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

StockNews.com began coverage on shares of SP Plus (NASDAQ:SP) in a research report sent to investors on Sunday morning. The firm issued a hold rating on the business services provider’s stock.

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

SP Plus Stock Performance

SP stock opened at $51.52 on Friday. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 1.34. The business’s fifty day simple moving average is $51.68 and its two-hundred day simple moving average is $50.97. SP Plus has a twelve month low of $32.78 and a twelve month high of $52.56. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of 33.03 and a beta of 1.22.

SP Plus (NASDAQ:SP) last announced its quarterly earnings results 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 firm had revenue of $217.20 million for 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%. Analysts predict that SP Plus will post 3.42 earnings per share for the current year.

Institutional Investors Weigh In On SP Plus

A number of institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. boosted its position in SP Plus by 348.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 373,833 shares of the business services provider’s stock valued at $19,159,000 after purchasing an additional 290,403 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in SP Plus in the fourth quarter worth about $254,000. Barclays PLC boosted its holdings in SP Plus by 467.7% in the fourth quarter. Barclays PLC now owns 39,919 shares of the business services provider’s stock worth $2,046,000 after acquiring an additional 32,887 shares in the last quarter. Westchester Capital Management LLC acquired a new stake in SP Plus in the fourth quarter worth about $15,226,000. Finally, Voloridge Investment Management LLC acquired a new stake in SP Plus in the fourth quarter worth about $3,342,000. Institutional investors own 93.98% of the company’s stock.

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.