Barrington Research Reiterates Buy Rating for SP Plus (SP)

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Barrington Research reiterated their buy rating on shares of SP Plus (NASDAQ:SP) in a research note published on Tuesday morning. The firm currently has a $43.00 target price on the business services provider’s stock. Barrington Research also issued estimates for SP Plus’ FY2019 earnings at $2.57 EPS.

“We are raising our 2019 estimates to reflect the acquisition. Our 2019 adjusted EBITDA estimate is now $118.0 million, a 21% increase from our prior estimate. Our 2019 adjusted EPS estimate increases to $2.57, which is 9% higher than our previous forecast of $2.36. SP Plus has not given 2019 guidance yet, but plans to do so in February when it reports Q4/18 results. The lower percentage increase in our adjusted EPS estimate relative to our adjusted EBITDA estimate is due to anticipated increases in amortization expense and interest expense resulting from the Bags acquisition.”,” the firm’s analyst commented.

Several other research firms have also issued reports on SP. Zacks Investment Research lowered SP Plus from a buy rating to a hold rating in a research note on Tuesday, October 9th. BidaskClub downgraded SP Plus from a buy rating to a hold rating in a research report on Saturday, August 25th. Sidoti decreased their target price on SP Plus from $52.00 to $48.00 and set a buy rating on the stock in a research report on Wednesday, October 10th. Finally, ValuEngine downgraded SP Plus from a hold rating to a sell rating in a research report on Thursday, September 27th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $44.00.

NASDAQ:SP opened at $29.33 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.84 and a current ratio of 0.84. The company has a market capitalization of $656.29 million, a price-to-earnings ratio of 13.36, a price-to-earnings-growth ratio of 1.30 and a beta of 1.14. SP Plus has a 12-month low of $27.83 and a 12-month high of $41.70.

SP Plus (NASDAQ:SP) last released its quarterly earnings data on Wednesday, October 31st. The business services provider reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.03. The firm had revenue of $362.10 million for the quarter, compared to analyst estimates of $190.74 million. SP Plus had a return on equity of 14.51% and a net margin of 3.50%. Equities research analysts predict that SP Plus will post 2.22 EPS for the current fiscal year.

In other news, CEO G Marc Baumann sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $36.50, for a total value of $36,500.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.00% of the stock is currently owned by corporate insiders.

Several institutional investors have recently bought and sold shares of SP. Ramsey Quantitative Systems grew its position in 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 buying an additional 2,297 shares in the last quarter. Amica Retiree Medical Trust acquired a new stake in SP Plus during the third quarter worth approximately $217,000. Metropolitan Life Insurance Co. NY grew its position in 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 buying an additional 1,744 shares in the last quarter. We Are One Seven LLC acquired a new stake in SP Plus during the third quarter worth approximately $285,000. Finally, MetLife Investment Advisors LLC grew its position in 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 buying an additional 1,884 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors.

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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