Barrington Research Reiterates “Buy” Rating for SP Plus (SP)

SP Plus (NASDAQ:SP)‘s stock had its “buy” rating reiterated by investment analysts at Barrington Research in a report released on Tuesday. They presently have a $43.00 target price on the business services provider’s stock. Barrington Research’s price target would suggest a potential upside of 49.57% from the stock’s previous close.

The analysts wrote, “We are raising our 2019 estimates to reflect the acquisition. Our 2019 adjusted EBITDA estimate is now $118.0 million, a 21% increase from our prior estimate. Our 2019 adjusted EPS estimate increases to $2.57, which is 9% higher than our previous forecast of $2.36. SP Plus has not given 2019 guidance yet, but plans to do so in February when it reports Q4/18 results. The lower percentage increase in our adjusted EPS estimate relative to our adjusted EBITDA estimate is due to anticipated increases in amortization expense and interest expense resulting from the Bags acquisition.””

A number of other research analysts have also commented on SP. Zacks Investment Research lowered shares of SP Plus from a “hold” rating to a “sell” rating in a research note on Tuesday, November 6th. BidaskClub downgraded shares of SP Plus from a “buy” rating to a “hold” rating in a report on Saturday, August 25th. Sidoti cut their price objective on shares of SP Plus from $52.00 to $48.00 and set a “buy” rating for the company in a report on Wednesday, October 10th. Finally, ValuEngine downgraded shares of SP Plus from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $44.00.

SP Plus stock opened at $28.75 on Tuesday. The stock has a market cap of $653.79 million, a PE ratio of 13.31, a PEG ratio of 1.29 and a beta of 1.14. SP Plus has a fifty-two week low of $28.52 and a fifty-two week high of $41.70. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.24.

SP Plus (NASDAQ:SP) last announced its quarterly earnings results on Wednesday, October 31st. The business services provider reported $0.64 EPS for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.03. SP Plus had a net margin of 3.50% and a return on equity of 14.51%. The business had revenue of $362.10 million for the quarter, compared to analyst estimates of $190.74 million. Research analysts expect that SP Plus will post 2.22 EPS for the current fiscal year.

In other news, CEO G Marc Baumann sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $36.50, for a total transaction of $36,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.00% of the company’s stock.

Several institutional investors have recently modified their holdings of SP. Ramsey Quantitative Systems lifted its stake in SP Plus by 102.5% in the 3rd quarter. Ramsey Quantitative Systems now owns 4,539 shares of the business services provider’s stock valued at $166,000 after purchasing an additional 2,297 shares during the last quarter. Amica Retiree Medical Trust bought a new position in SP Plus in the 3rd quarter valued at approximately $217,000. Metropolitan Life Insurance Co. NY lifted its stake in SP Plus by 30.5% in the 2nd 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 during the last quarter. We Are One Seven LLC bought a new position in SP Plus in the 3rd quarter valued at approximately $285,000. Finally, MetLife Investment Advisors LLC lifted its stake in SP Plus by 21.7% in the 2nd 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 during the last quarter. 97.61% of the stock is owned by institutional investors.

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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