SP Plus (SP) Cut to “Hold” at Zacks Investment Research

SP Plus (NASDAQ:SP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.

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 analysts have also recently weighed in on SP. BidaskClub cut SP Plus from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 17th. ValuEngine cut SP Plus from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd.

Shares of SP Plus (NASDAQ:SP) opened at $37.90 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $852.41, a PE ratio of 19.74, a P/E/G ratio of 2.03 and a beta of 1.00. SP Plus has a 12 month low of $27.05 and a 12 month high of $41.25.

SP Plus (NASDAQ:SP) last posted its earnings results on Wednesday, November 1st. The business services provider reported $0.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.08. The company had revenue of $392.70 million for the quarter, compared to analysts’ expectations of $228.10 million. SP Plus had a return on equity of 14.29% and a net margin of 2.64%. analysts predict that SP Plus will post 1.7 EPS for the current fiscal year.

In other news, major shareholder Walter S. Woltosz sold 18,500 shares of the business’s stock in a transaction that occurred on Saturday, October 28th. The stock was sold at an average price of $16.37, for a total value of $302,845.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.40% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of SP. Zions Bancorporation purchased a new position in SP Plus in the 3rd quarter worth approximately $108,000. SG Americas Securities LLC purchased a new position in SP Plus in the 3rd quarter worth approximately $141,000. Legal & General Group Plc raised its holdings in SP Plus by 5.0% in the 2nd quarter. Legal & General Group Plc now owns 4,205 shares of the business services provider’s stock worth $129,000 after acquiring an additional 200 shares during the last quarter. Magnetar Financial LLC purchased a new position in SP Plus in the 3rd quarter worth approximately $271,000. Finally, California Public Employees Retirement System purchased a new position in SP Plus in the 2nd quarter worth approximately $214,000. 96.53% of the stock is currently owned by hedge funds and other institutional investors.

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About SP Plus

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.

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