Zacks Investment Research upgraded shares of Spartan Motors, Inc. (NASDAQ:SPAR) from a hold rating to a buy rating in a research note released on Saturday. Zacks Investment Research currently has $10.00 target price on the stock.
According to Zacks, “Spartan is a leading designer, engineer and manufacturer of custom heavy-duty chassis. The Company’s chassis consist of a frame assembly, engine, transmission, electrical systems, running gear (wheels, tires, axles, suspension and brakes) and, for some applications, a cab. The Company’s customers are original equipment manufacturers (OEMs) who complete their vehicle product by mounting the body or apparatus on a Spartan chassis. “
Several other equities analysts have also issued reports on the company. BidaskClub lowered Spartan Motors from a buy rating to a hold rating in a report on Thursday, August 3rd. Roth Capital set a $12.00 price objective on Spartan Motors and gave the stock a buy rating in a report on Tuesday, August 1st. Finally, TheStreet raised Spartan Motors from a c rating to a b- rating in a report on Monday, May 15th. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $10.67.
Shares of Spartan Motors (NASDAQ SPAR) opened at 9.20 on Friday. Spartan Motors has a 52 week low of $6.30 and a 52 week high of $10.50. The company’s 50 day moving average price is $8.81 and its 200-day moving average price is $8.24. The company has a market capitalization of $323.16 million, a price-to-earnings ratio of 85.98 and a beta of 1.11.
Spartan Motors (NASDAQ:SPAR) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.01. The company had revenue of $169.70 million for the quarter, compared to analyst estimates of $167.83 million. Spartan Motors had a return on equity of 5.57% and a net margin of 0.59%. The business’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.19 earnings per share. Analysts anticipate that Spartan Motors will post $0.50 earnings per share for the current fiscal year.
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Several institutional investors have recently modified their holdings of the company. IndexIQ Advisors LLC purchased a new position in shares of Spartan Motors during the second quarter valued at about $524,000. Victory Capital Management Inc. raised its position in shares of Spartan Motors by 10.1% in the second quarter. Victory Capital Management Inc. now owns 148,850 shares of the company’s stock valued at $1,317,000 after buying an additional 13,655 shares during the last quarter. Marshall Wace North America L.P. raised its position in shares of Spartan Motors by 623.6% in the second quarter. Marshall Wace North America L.P. now owns 131,183 shares of the company’s stock valued at $1,181,000 after buying an additional 113,053 shares during the last quarter. Wedge Capital Management L L P NC raised its position in shares of Spartan Motors by 113.5% in the second quarter. Wedge Capital Management L L P NC now owns 76,000 shares of the company’s stock valued at $673,000 after buying an additional 40,400 shares during the last quarter. Finally, Granite Investment Partners LLC raised its position in shares of Spartan Motors by 61.9% in the second quarter. Granite Investment Partners LLC now owns 234,548 shares of the company’s stock valued at $2,076,000 after buying an additional 89,653 shares during the last quarter. 65.08% of the stock is currently owned by institutional investors.
Spartan Motors Company Profile
Spartan Motors, Inc is an engineer and manufacturer in the heavy-duty, custom vehicles marketplace. The Company operates through three segments: Emergency Response Vehicles, Delivery and Service Vehicles, and Specialty Chassis and Vehicles. The Company’s Emergency Response Vehicles segment engineers and manufactures emergency response chassis, emergency response bodies and aerial equipment.
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