SP Plus (SP) Upgraded to Hold by BidaskClub

BidaskClub upgraded shares of SP Plus (NASDAQ:SP) from a sell rating to a hold rating in a research note released on Friday morning.

A number of other analysts have also commented on the stock. ValuEngine lowered shares of SP Plus from a hold rating to a sell rating in a research report on Thursday, September 27th. Zacks Investment Research lowered shares of SP Plus from a buy rating to a hold rating in a research report on Tuesday, October 9th. Barrington Research reissued a buy rating and issued a $43.00 price objective on shares of SP Plus in a research report on Friday, October 19th. Finally, Sidoti cut their price objective on shares of SP Plus from $52.00 to $48.00 and set a buy rating on the stock in a research report on Wednesday, October 10th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $44.00.

Shares of SP opened at $33.25 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.84 and a current ratio of 0.84. SP Plus has a twelve month low of $27.13 and a twelve month high of $41.70. The company has a market capitalization of $722.01 million, a price-to-earnings ratio of 19.56, a P/E/G ratio of 1.23 and a beta of 0.99.

SP Plus (NASDAQ:SP) last announced its quarterly earnings results on Wednesday, October 31st. The business services provider reported $0.64 earnings per share 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 firm had revenue of $362.10 million for the quarter, compared to analyst estimates of $190.74 million. Analysts anticipate that SP Plus will post 2.22 earnings per share for the current year.

Hedge funds have recently made changes to their positions in the company. Teachers Advisors LLC raised its position in SP Plus by 0.9% during the third quarter. Teachers Advisors LLC now owns 79,967 shares of the business services provider’s stock worth $2,919,000 after acquiring an additional 723 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its position in SP Plus by 30.5% during the second quarter. Metropolitan Life Insurance Co. NY now owns 7,462 shares of the business services provider’s stock worth $278,000 after acquiring an additional 1,744 shares in the last quarter. MetLife Investment Advisors LLC raised its position in SP Plus by 21.7% during the second quarter. MetLife Investment Advisors LLC now owns 10,567 shares of the business services provider’s stock worth $393,000 after acquiring an additional 1,884 shares in the last quarter. Bank of America Corp DE raised its position in SP Plus by 1.5% during the second quarter. Bank of America Corp DE now owns 138,030 shares of the business services provider’s stock worth $5,136,000 after acquiring an additional 2,076 shares in the last quarter. Finally, Ramsey Quantitative Systems raised its position in SP Plus by 102.5% during the third quarter. Ramsey Quantitative Systems now owns 4,539 shares of the business services provider’s stock worth $166,000 after acquiring an additional 2,297 shares in the last quarter. 97.60% of the stock is currently owned by institutional investors and hedge funds.

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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