Zacks: SP Plus Corp (SP) Given $37.00 Consensus Target Price by Analysts

SP Plus Corp (NASDAQ:SP) has received a consensus broker rating score of 1.00 (Strong Buy) from the two brokers that cover the company, Zacks Investment Research reports. Two research analysts have rated the stock with a strong buy recommendation.

Analysts have set a 1 year consensus price objective of $37.00 for the company and are anticipating that the company will post $0.44 earnings per share for the current quarter, according to Zacks. Zacks has also given SP Plus Corp an industry rank of 23 out of 265 based on the ratings given to its competitors.

SP has been the subject of several research reports. Barrington Research reiterated an “outperform” rating and issued a $37.00 target price (up from $30.00) on shares of SP Plus Corp in a report on Monday, March 13th. Zacks Investment Research upgraded SP Plus Corp from a “sell” rating to a “hold” rating and set a $37.00 target price for the company in a report on Friday, February 24th.

Shares of SP Plus Corp (NASDAQ:SP) traded down 0.79% during trading on Thursday, hitting $31.50. The company had a trading volume of 47,303 shares. SP Plus Corp has a 52 week low of $20.41 and a 52 week high of $38.55. The company has a market capitalization of $698.20 million, a P/E ratio of 24.21 and a beta of 0.97. The stock’s 50-day moving average price is $33.35 and its 200 day moving average price is $29.77.

SP Plus Corp (NASDAQ:SP) last issued its earnings results on Tuesday, May 2nd. The business services provider reported $0.28 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.09. SP Plus Corp had a return on equity of 9.72% and a net margin of 1.00%. The business had revenue of $414.50 million during the quarter, compared to analysts’ expectations of $228.46 million. On average, equities research analysts forecast that SP Plus Corp will post $1.61 earnings per share for the current year.

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In other news, insider Thomas L. Hagerman sold 1,314 shares of the business’s stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $33.76, for a total value of $44,360.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Ricchiuto sold 1,900 shares of the business’s stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $31.76, for a total value of $60,344.00. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in SP. Third Avenue Management LLC raised its position in shares of SP Plus Corp by 38.4% in the fourth quarter. Third Avenue Management LLC now owns 169,423 shares of the business services provider’s stock valued at $4,769,000 after buying an additional 46,974 shares in the last quarter. Nicholas Co. Inc. WI raised its position in shares of SP Plus Corp by 0.9% in the fourth quarter. Nicholas Co. Inc. WI now owns 169,350 shares of the business services provider’s stock valued at $4,767,000 after buying an additional 1,455 shares in the last quarter. Martingale Asset Management L P acquired a new position in shares of SP Plus Corp during the fourth quarter valued at about $1,940,000. Dimensional Fund Advisors LP raised its position in shares of SP Plus Corp by 8.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 734,730 shares of the business services provider’s stock valued at $20,683,000 after buying an additional 57,337 shares in the last quarter. Finally, State Street Corp raised its position in shares of SP Plus Corp by 12.2% in the fourth quarter. State Street Corp now owns 305,916 shares of the business services provider’s stock valued at $8,614,000 after buying an additional 33,289 shares in the last quarter. 73.92% of the stock is currently owned by institutional investors.

About SP Plus Corp

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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