SP Plus (SP) Rating Lowered to Strong Sell at BidaskClub

SP Plus (NASDAQ:SP) was downgraded by investment analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued on Saturday.

Other equities analysts have also issued research reports about the stock. ValuEngine upgraded shares of SP Plus from a “hold” rating to a “buy” rating in a report on Wednesday, June 27th. Barrington Research lifted their price target on shares of SP Plus from $42.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, August 6th. Finally, Zacks Investment Research lowered shares of SP Plus from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th.

Shares of NASDAQ:SP opened at $34.15 on Friday. The company has a market capitalization of $829.63 million, a P/E ratio of 20.09, a PEG ratio of 1.61 and a beta of 0.99. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.30. SP Plus has a 1 year low of $32.15 and a 1 year high of $41.70.

SP Plus (NASDAQ:SP) last issued its earnings results on Tuesday, July 31st. The business services provider reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.07. SP Plus had a net margin of 3.28% and a return on equity of 14.06%. The firm had revenue of $362.20 million for the quarter, compared to analyst estimates of $191.95 million. As a group, equities analysts predict that SP Plus will post 2.27 EPS for the current fiscal year.

In related news, CEO G Marc Baumann sold 1,000 shares of the business’s stock in a transaction on Monday, October 1st. The shares were sold at an average price of $36.50, for a total value of $36,500.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Thomas L. Hagerman sold 3,918 shares of the business’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $39.25, for a total transaction of $153,781.50. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. United Services Automobile Association increased its stake in SP Plus by 17.4% in the second quarter. United Services Automobile Association now owns 249,877 shares of the business services provider’s stock valued at $9,295,000 after purchasing an additional 37,010 shares in the last quarter. Northern Trust Corp increased its stake in SP Plus by 17.4% in the second quarter. Northern Trust Corp now owns 319,226 shares of the business services provider’s stock valued at $11,875,000 after purchasing an additional 47,254 shares in the last quarter. Bank of New York Mellon Corp increased its stake in SP Plus by 7.4% in the second quarter. Bank of New York Mellon Corp now owns 140,249 shares of the business services provider’s stock valued at $5,217,000 after purchasing an additional 9,701 shares in the last quarter. MetLife Investment Advisors LLC increased its stake in SP Plus by 21.7% in the second quarter. MetLife Investment Advisors LLC now owns 10,567 shares of the business services provider’s stock valued at $393,000 after purchasing an additional 1,884 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY increased its stake in SP Plus by 30.5% in the second quarter. Metropolitan Life Insurance Co. NY now owns 7,462 shares of the business services provider’s stock valued at $278,000 after purchasing an additional 1,744 shares in the last quarter. Institutional investors and hedge funds own 96.33% of the company’s stock.

About SP Plus

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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