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

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

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

SP Plus Stock Up 0.6 %

SP Plus stock opened at $51.10 on Monday. The business has a 50 day simple moving average of $51.63 and a 200-day simple moving average of $51.28. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.71 and a quick ratio of 0.71. The stock has a market capitalization of $1.01 billion, a PE ratio of 32.76 and a beta of 1.22. SP Plus has a 12 month low of $32.78 and a 12 month high of $52.56.

SP Plus (NASDAQ:SP) last posted its quarterly earnings data 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 analysts’ expectations of $235.44 million. SP Plus had a net margin of 1.74% and a return on equity of 22.49%. On average, analysts anticipate that SP Plus will post 3.42 EPS for the current fiscal year.

Institutional Trading of SP Plus

Several institutional investors and hedge funds have recently added to or reduced their stakes in SP. Swiss National Bank raised its holdings in shares of SP Plus by 0.9% during the 3rd quarter. Swiss National Bank now owns 43,200 shares of the business services provider’s stock valued at $1,560,000 after purchasing an additional 400 shares in the last quarter. Parallel Advisors LLC boosted its holdings in SP Plus by 868.4% in the 4th quarter. Parallel Advisors LLC now owns 552 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 495 shares during the period. Pacific Capital Wealth Advisors Inc. acquired a new position in SP Plus in the 4th quarter valued at approximately $61,000. Citigroup Inc. boosted its stake in SP Plus by 12.1% during the third quarter. Citigroup Inc. now owns 11,437 shares of the business services provider’s stock worth $413,000 after buying an additional 1,238 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in SP Plus in the fourth quarter worth about $73,000. 93.98% of the stock is owned by institutional investors and hedge funds.

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.