SP Plus Corporation (SP) Lowered to Buy at BidaskClub

BidaskClub lowered shares of SP Plus Corporation (NASDAQ:SP) from a strong-buy rating to a buy rating in a research report report published on Tuesday.

Other research analysts have also issued reports about the stock. Zacks Investment Research lowered shares of SP Plus Corporation from a buy rating to a hold rating in a research note on Wednesday, July 12th. ValuEngine lowered shares of SP Plus Corporation from a buy rating to a hold rating in a research note on Tuesday, August 1st.

SP Plus Corporation (NASDAQ SP) traded up 0.51% during midday trading on Tuesday, hitting $39.70. 37,250 shares of the stock traded hands. SP Plus Corporation has a 52 week low of $22.60 and a 52 week high of $41.25. The stock has a market capitalization of $881.42 million, a P/E ratio of 23.05 and a beta of 1.00. The stock’s 50-day moving average price is $38.48 and its 200-day moving average price is $33.65.

SP Plus Corporation (NASDAQ:SP) last issued its quarterly earnings results on Tuesday, August 1st. The business services provider reported $0.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.11. The company had revenue of $415.40 million during the quarter, compared to analyst estimates of $223.35 million. SP Plus Corporation had a net margin of 2.36% and a return on equity of 13.82%. Equities research analysts expect that SP Plus Corporation will post $1.69 EPS for the current fiscal year.

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In related news, Director Robert S. Roath sold 70,000 shares of the stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $34.77, for a total value of $2,433,900.00. Following the completion of the transaction, the director now directly owns 36,936 shares in the company, valued at approximately $1,284,264.72. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.40% of the stock is owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the business. 1st Global Advisors Inc. bought a new stake in SP Plus Corporation during the 2nd quarter valued at about $352,000. Susquehanna International Group LLP bought a new stake in SP Plus Corporation during the 2nd quarter valued at about $555,000. The Manufacturers Life Insurance Company increased its stake in SP Plus Corporation by 1.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,989 shares of the business services provider’s stock valued at $428,000 after purchasing an additional 197 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in SP Plus Corporation by 75.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 61,598 shares of the business services provider’s stock valued at $1,882,000 after purchasing an additional 26,483 shares in the last quarter. Finally, BlueCrest Capital Management Ltd bought a new stake in SP Plus Corporation during the 2nd quarter valued at about $221,000. Institutional investors and hedge funds own 94.64% of the company’s stock.

About SP Plus Corporation

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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