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

SP Plus (NASDAQ:SPGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Zacks.com reports. The brokerage currently has a $32.00 price objective on the business services provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 9.89% from the stock’s previous close.

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. “

Several other research firms also recently commented on SP. StockNews.com initiated coverage on SP Plus in a research note on Thursday, March 31st. They issued a “buy” rating on the stock. William Blair reaffirmed an “outperform” rating on shares of SP Plus in a research note on Wednesday, February 23rd. Four investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $37.00.

SP stock traded up $0.64 during trading on Wednesday, reaching $29.12. The stock had a trading volume of 151 shares, compared to its average volume of 72,859. The firm’s 50 day moving average is $30.12. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.58 and a current ratio of 0.58. SP Plus has a 52 week low of $25.29 and a 52 week high of $35.99. The company has a market capitalization of $677.39 million, a price-to-earnings ratio of 15.57 and a beta of 1.50.

SP Plus (NASDAQ:SPGet Rating) last posted its quarterly earnings data on Wednesday, February 23rd. The business services provider reported $0.51 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.02). SP Plus had a return on equity of 22.91% and a net margin of 3.13%. The company had revenue of $170.00 million during the quarter, compared to the consensus estimate of $169.05 million. During the same period last year, the business earned $0.02 EPS. Research analysts predict that SP Plus will post 2.63 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. William Blair Investment Management LLC grew its holdings in SP Plus by 47,882.7% during the 3rd quarter. William Blair Investment Management LLC now owns 1,002,838 shares of the business services provider’s stock valued at $30,757,000 after buying an additional 1,000,748 shares in the last quarter. River Road Asset Management LLC grew its holdings in SP Plus by 67.1% during the 3rd quarter. River Road Asset Management LLC now owns 1,625,948 shares of the business services provider’s stock valued at $49,868,000 after buying an additional 652,774 shares in the last quarter. Segall Bryant & Hamill LLC boosted its holdings in shares of SP Plus by 11.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,369,724 shares of the business services provider’s stock worth $42,010,000 after purchasing an additional 138,049 shares during the period. Morgan Stanley boosted its holdings in shares of SP Plus by 267.7% in the 2nd quarter. Morgan Stanley now owns 159,128 shares of the business services provider’s stock worth $4,868,000 after purchasing an additional 115,851 shares during the period. Finally, Bernzott Capital Advisors boosted its holdings in shares of SP Plus by 13.0% in the 1st quarter. Bernzott Capital Advisors now owns 979,929 shares of the business services provider’s stock worth $30,731,000 after purchasing an additional 113,070 shares during the period. 87.28% of the stock is currently owned by institutional investors.

SP Plus Company Profile (Get Rating)

SP Plus Corporation provides mobility solutions, parking management, ground transportation, baggage, and other ancillary services in North America. The company operates in Commercial and Aviation segments. It provides on-site parking management, valet parking, ground transportation, facility maintenance, event logistics, remote airline check-in, security, municipal meter revenue collection and enforcement, and consulting services, as well as shuttle bus vehicles and drivers; baggage services, including delivery of delayed luggage and baggage handling services; wheelchair assist services; baggage repair and replacement services; and on-street parking meter collection and other forms of parking enforcement services.

Featured Stories

Get a free copy of the Zacks research report on SP Plus (SP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for SP Plus Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SP Plus and related companies with MarketBeat.com's FREE daily email newsletter.