Spartan Motors (NASDAQ:SPAR) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Spartan Motors (NASDAQ:SPAR) from a hold rating to a buy rating in a report issued on Wednesday, Zacks.com reports. Zacks Investment Research currently has $11.00 price target on the stock.

According to Zacks, “Spartan is a leading designer, engineer and manufacturer of custom heavy-duty chassis. The Company’s chassis consist of a frame assembly, engine, transmission, electrical systems, running gear (wheels, tires, axles, suspension and brakes) and, for some applications, a cab. The Company’s customers are original equipment manufacturers (OEMs) who complete their vehicle product by mounting the body or apparatus on a Spartan chassis. “

A number of other analysts also recently commented on the company. Roth Capital reaffirmed a buy rating on shares of Spartan Motors in a research report on Friday, May 24th. ValuEngine raised Vistra Energy from a hold rating to a buy rating in a research report on Wednesday, July 3rd. BidaskClub raised Zebra Technologies from a hold rating to a buy rating in a research report on Saturday, July 6th. Finally, Craig Hallum increased their price objective on Spartan Motors from $12.00 to $15.00 in a report on Tuesday, July 16th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $12.67.

Shares of SPAR opened at $11.93 on Wednesday. The company has a quick ratio of 1.14, a current ratio of 1.69 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $427.39 million, a P/E ratio of 24.85 and a beta of 1.55. The firm’s 50 day simple moving average is $9.89. Spartan Motors has a 12 month low of $6.70 and a 12 month high of $16.10.

Spartan Motors (NASDAQ:SPAR) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $0.04 EPS for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.01. The company had revenue of $234.00 million during the quarter, compared to the consensus estimate of $204.90 million. Spartan Motors had a return on equity of 8.21% and a net margin of 1.39%. Spartan Motors’s revenue was up 35.3% on a year-over-year basis. During the same period last year, the business posted $0.09 earnings per share. Sell-side analysts anticipate that Spartan Motors will post 0.61 EPS for the current year.

In other Spartan Motors news, insider Daryl M. Adams sold 12,500 shares of the stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $9.52, for a total transaction of $119,000.00. Following the completion of the transaction, the insider now directly owns 664,675 shares of the company’s stock, valued at $6,327,706. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last three months, insiders have sold 37,500 shares of company stock valued at $375,250. 4.22% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. BNP Paribas Arbitrage SA grew its holdings in Spartan Motors by 54,830.8% during the first quarter. BNP Paribas Arbitrage SA now owns 7,141 shares of the company’s stock valued at $63,000 after purchasing an additional 7,128 shares during the period. Citigroup Inc. grew its holdings in Spartan Motors by 17.0% during the fourth quarter. Citigroup Inc. now owns 10,989 shares of the company’s stock valued at $79,000 after purchasing an additional 1,593 shares during the period. Metropolitan Life Insurance Co. NY grew its holdings in Spartan Motors by 374.0% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 11,765 shares of the company’s stock valued at $85,000 after purchasing an additional 9,283 shares during the period. Nuveen Asset Management LLC bought a new position in Spartan Motors during the fourth quarter valued at $122,000. Finally, Sawtooth Solutions LLC bought a new position in shares of Spartan Motors in the first quarter worth $298,000. 65.68% of the stock is owned by institutional investors and hedge funds.

About Spartan Motors

Spartan Motors, Inc, through its subsidiaries, engineers, manufactures, assembles, and sells specialty and heavy-duty vehicles in the United States, Canada, South America, and Asia. It operates through three segments: Fleet Vehicles and Services, Emergency Response Vehicles, and Specialty Chassis and Vehicles.

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