ValuEngine Lowers SP Plus (NASDAQ:SP) to Sell

ValuEngine downgraded shares of SP Plus (NASDAQ:SP) from a hold rating to a sell rating in a report issued on Thursday, ValuEngine reports.

SP has been the subject of a number of other research reports. 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 note on Tuesday, November 5th. BidaskClub downgraded SP Plus from a strong-buy rating to a buy rating in a research note on Tuesday. Finally, Barrington Research upped their price objective on SP Plus from $43.00 to $51.00 in a research note on Wednesday, November 6th.

SP Plus stock traded down $0.08 during trading on Thursday, hitting $43.20. 77,835 shares of the company were exchanged, compared to its average volume of 96,408. The business’s 50 day moving average is $41.00 and its 200 day moving average is $35.67. SP Plus has a 52 week low of $27.13 and a 52 week high of $47.33. The company has a market capitalization of $1.02 billion, a P/E ratio of 18.46, a PEG ratio of 1.59 and a beta of 0.98. 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 (NASDAQ:SP) last announced its quarterly earnings results on Wednesday, October 30th. The business services provider reported $0.77 earnings per share (EPS) for the quarter, topping 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 business had revenue of $418.60 million during the quarter, compared to the consensus estimate of $231.35 million. Equities analysts expect that SP Plus will post 2.79 EPS for the current year.

In other SP Plus news, insider Gerard M. Klaisle sold 8,000 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $44.20, for a total value of $353,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO G Marc Baumann sold 3,800 shares of the company’s stock in a transaction 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 sold a total of 13,050 shares of company stock valued at $576,932 in the last 90 days. Corporate insiders own 1.10% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Montreal Can lifted its position in shares of SP Plus by 1,770.6% during the 2nd quarter. Bank of Montreal Can now owns 2,039 shares of the business services provider’s stock valued at $65,000 after buying an additional 1,930 shares during the last quarter. ETF Managers Group LLC purchased a new position in shares of SP Plus during the 2nd quarter valued at $184,000. Campbell & CO Investment Adviser LLC purchased a new position in shares of SP Plus during the 2nd quarter valued at $207,000. Paloma Partners Management Co purchased a new position in shares of SP Plus during the 2nd quarter valued at $237,000. Finally, BBT Capital Management LLC purchased a new position in shares of SP Plus during the 2nd quarter valued at $336,000. 97.99% of the stock is currently owned by hedge funds and other institutional investors.

SP Plus Company Profile

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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