StockNews.com Begins Coverage on SP Plus (NASDAQ:SP)

StockNews.com assumed coverage on shares of SP Plus (NASDAQ:SP) in a research report report published on Sunday morning. The firm issued a hold rating on the business services provider’s stock.

Separately, TheStreet lowered SP Plus from a b rating to a c+ rating in a research note on Tuesday, February 27th.

SP Plus Stock Performance

SP Plus stock opened at $51.52 on Friday. The firm has a market capitalization of $1.02 billion, a P/E ratio of 33.03 and a beta of 1.22. The stock has a fifty day moving average price of $51.68 and a 200 day moving average price of $50.97. SP Plus has a 52 week low of $32.78 and a 52 week high of $52.56. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 1.34.

SP Plus (NASDAQ:SP) last released its earnings results on Tuesday, February 27th. The business services provider reported $0.60 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.25). The business had revenue of $217.20 million during the quarter, compared to analyst estimates of $235.44 million. SP Plus had a net margin of 1.74% and a return on equity of 22.49%. Equities research analysts anticipate that SP Plus will post 3.42 earnings per share for the current year.

Institutional Investors Weigh In On SP Plus

Several institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP boosted its position in shares of SP Plus by 5.9% in the first quarter. Wellington Management Group LLP now owns 1,434,482 shares of the business services provider’s stock worth $44,985,000 after buying an additional 80,286 shares during the period. BlackRock Inc. boosted its position in shares of SP Plus by 5.3% in the second quarter. BlackRock Inc. now owns 1,391,373 shares of the business services provider’s stock worth $54,417,000 after buying an additional 69,499 shares during the period. Vanguard Group Inc. lifted its stake in shares of SP Plus by 3.2% in the third quarter. Vanguard Group Inc. now owns 1,263,244 shares of the business services provider’s stock worth $39,565,000 after acquiring an additional 39,535 shares in the last quarter. Alpine Associates Management Inc. acquired a new position in shares of SP Plus in the fourth quarter worth about $51,204,000. Finally, ArrowMark Colorado Holdings LLC lifted its stake in shares of SP Plus by 7.1% in the first quarter. ArrowMark Colorado Holdings LLC now owns 520,418 shares of the business services provider’s stock worth $17,845,000 after acquiring an additional 34,561 shares in the last quarter. Hedge funds and other institutional investors own 93.98% of the company’s stock.

About SP Plus

SP Plus Corporation provides mobility solutions, parking services, parking management, ground transportation, baggage handling, and other ancillary services. The company operates in Commercial and Aviation segments. It provides on-site parking management, valet parking, ground transportation, facility maintenance, event logistics, remote airline check-in, security, municipal meter revenue collection and enforcement, and consulting services, as well as shuttle bus vehicles and drivers; baggage services, including delivery of delayed luggage and baggage handling services; wheelchair assist services; baggage repair and replacement services; and on-street parking meter collection and other forms of parking enforcement services.