SP Plus Corporation (NASDAQ:SP) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of SP Plus Corporation (NASDAQ:SP) from a hold rating to a buy rating in a report released on Saturday, November 4th. The brokerage currently has $43.00 price target on the business services provider’s stock.

According to Zacks, “SP Plus Corporation provides professional parking, ground transportation, facility maintenance, security and event logistics services to property owners and managers in all markets of the real estate industry. The Company also provides a range of ancillary services, such as airport shuttle operations, taxi and livery dispatch services and municipal meter revenue collection and enforcement services. Its clients include owners of office building complexes, shopping centers, sports complexes, hotels, hospitals, and various airports. SP Plus Corporation, formerly known as Standard Parking Corporation, is based in United States. “

A number of other brokerages have also commented on SP. BidaskClub raised shares of SP Plus Corporation from a hold rating to a buy rating in a research report on Wednesday, August 9th. ValuEngine lowered shares of SP Plus Corporation from a buy rating to a hold rating in a research report on Monday, October 2nd.

SP Plus Corporation (NASDAQ SP) traded up $0.15 during trading on Friday, reaching $38.95. 127,600 shares of the company were exchanged, compared to its average volume of 148,133. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.82 and a quick ratio of 0.82. SP Plus Corporation has a 12 month low of $27.05 and a 12 month high of $41.25. The stock has a market cap of $877.18, a price-to-earnings ratio of 21.20, a P/E/G ratio of 2.28 and a beta of 1.01.

SP Plus Corporation (NASDAQ:SP) last posted its quarterly earnings data on Wednesday, November 1st. The business services provider reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.08. SP Plus Corporation had a net margin of 2.64% and a return on equity of 14.29%. The company had revenue of $392.70 million for the quarter, compared to analyst estimates of $228.10 million. equities analysts predict that SP Plus Corporation will post 1.7 EPS for the current year.

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In other news, major shareholder Walter S. Woltosz sold 18,500 shares of the firm’s stock in a transaction that occurred on Saturday, October 28th. The shares were sold at an average price of $16.37, for a total transaction of $302,845.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.40% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in shares of SP Plus Corporation by 16.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,067,822 shares of the business services provider’s stock valued at $42,179,000 after purchasing an additional 153,730 shares in the last quarter. Bernzott Capital Advisors boosted its stake in shares of SP Plus Corporation by 4.7% during the second quarter. Bernzott Capital Advisors now owns 945,720 shares of the business services provider’s stock valued at $28,892,000 after purchasing an additional 42,825 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of SP Plus Corporation by 22.3% during the second quarter. Vanguard Group Inc. now owns 942,891 shares of the business services provider’s stock valued at $28,805,000 after purchasing an additional 172,123 shares in the last quarter. Investment Counselors of Maryland LLC boosted its stake in shares of SP Plus Corporation by 11.7% during the second quarter. Investment Counselors of Maryland LLC now owns 712,112 shares of the business services provider’s stock valued at $21,755,000 after purchasing an additional 74,441 shares in the last quarter. Finally, Wedge Capital Management L L P NC boosted its stake in shares of SP Plus Corporation by 18.7% during the second quarter. Wedge Capital Management L L P NC now owns 623,290 shares of the business services provider’s stock valued at $19,042,000 after purchasing an additional 98,127 shares in the last quarter. Hedge funds and other institutional investors own 95.37% of the company’s stock.

SP Plus Corporation Company Profile

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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