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

SP Plus Corp (NASDAQ:SP) has been given a consensus broker rating score of 1.00 (Strong Buy) from the three brokers that cover the company, Zacks Investment Research reports. Three analysts have rated the stock with a strong buy recommendation.

Analysts have set a 1 year consensus price target of $45.50 for the company and are anticipating that the company will post $0.61 earnings per share for the current quarter, according to Zacks. Zacks has also given SP Plus an industry rank of 169 out of 255 based on the ratings given to related companies.

A number of brokerages have recently weighed in on SP. BidaskClub upgraded SP Plus from a “hold” rating to a “buy” rating in a research note on Wednesday, June 27th. Zacks Investment Research lowered SP Plus from a “buy” rating to a “hold” rating in a research note on Tuesday, October 9th. ValuEngine upgraded SP Plus from a “hold” rating to a “buy” rating in a research note on Wednesday, June 27th. Barrington Research raised their target price on SP Plus from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, August 6th. Finally, Sidoti lowered their target price on SP Plus from $52.00 to $48.00 and set a “buy” rating for the company in a research note on Wednesday, October 10th.

Shares of NASDAQ SP traded down $0.54 during midday trading on Friday, reaching $33.02. 333 shares of the company traded hands, compared to its average volume of 91,628. The stock has a market cap of $829.63 million, a PE ratio of 19.56, a PEG ratio of 1.61 and a beta of 0.99. SP Plus has a 12 month low of $32.03 and a 12 month high of $41.70. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.87 and a current ratio of 0.87.

SP Plus (NASDAQ:SP) last issued its quarterly earnings data on Tuesday, July 31st. The business services provider reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.07. The company had revenue of $362.20 million during the quarter, compared to analysts’ expectations of $191.95 million. SP Plus had a return on equity of 14.06% and a net margin of 3.28%. Analysts predict that SP Plus will post 2.27 earnings per share for the current year.

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

Hedge funds have recently made changes to their positions in the stock. WINTON GROUP Ltd acquired a new position in shares of SP Plus during the 1st quarter worth about $217,000. Citigroup Inc. grew its position in shares of SP Plus by 61.4% during the 1st quarter. Citigroup Inc. now owns 6,972 shares of the business services provider’s stock worth $248,000 after buying an additional 2,652 shares during the period. Metropolitan Life Insurance Co. NY grew its position in shares of SP Plus by 30.5% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 7,462 shares of the business services provider’s stock worth $278,000 after buying an additional 1,744 shares during the period. We Are One Seven LLC acquired a new position in shares of SP Plus during the 3rd quarter worth about $285,000. Finally, Atria Investments LLC grew its position in shares of SP Plus by 26.0% during the 2nd quarter. Atria Investments LLC now owns 9,804 shares of the business services provider’s stock worth $365,000 after buying an additional 2,023 shares during the period. Hedge funds and other institutional investors 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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