Spartan Motors, Inc. (SPAR) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Spartan Motors, Inc. (NASDAQ:SPAR) from a hold rating to a buy rating in a research report report published on Friday. The firm currently has $18.00 target price 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 brokerages have also commented on SPAR. Roth Capital lifted their price objective on Spartan Motors from $12.00 to $20.00 and gave the stock a buy rating in a research report on Tuesday, October 17th. Craig Hallum set a $20.00 price objective on Spartan Motors and gave the stock a buy rating in a research report on Friday, October 13th. BidaskClub lowered Spartan Motors from a buy rating to a hold rating in a research report on Thursday, August 3rd. Finally, TheStreet cut Spartan Motors from a b- rating to a c+ rating in a report on Thursday, August 24th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $17.00.

Shares of Spartan Motors (SPAR) opened at 16.0014 on Friday. The firm has a 50-day moving average of $11.70 and a 200-day moving average of $9.41. The firm has a market capitalization of $561.54 million, a P/E ratio of 149.5458 and a beta of 1.16. Spartan Motors has a one year low of $6.30 and a one year high of $16.73.

Spartan Motors (NASDAQ:SPAR) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.07 EPS for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.01. The firm had revenue of $169.70 million during the quarter, compared to analyst estimates of $167.83 million. Spartan Motors had a return on equity of 5.57% and a net margin of 0.59%. The company’s revenue was up 4.4% on a year-over-year basis. During the same period last year, the company earned $0.19 earnings per share. On average, equities analysts predict that Spartan Motors will post $0.50 earnings per share for the current fiscal year.

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A number of institutional investors and hedge funds have recently modified their holdings of the business. Mesirow Financial Investment Management Inc. bought a new position in shares of Spartan Motors during the 2nd quarter valued at about $477,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Spartan Motors by 15.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,895 shares of the company’s stock valued at $273,000 after purchasing an additional 4,145 shares in the last quarter. State Street Corp lifted its holdings in shares of Spartan Motors by 11.6% during the 2nd quarter. State Street Corp now owns 532,969 shares of the company’s stock valued at $4,719,000 after purchasing an additional 55,350 shares in the last quarter. Cornerstone Capital Management Holdings LLC. lifted its holdings in shares of Spartan Motors by 0.8% during the 2nd quarter. Cornerstone Capital Management Holdings LLC. now owns 256,550 shares of the company’s stock valued at $2,270,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Intrinsic Edge Capital Management LLC lifted its holdings in shares of Spartan Motors by 58.7% during the 2nd quarter. Intrinsic Edge Capital Management LLC now owns 254,384 shares of the company’s stock valued at $2,251,000 after purchasing an additional 94,122 shares in the last quarter. Hedge funds and other institutional investors own 66.78% of the company’s stock.

About Spartan Motors

Spartan Motors, Inc is an engineer and manufacturer in the heavy-duty, custom vehicles marketplace. The Company operates through three segments: Emergency Response Vehicles, Delivery and Service Vehicles, and Specialty Chassis and Vehicles. The Company’s Emergency Response Vehicles segment engineers and manufactures emergency response chassis, emergency response bodies and aerial equipment.

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