BidaskClub upgraded shares of SP Plus Corporation (NASDAQ:SP) from a hold rating to a buy rating in a research report released on Wednesday morning.
A number of other analysts have also commented on SP. Zacks Investment Research upgraded SP Plus Corporation from a hold rating to a buy rating and set a $39.00 price target on the stock in a report on Friday, August 4th. ValuEngine lowered SP Plus Corporation from a buy rating to a hold rating in a report on Tuesday, August 1st.
SP Plus Corporation (NASDAQ SP) traded down 0.42% during midday trading on Wednesday, reaching $35.40. The company had a trading volume of 161,549 shares. The stock’s 50 day moving average is $32.26 and its 200 day moving average is $31.42. The firm has a market capitalization of $785.95 million, a price-to-earnings ratio of 20.56 and a beta of 1.01. SP Plus Corporation has a 12-month low of $22.60 and a 12-month high of $38.55.
SP Plus Corporation (NASDAQ:SP) last issued its quarterly earnings results on Tuesday, August 1st. The business services provider reported $0.53 EPS for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.11. The business had revenue of $415.40 million for the quarter, compared to analyst estimates of $223.35 million. SP Plus Corporation had a return on equity of 13.82% and a net margin of 2.36%. Equities research analysts expect that SP Plus Corporation will post $1.71 earnings per share for the current year.
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In other SP Plus Corporation news, major shareholder Cpc Rep L.L.C. Kohlberg sold 2,625,415 shares of the business’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $29.20, for a total value of $76,662,118.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert S. Roath sold 70,000 shares of the business’s stock in a transaction on 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 sale, the director now owns 36,936 shares in the company, valued at $1,284,264.72. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Laurion Capital Management LP purchased a new stake in shares of SP Plus Corporation during the second quarter valued at about $11,962,000. Principal Financial Group Inc. purchased a new stake in shares of SP Plus Corporation during the second quarter valued at about $11,150,000. FMR LLC purchased a new stake in shares of SP Plus Corporation during the second quarter valued at about $10,693,000. Thompson Siegel & Walmsley LLC purchased a new stake in shares of SP Plus Corporation during the second quarter valued at about $8,260,000. Finally, Vanguard Group Inc. raised its stake in shares of SP Plus Corporation by 22.3% in the second quarter. Vanguard Group Inc. now owns 942,891 shares of the business services provider’s stock valued at $28,805,000 after buying an additional 172,123 shares during the last quarter. Hedge funds and other institutional investors own 74.75% 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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