Barrington Research Reiterates “Buy” Rating for SP Plus (SP)

SP Plus (NASDAQ:SP)‘s stock had its “buy” rating reaffirmed by analysts at Barrington Research in a research report issued on Tuesday. They presently have a $43.00 target price on the business services provider’s stock. Barrington Research’s price objective would indicate a potential upside of 49.57% from the company’s previous close.

The analysts wrote, “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.””

SP has been the subject of several other reports. Sidoti decreased their price objective on shares of SP Plus from $52.00 to $48.00 and set a “buy” rating for the company in a research report on Wednesday, October 10th. Zacks Investment Research cut shares of SP Plus from a “buy” rating to a “hold” rating in a research report on Tuesday, October 9th. BidaskClub cut shares of SP Plus from a “buy” rating to a “hold” rating in a research report on Saturday, August 25th. Finally, ValuEngine cut shares of SP Plus from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $44.00.



Shares of NASDAQ SP opened at $28.75 on Tuesday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.24. SP Plus has a 52-week low of $28.52 and a 52-week high of $41.70. The company has a market capitalization of $653.79 million, a price-to-earnings ratio of 13.31, a price-to-earnings-growth ratio of 1.29 and a beta of 1.14.

SP Plus (NASDAQ:SP) last announced its quarterly earnings results on Wednesday, October 31st. The business services provider reported $0.64 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.03. SP Plus had a net margin of 3.50% and a return on equity of 14.51%. The firm had revenue of $362.10 million during the quarter, compared to analysts’ expectations of $190.74 million. As a group, research analysts expect that SP Plus will post 2.22 earnings per share for the current year.

In other news, CEO G Marc Baumann sold 1,000 shares of the stock in a transaction on Monday, October 1st. The shares were sold at an average price of $36.50, for a total transaction of $36,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Ramsey Quantitative Systems grew its holdings in SP Plus by 102.5% in the third quarter. Ramsey Quantitative Systems now owns 4,539 shares of the business services provider’s stock worth $166,000 after purchasing an additional 2,297 shares during the period. Amica Retiree Medical Trust acquired a new stake in SP Plus in the third quarter worth $217,000. Metropolitan Life Insurance Co. NY grew its holdings in SP Plus by 30.5% in the second quarter. Metropolitan Life Insurance Co. NY now owns 7,462 shares of the business services provider’s stock worth $278,000 after purchasing an additional 1,744 shares during the period. We Are One Seven LLC acquired a new stake in SP Plus in the third quarter worth $285,000. Finally, MetLife Investment Advisors LLC grew its holdings in SP Plus by 21.7% in the second quarter. MetLife Investment Advisors LLC now owns 10,567 shares of the business services provider’s stock worth $393,000 after purchasing an additional 1,884 shares during the period. Institutional investors own 97.61% of the company’s stock.

About SP Plus

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.

See Also: Fundamental Analysis

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