SP Plus (NASDAQ:SP) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of SP Plus (NASDAQ:SP) from a hold rating to a buy rating in a research note released on Saturday morning, Zacks.com reports. Zacks Investment Research currently has $41.00 price target on the business services provider’s stock.

According to Zacks, “SP Plus Corporation provides professional parking, ground transportation, facility maintenance, security and event logistics services to property owners and managers in all markets of the real estate industry. The Company also provides a range of ancillary services, such as airport shuttle operations, taxi and livery dispatch services and municipal meter revenue collection and enforcement services. Its clients include owners of office building complexes, shopping centers, sports complexes, hotels, hospitals, and various airports. SP Plus Corporation, formerly known as Standard Parking Corporation, is based in United States. “

Other research analysts also recently issued reports about the stock. ValuEngine raised shares of SP Plus from a sell rating to a hold rating in a research report on Thursday. BidaskClub raised shares of SP Plus from a hold rating to a buy rating in a research report on Tuesday, July 30th. Finally, Barrington Research set a $43.00 target price on shares of SP Plus and gave the stock a buy rating in a research report on Friday, July 12th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. SP Plus has a consensus rating of Buy and an average target price of $44.00.

NASDAQ:SP traded down $1.26 during mid-day trading on Friday, hitting $35.01. The stock had a trading volume of 88,127 shares, compared to its average volume of 85,453. SP Plus has a 52 week low of $27.13 and a 52 week high of $41.20. The stock has a market capitalization of $828.90 million, a PE ratio of 14.96, a price-to-earnings-growth ratio of 1.38 and a beta of 1.04. The stock’s 50 day moving average is $33.26. The company has a debt-to-equity ratio of 1.93, a current ratio of 0.58 and a quick ratio of 0.58.

SP Plus (NASDAQ:SP) last released its quarterly earnings results on Wednesday, July 31st. The business services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.06. The company had revenue of $414.20 million for the quarter, compared to the consensus estimate of $238.15 million. SP Plus had a net margin of 3.10% and a return on equity of 16.14%. Equities research analysts anticipate that SP Plus will post 2.71 EPS for the current year.

Several hedge funds have recently bought and sold shares of SP. OLD Second National Bank of Aurora acquired a new stake in SP Plus in the first quarter valued at approximately $26,000. Investors Research Corp acquired a new stake in shares of SP Plus in the first quarter worth $27,000. Public Employees Retirement System of Ohio lifted its stake in shares of SP Plus by 57.5% in the fourth quarter. Public Employees Retirement System of Ohio now owns 1,279 shares of the business services provider’s stock worth $38,000 after buying an additional 467 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of SP Plus by 18.2% in the fourth quarter. Legal & General Group Plc now owns 4,234 shares of the business services provider’s stock worth $125,000 after buying an additional 653 shares during the last quarter. Finally, BNP Paribas Arbitrage SA lifted its stake in shares of SP Plus by 561.8% in the first quarter. BNP Paribas Arbitrage SA now owns 4,712 shares of the business services provider’s stock worth $161,000 after buying an additional 4,000 shares during the last quarter. Institutional investors and hedge funds own 98.56% of the company’s stock.

About SP Plus

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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