SP Plus (SP) Stock Rating Upgraded by BidaskClub

SP Plus (NASDAQ:SP) was upgraded by equities researchers at BidaskClub from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.

A number of other analysts also recently weighed in on SP. ValuEngine downgraded shares of SP Plus from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. Zacks Investment Research downgraded shares of SP Plus from a “buy” rating to a “hold” rating in a report on Tuesday, October 9th. Sidoti cut their price target 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, Barrington Research reaffirmed a “buy” rating and set a $43.00 price target on shares of SP Plus in a report on Friday, October 19th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $44.00.

Shares of SP Plus stock opened at $32.55 on Friday. SP Plus has a 1-year low of $27.13 and a 1-year high of $41.70. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.24. The company has a market cap of $679.94 million, a PE ratio of 19.15, a PEG ratio of 1.16 and a beta of 0.99.

SP Plus (NASDAQ:SP) last issued its quarterly earnings results on Wednesday, October 31st. The business services provider reported $0.64 earnings per share for the quarter, topping 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 company had revenue of $362.10 million during the quarter, compared to the consensus estimate of $190.74 million. On average, research analysts forecast that SP Plus will post 2.22 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the stock. First Trust Advisors LP lifted its stake in shares of SP Plus by 18.2% in the 2nd quarter. First Trust Advisors LP now owns 25,756 shares of the business services provider’s stock valued at $958,000 after purchasing an additional 3,970 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of SP Plus by 23.8% in the 2nd quarter. Rhumbline Advisers now owns 23,379 shares of the business services provider’s stock valued at $870,000 after purchasing an additional 4,490 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of SP Plus by 7.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 140,249 shares of the business services provider’s stock valued at $5,217,000 after purchasing an additional 9,701 shares during the last quarter. BlackRock Inc. lifted its stake in shares of SP Plus by 25.7% in the 2nd quarter. BlackRock Inc. now owns 1,528,683 shares of the business services provider’s stock valued at $56,867,000 after purchasing an additional 312,323 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of SP Plus by 5.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,166,230 shares of the business services provider’s stock valued at $43,384,000 after purchasing an additional 63,673 shares during the last quarter. Institutional investors and hedge funds own 97.60% of the company’s stock.

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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