ValuEngine Downgrades SP Plus Corporation (SP) to Hold

ValuEngine lowered shares of SP Plus Corporation (NASDAQ:SP) from a buy rating to a hold rating in a research report report published on Tuesday, August 1st.

A number of other equities analysts also recently weighed in on the stock. BidaskClub downgraded shares of SP Plus Corporation from a buy rating to a hold rating in a research note on Thursday, July 13th. Zacks Investment Research lowered shares of SP Plus Corporation from a buy rating to a hold rating in a research report on Wednesday, July 12th.

SP Plus Corporation (NASDAQ SP) traded down 0.42% during mid-day trading on Tuesday, reaching $35.40. 161,549 shares of the company traded hands. The stock has a 50-day moving average of $32.26 and a 200 day moving average of $31.42. The stock has a market capitalization of $785.95 million, a PE ratio of 20.56 and a beta of 1.01. SP Plus Corporation has a 52-week low of $22.60 and a 52-week high of $38.55.

SP Plus Corporation (NASDAQ:SP) last posted its quarterly earnings results on Tuesday, August 1st. The business services provider reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.11. The company had revenue of $415.40 million for the quarter, compared to the consensus estimate of $223.35 million. SP Plus Corporation had a net margin of 2.36% and a return on equity of 13.82%. Equities research analysts expect that SP Plus Corporation will post $1.71 earnings per share for the current year.

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In related news, major shareholder Cpc Rep L.L.C. Kohlberg sold 2,625,415 shares of the firm’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $29.20, for a total transaction of $76,662,118.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert S. Roath sold 70,000 shares of the firm’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $34.77, for a total transaction of $2,433,900.00. Following the sale, the director now directly owns 36,936 shares of the company’s stock, valued at $1,284,264.72. The disclosure for this sale can be found here. 1.40% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Bernzott Capital Advisors raised its stake in SP Plus Corporation by 4.7% in the second quarter. Bernzott Capital Advisors now owns 945,720 shares of the business services provider’s stock worth $28,892,000 after buying an additional 42,825 shares during the last quarter. Vanguard Group Inc. raised its stake in SP Plus Corporation by 22.3% in the second quarter. Vanguard Group Inc. now owns 942,891 shares of the business services provider’s stock worth $28,805,000 after buying an additional 172,123 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in SP Plus Corporation by 19.1% in the second quarter. Dimensional Fund Advisors LP now owns 914,092 shares of the business services provider’s stock worth $27,926,000 after buying an additional 146,869 shares during the last quarter. Investment Counselors of Maryland LLC raised its stake in SP Plus Corporation by 11.7% in the second quarter. Investment Counselors of Maryland LLC now owns 712,112 shares of the business services provider’s stock worth $21,755,000 after buying an additional 74,441 shares during the last quarter. Finally, Wedge Capital Management L L P NC raised its stake in SP Plus Corporation by 18.7% in the second quarter. Wedge Capital Management L L P NC now owns 623,290 shares of the business services provider’s stock worth $19,042,000 after buying an additional 98,127 shares during the last quarter. 74.75% of the stock is owned by institutional investors and hedge funds.

About SP Plus Corporation

SP Plus Corporation (SP Plus) is a provider of parking management, ground transportation and other ancillary services to commercial, institutional and municipal clients in the United States, Puerto Rico and Canada. The Company’s segments include Region One (Urban), Region Two (Airport transportation), Region Three and Other.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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