. (NASDAQ:SP) – Analysts at William Blair cut their Q2 2024 EPS estimates for SP Plus in a note issued to investors on Thursday, May 2nd. William Blair analyst T. Mulrooney now anticipates that the business services provider will post earnings per share of $0.73 for the quarter, down from their previous forecast of $0.81. The consensus estimate for SP Plus’ current full-year earnings is $3.26 per share. William Blair also issued estimates for SP Plus’ FY2024 earnings at $3.01 EPS and FY2025 earnings at $3.57 EPS.

SP Plus (NASDAQ:SP) last released its earnings results on Tuesday, February 27th. The business services provider reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.25). The firm had revenue of $217.20 million during the quarter, compared to analysts’ expectations of $235.44 million. SP Plus had a return on equity of 22.21% and a net margin of 1.68%.

Other research analysts also recently issued reports about the stock. TheStreet downgraded shares of SP Plus from a “b” rating to a “c+” rating in a research report on Tuesday, February 27th. StockNews.com began coverage on shares of SP Plus in a report on Tuesday, April 30th. They set a “hold” rating for the company.

SP Plus Stock Performance

SP Plus stock opened at $51.50 on Monday. The firm’s 50 day simple moving average is $51.62 and its 200-day simple moving average is $51.32. The company has a market cap of $1.02 billion, a P/E ratio of 33.88 and a beta of 1.22. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.71 and a quick ratio of 0.71. SP Plus has a fifty-two week low of $33.89 and a fifty-two week high of $52.56.

Institutional Trading of SP Plus

Several institutional investors have recently made changes to their positions in SP. Alpine Associates Management Inc. acquired a new stake in SP Plus in the fourth quarter valued at approximately $51,204,000. Goldman Sachs Group Inc. lifted its stake in SP Plus by 348.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 373,833 shares of the business services provider’s stock valued at $19,159,000 after acquiring an additional 290,403 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its stake in SP Plus by 3.1% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 309,703 shares of the business services provider’s stock valued at $16,173,000 after acquiring an additional 9,400 shares during the last quarter. Westchester Capital Management LLC acquired a new stake in SP Plus in the fourth quarter valued at approximately $15,226,000. Finally, Rock Point Advisors LLC lifted its stake in SP Plus by 2.6% in the third quarter. Rock Point Advisors LLC now owns 265,658 shares of the business services provider’s stock valued at $9,590,000 after acquiring an additional 6,624 shares during the last quarter. 93.98% of the stock is currently owned by institutional investors and hedge funds.

About SP Plus

SP Plus Corporation provides mobility solutions, parking services, parking management, ground transportation, baggage handling, and other ancillary services. The company operates in Commercial and Aviation segments. It provides on-site parking management, valet parking, ground transportation, facility maintenance, event logistics, remote airline check-in, security, municipal meter revenue collection and enforcement, and consulting services, as well as shuttle bus vehicles and drivers; baggage services, including delivery of delayed luggage and baggage handling services; wheelchair assist services; baggage repair and replacement services; and on-street parking meter collection and other forms of parking enforcement services.