BidaskClub Upgrades SP Plus (SP) to Hold

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BidaskClub upgraded shares of SP Plus (NASDAQ:SP) from a sell rating to a hold rating in a report published on Friday morning.

Several other brokerages have also commented on SP. ValuEngine lowered shares of SP Plus from a hold rating to a sell rating in a research note on Thursday, September 27th. Zacks Investment Research lowered shares of SP Plus from a buy rating to a hold rating in a research report on Tuesday, October 9th. Barrington Research restated a buy rating and set a $43.00 target price on shares of SP Plus in a research report on Friday, October 19th. Finally, Sidoti lowered their target price on shares of SP Plus from $52.00 to $48.00 and set a buy rating on the stock in a research report on Wednesday, October 10th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $44.00.

Shares of SP traded up $0.70 during mid-day trading on Friday, hitting $33.25. 116,294 shares of the company’s stock were exchanged, compared to its average volume of 85,800. The stock has a market capitalization of $722.01 million, a PE ratio of 19.56, a P/E/G ratio of 1.23 and a beta of 0.99. SP Plus has a fifty-two week low of $27.13 and a fifty-two week high of $41.70. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.84 and a current ratio of 0.84.

SP Plus (NASDAQ:SP) last issued its quarterly earnings results on Wednesday, October 31st. The business services provider reported $0.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The business had revenue of $362.10 million for the quarter, compared to analysts’ expectations of $190.74 million. SP Plus had a net margin of 3.50% and a return on equity of 14.51%. On average, sell-side analysts predict that SP Plus will post 2.22 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Teachers Advisors LLC grew its position in shares of SP Plus by 0.9% during the third quarter. Teachers Advisors LLC now owns 79,967 shares of the business services provider’s stock worth $2,919,000 after acquiring an additional 723 shares during the last quarter. Metropolitan Life Insurance Co. NY lifted its holdings in shares of SP Plus by 30.5% during the second quarter. Metropolitan Life Insurance Co. NY now owns 7,462 shares of the business services provider’s stock worth $278,000 after purchasing an additional 1,744 shares during the period. MetLife Investment Advisors LLC lifted its holdings in shares of SP Plus by 21.7% during the second quarter. MetLife Investment Advisors LLC now owns 10,567 shares of the business services provider’s stock worth $393,000 after purchasing an additional 1,884 shares during the period. Bank of America Corp DE lifted its holdings in shares of SP Plus by 1.5% during the second quarter. Bank of America Corp DE now owns 138,030 shares of the business services provider’s stock worth $5,136,000 after purchasing an additional 2,076 shares during the period. Finally, Ramsey Quantitative Systems lifted its holdings in shares of SP Plus by 102.5% during the third quarter. Ramsey Quantitative Systems now owns 4,539 shares of the business services provider’s stock worth $166,000 after purchasing an additional 2,297 shares during the period. Institutional investors and hedge funds own 97.60% 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.

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