SP Plus (NASDAQ:SP) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of SP Plus (NASDAQ:SP) from a buy rating to a hold rating in a report published on Friday morning, Zacks.com reports.

According to Zacks, “SP Plus Corporation provides professional parking, ground transportation, facility maintenance, security and event logistics services to property owners and managers in all markets of the real estate industry. The Company also provides a range of ancillary services, such as airport shuttle operations, taxi and livery dispatch services and municipal meter revenue collection and enforcement services. Its clients include owners of office building complexes, shopping centers, sports complexes, hotels, hospitals, and various airports. SP Plus Corporation, formerly known as Standard Parking Corporation, is based in United States. “

Several other research analysts have also weighed in on the company. Barrington Research set a $118.00 target price on SYNNEX and gave the stock a buy rating in a research report on Friday, July 12th. BidaskClub lowered Westport Fuel Systems from a buy rating to a hold rating in a research report on Friday. Finally, ValuEngine raised XPO Logistics from a strong sell rating to a sell rating in a research report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $42.67.

Shares of SP Plus stock opened at $33.83 on Friday. SP Plus has a fifty-two week low of $27.13 and a fifty-two week high of $41.35. The stock has a market cap of $773.15 million, a price-to-earnings ratio of 14.46, a PEG ratio of 1.30 and a beta of 1.06. The business’s fifty day simple moving average is $32.54. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 1.93.

SP Plus (NASDAQ:SP) last issued its earnings results on Wednesday, May 1st. The business services provider reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.15. The business had revenue of $409.40 million for the quarter, compared to analyst estimates of $234.85 million. SP Plus had a return on equity of 15.92% and a net margin of 3.21%. On average, analysts forecast that SP Plus will post 2.61 EPS for the current fiscal year.

In related news, EVP Gerard M. Klaisle sold 1,060 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $35.00, for a total value of $37,100.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.10% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of SP. Bessemer Group Inc. increased its holdings in shares of SP Plus by 5.2% in the second quarter. Bessemer Group Inc. now owns 67,300 shares of the business services provider’s stock valued at $2,149,000 after buying an additional 3,300 shares in the last quarter. North Star Investment Management Corp. increased its holdings in shares of SP Plus by 11.3% in the second quarter. North Star Investment Management Corp. now owns 65,975 shares of the business services provider’s stock valued at $2,107,000 after buying an additional 6,700 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new position in shares of SP Plus in the second quarter valued at $207,000. Intrepid Capital Management Inc. bought a new position in shares of SP Plus in the first quarter valued at $6,769,000. Finally, ClariVest Asset Management LLC increased its holdings in shares of SP Plus by 5.9% in the first quarter. ClariVest Asset Management LLC now owns 23,500 shares of the business services provider’s stock valued at $802,000 after buying an additional 1,300 shares in the last quarter. 98.55% of the stock is currently owned by institutional investors and hedge funds.

About SP Plus

SP Plus Corp. provides professional parking, ground transportation, facility maintenance, security, event logistics, and baggage handling and related services to commercial, institutional, municipal and aviation clients. It also provides a wide range of event logistics services. The company was founded in 1929 and is headquartered in Chicago, IL.

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