Zacks Investment Research Downgrades SP Plus (SP) to Hold

Zacks Investment Research lowered shares of SP Plus (NASDAQ:SP) from a buy rating to a hold rating in a research note published on Tuesday morning.

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. “

Other research analysts have also issued reports about the stock. BidaskClub upgraded shares of SP Plus from a hold rating to a buy rating in a research note on Thursday, August 2nd. Barrington Research increased their price target on shares of SP Plus from $42.00 to $43.00 and gave the stock an outperform rating in a research note on Monday, August 6th. Finally, ValuEngine upgraded shares of SP Plus from a hold rating to a buy rating in a research note on Wednesday, June 27th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $44.00.

Shares of NASDAQ SP opened at $32.92 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.87 and a quick ratio of 0.87. SP Plus has a 12 month low of $32.03 and a 12 month high of $41.70. The firm has a market capitalization of $829.63 million, a price-to-earnings ratio of 19.36, a P/E/G ratio of 1.61 and a beta of 0.99.

SP Plus (NASDAQ:SP) last issued its quarterly earnings results on Tuesday, July 31st. The business services provider reported $0.73 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.07. The company had revenue of $362.20 million during the quarter, compared to analyst estimates of $191.95 million. SP Plus had a net margin of 3.28% and a return on equity of 14.06%. Equities research analysts expect that SP Plus will post 2.27 EPS for the current year.

In other SP Plus news, CEO G Marc Baumann sold 1,000 shares of the firm’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $36.50, for a total transaction of $36,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas L. Hagerman sold 3,918 shares of the firm’s stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $39.25, for a total transaction of $153,781.50. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the business. Chicago Equity Partners LLC boosted its holdings in shares of SP Plus by 3.1% during the 2nd quarter. Chicago Equity Partners LLC now owns 74,440 shares of the business services provider’s stock valued at $2,769,000 after acquiring an additional 2,205 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of SP Plus by 81.3% during the 1st quarter. JPMorgan Chase & Co. now owns 39,471 shares of the business services provider’s stock valued at $1,405,000 after acquiring an additional 17,703 shares during the last quarter. Dudley & Shanley Inc. boosted its holdings in shares of SP Plus by 33.4% during the 2nd quarter. Dudley & Shanley Inc. now owns 679,515 shares of the business services provider’s stock valued at $25,278,000 after acquiring an additional 170,259 shares during the last quarter. MetLife Investment Advisors LLC boosted its holdings in shares of SP Plus by 21.7% during the 2nd quarter. MetLife Investment Advisors LLC now owns 10,567 shares of the business services provider’s stock valued at $393,000 after acquiring an additional 1,884 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of SP Plus by 10.0% during the 2nd quarter. Renaissance Technologies LLC now owns 599,500 shares of the business services provider’s stock valued at $22,301,000 after acquiring an additional 54,400 shares during the last quarter. Institutional investors and hedge funds own 96.33% of the company’s stock.

SP Plus Company Profile

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.

Further Reading: Diversification

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