StockNews.com Initiates Coverage on SP Plus (NASDAQ:SP)

Research analysts at StockNews.com assumed coverage on shares of SP Plus (NASDAQ:SP) in a research report issued on Wednesday. The firm set a “hold” rating on the business services provider’s stock.

Separately, TheStreet lowered SP Plus from a “b” rating to a “c+” rating in a report on Tuesday, February 27th.

SP Plus Price Performance

SP Plus stock opened at $51.50 on Wednesday. The firm has a market capitalization of $1.02 billion, a P/E ratio of 33.88 and a beta of 1.22. The company has a 50-day simple moving average of $51.62 and a 200-day simple moving average of $51.32. SP Plus has a one year low of $33.89 and a one year high of $52.56. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.71 and a current ratio of 0.71.

SP Plus (NASDAQ:SP) last announced its quarterly earnings results on Tuesday, February 27th. The business services provider reported $0.60 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.25). SP Plus had a net margin of 1.68% and a return on equity of 22.21%. The firm had revenue of $217.20 million during the quarter, compared to analyst estimates of $235.44 million. As a group, equities analysts expect that SP Plus will post 3.26 earnings per share for the current year.

Hedge Funds Weigh In On SP Plus

Several hedge funds have recently modified their holdings of the company. Alpine Associates Management Inc. bought a new position in SP Plus during the fourth quarter valued at about $51,204,000. Goldman Sachs Group Inc. boosted its position in shares of SP Plus by 348.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 373,833 shares of the business services provider’s stock valued at $19,159,000 after purchasing an additional 290,403 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its stake in shares of SP Plus by 3.1% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 309,703 shares of the business services provider’s stock worth $16,173,000 after purchasing an additional 9,400 shares during the last quarter. Westchester Capital Management LLC bought a new stake in shares of SP Plus in the 4th quarter worth approximately $15,226,000. Finally, Rock Point Advisors LLC lifted its stake in SP Plus by 2.6% during the third quarter. Rock Point Advisors LLC now owns 265,658 shares of the business services provider’s stock valued at $9,590,000 after purchasing an additional 6,624 shares during the last quarter. 93.98% of the stock is currently owned by institutional investors and hedge funds.

About SP Plus

SP Plus Corporation provides mobility solutions, parking services, parking management, ground transportation, baggage handling, and other ancillary services. 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.