SP Plus Corp (NASDAQ:SP) Given $51.00 Consensus Price Target by Analysts

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Shares of SP Plus Corp (NASDAQ:SP) have earned an average broker rating score of 1.00 (Strong Buy) from the two brokers that cover the company, Zacks Investment Research reports. Two investment analysts have rated the stock with a strong buy rating.

Brokerages have set a 12-month consensus price objective of $51.00 for the company and are expecting that the company will post $0.62 earnings per share for the current quarter, according to Zacks. Zacks has also given SP Plus an industry rank of 19 out of 255 based on the ratings given to related companies.

Several brokerages have weighed in on SP. Zacks Investment Research upgraded SP Plus from a “hold” rating to a “buy” rating and set a $51.00 price objective for the company in a research report on Tuesday, November 5th. Barrington Research boosted their target price on SP Plus from $43.00 to $51.00 in a research note on Wednesday, November 6th. ValuEngine cut SP Plus from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. Finally, BidaskClub cut SP Plus from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 19th.

SP stock traded down $0.57 during midday trading on Tuesday, hitting $43.81. The company had a trading volume of 69,904 shares, compared to its average volume of 98,587. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 1.79. SP Plus has a 52 week low of $27.13 and a 52 week high of $47.33. The stock’s 50 day moving average price is $43.42 and its 200 day moving average price is $36.72. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of 18.72, a PEG ratio of 1.60 and a beta of 0.99.

SP Plus (NASDAQ:SP) last announced its quarterly earnings data on Wednesday, October 30th. The business services provider reported $0.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.11. SP Plus had a return on equity of 16.39% and a net margin of 3.03%. The firm had revenue of $418.60 million during the quarter, compared to the consensus estimate of $231.35 million. Analysts predict that SP Plus will post 2.79 earnings per share for the current year.

In other news, insider Gerard M. Klaisle sold 8,000 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $44.20, for a total transaction of $353,600.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO G Marc Baumann sold 3,800 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $46.63, for a total value of $177,194.00. The disclosure for this sale can be found here. Insiders have sold 18,461 shares of company stock worth $811,552 over the last three months. Insiders own 1.10% of the company’s stock.

A number of hedge funds have recently modified their holdings of SP. Bank of Montreal Can grew its stake in SP Plus by 1,770.6% in the second quarter. Bank of Montreal Can now owns 2,039 shares of the business services provider’s stock worth $65,000 after purchasing an additional 1,930 shares during the period. ETF Managers Group LLC purchased a new stake in SP Plus in the second quarter worth $184,000. Paloma Partners Management Co purchased a new stake in SP Plus in the second quarter worth $237,000. BBT Capital Management LLC purchased a new stake in SP Plus in the second quarter worth $336,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in SP Plus by 12.0% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,875 shares of the business services provider’s stock worth $379,000 after purchasing an additional 1,275 shares during the period. 94.39% of the stock is currently owned by institutional investors.

About SP Plus

SP Plus Corp. provides professional parking, ground transportation, facility maintenance, security, event logistics, and baggage handling and related services to commercial, institutional, municipal and aviation clients. It also provides a wide range of event logistics services. The company was founded in 1929 and is headquartered in Chicago, IL.

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