SP Plus (NASDAQ:SP) Now Covered by StockNews.com

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

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

SP Plus Price Performance

SP opened at $51.37 on Wednesday. The company’s 50-day simple moving average is $51.62 and its two-hundred day simple moving average is $51.32. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a market capitalization of $1.02 billion, a P/E ratio of 33.80 and a beta of 1.22. SP Plus has a 52-week low of $34.17 and a 52-week high of $52.56.

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

Hedge Funds Weigh In On SP Plus

Several institutional investors and hedge funds have recently bought and sold shares of the stock. New York Life Investment Management LLC increased its stake in shares of SP Plus by 456.8% in the fourth quarter. New York Life Investment Management LLC now owns 57,812 shares of the business services provider’s stock worth $2,963,000 after purchasing an additional 47,429 shares in the last quarter. International Assets Investment Management LLC increased its stake in SP Plus by 3,883.2% in the 4th quarter. International Assets Investment Management LLC now owns 30,750 shares of the business services provider’s stock worth $1,576,000 after buying an additional 29,978 shares in the last quarter. LSV Asset Management raised its holdings in SP Plus by 31.8% during the third quarter. LSV Asset Management now owns 238,971 shares of the business services provider’s stock valued at $8,627,000 after acquiring an additional 57,593 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of SP Plus by 510.4% in the third quarter. Assenagon Asset Management S.A. now owns 72,265 shares of the business services provider’s stock valued at $2,609,000 after acquiring an additional 60,427 shares in the last quarter. Finally, Citigroup Inc. boosted its stake in shares of SP Plus by 12.1% in the third quarter. Citigroup Inc. now owns 11,437 shares of the business services provider’s stock worth $413,000 after acquiring an additional 1,238 shares during the period. 93.98% of the stock is currently owned by hedge funds and other institutional investors.

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.