SP Plus (SP) Rating Lowered to Sell at BidaskClub

SP Plus (NASDAQ:SP) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

A number of other analysts have also weighed in on SP. Zacks Investment Research upgraded shares of SP Plus from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a research report on Saturday, November 4th. ValuEngine lowered shares of SP Plus from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd.

SP Plus (NASDAQ:SP) traded up $0.05 during midday trading on Wednesday, hitting $37.90. 76,200 shares of the company traded hands, compared to its average volume of 125,200. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market cap of $852.41, a price-to-earnings ratio of 19.74, a price-to-earnings-growth ratio of 2.03 and a beta of 1.00. SP Plus has a twelve month low of $27.05 and a twelve month high of $41.25.

SP Plus (NASDAQ:SP) last posted its quarterly 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 business had revenue of $392.70 million for the quarter, compared to analyst estimates of $228.10 million. SP Plus had a net margin of 2.64% and a return on equity of 14.29%. equities research analysts predict that SP Plus will post 1.7 earnings per share for the current year.

In related news, major shareholder Walter S. Woltosz sold 18,500 shares of SP Plus stock in a transaction on Saturday, October 28th. The shares were sold at an average price of $16.37, for a total transaction of $302,845.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.40% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Zions Bancorporation bought a new stake in SP Plus in the third quarter valued at $108,000. SG Americas Securities LLC bought a new stake in SP Plus in the third quarter valued at $141,000. Legal & General Group Plc increased its stake in SP Plus by 5.0% in the second quarter. Legal & General Group Plc now owns 4,205 shares of the business services provider’s stock valued at $129,000 after purchasing an additional 200 shares in the last quarter. Magnetar Financial LLC bought a new stake in SP Plus in the third quarter valued at $271,000. Finally, California Public Employees Retirement System bought a new stake in SP Plus in the second quarter valued at $214,000. 96.53% of the stock is owned by hedge funds and other institutional investors.

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SP Plus Company Profile

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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