Zacks Investment Research Downgrades SP Plus (SP) to Sell

SP Plus (NASDAQ:SP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.

According to Zacks, “SP Plus Corporation provides professional parking, ground transportation, facility maintenance, security and event logistics services to property owners and managers in all markets of the real estate industry. The Company also provides a range of ancillary services, such as airport shuttle operations, taxi and livery dispatch services and municipal meter revenue collection and enforcement services. Its clients include owners of office building complexes, shopping centers, sports complexes, hotels, hospitals, and various airports. SP Plus Corporation, formerly known as Standard Parking Corporation, is based in United States. “

Several other analysts also recently issued reports on SP. BidaskClub raised shares of SP Plus from a “hold” rating to a “buy” rating in a report on Thursday, August 2nd. Barrington Research upped their price target on shares of SP Plus from $42.00 to $43.00 and gave the company an “outperform” rating in a report on Monday, August 6th. ValuEngine downgraded shares of SP Plus from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. Finally, Sidoti reduced their price target on shares of SP Plus from $52.00 to $48.00 and set a “buy” rating on the stock in a report on Wednesday, October 10th. Three investment analysts have rated the stock with a sell rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $44.00.

SP stock opened at $32.24 on Tuesday. The stock has a market cap of $726.56 million, a P/E ratio of 18.96, a P/E/G ratio of 1.43 and a beta of 1.11. SP Plus has a 52 week low of $30.49 and a 52 week high of $41.70. The company has a current ratio of 0.84, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24.

SP Plus (NASDAQ:SP) last released its quarterly earnings data on Wednesday, October 31st. The business services provider reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.03. The firm had revenue of $362.10 million for the quarter, compared to the consensus estimate of $190.74 million. SP Plus had a net margin of 3.50% and a return on equity of 14.51%. On average, equities analysts predict that SP Plus will post 2.23 earnings per share for the current year.

In other SP Plus news, CEO G Marc Baumann sold 1,000 shares of the company’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $36.50, for a total value of $36,500.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.00% of the stock is owned by corporate insiders.

Several large investors have recently bought and sold shares of SP. BlackRock Inc. raised its position in shares of SP Plus by 25.7% in the second quarter. BlackRock Inc. now owns 1,528,683 shares of the business services provider’s stock valued at $56,867,000 after buying an additional 312,323 shares during the last quarter. Dudley & Shanley Inc. raised its position in shares of SP Plus by 33.4% in the second quarter. Dudley & Shanley Inc. now owns 679,515 shares of the business services provider’s stock valued at $25,278,000 after buying an additional 170,259 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of SP Plus by 5.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,166,230 shares of the business services provider’s stock valued at $43,384,000 after buying an additional 63,673 shares during the last quarter. WCM Investment Management CA raised its position in shares of SP Plus by 28.7% in the third quarter. WCM Investment Management CA now owns 273,271 shares of the business services provider’s stock valued at $9,974,000 after buying an additional 60,909 shares during the last quarter. Finally, Dalton Greiner Hartman Maher & Co. raised its position in shares of SP Plus by 52.8% in the third quarter. Dalton Greiner Hartman Maher & Co. now owns 158,951 shares of the business services provider’s stock valued at $5,802,000 after buying an additional 54,935 shares during the last quarter. 97.28% of the stock is owned by institutional investors and hedge funds.

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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