SP Plus (NASDAQ:SP) Downgraded by Zacks Investment Research

SP Plus (NASDAQ:SP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday, January 5th.

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. “

A number of other equities research analysts have also commented on SP. ValuEngine lowered SP Plus from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. BidaskClub downgraded SP Plus from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 17th.

Shares of SP Plus (NASDAQ:SP) opened at $39.35 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market capitalization of $886.19, a price-to-earnings ratio of 20.60, a PEG ratio of 2.15 and a beta of 1.00. SP Plus has a 1-year low of $27.05 and a 1-year high of $41.70.

SP Plus (NASDAQ:SP) last issued its quarterly earnings results on Wednesday, November 1st. The business services provider reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.08. SP Plus had a return on equity of 14.29% and a net margin of 2.64%. The business had revenue of $392.70 million for the quarter, compared to analyst estimates of $228.10 million. research analysts expect that SP Plus will post 1.7 EPS for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. Zions Bancorporation acquired a new position in SP Plus in the 3rd quarter valued at $108,000. Legal & General Group Plc increased its stake in shares of SP Plus by 5.0% in the 2nd quarter. Legal & General Group Plc now owns 4,205 shares of the business services provider’s stock valued at $129,000 after purchasing an additional 200 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of SP Plus in the 3rd quarter valued at $141,000. California Public Employees Retirement System bought a new position in shares of SP Plus in the 2nd quarter valued at $214,000. Finally, BlueCrest Capital Management Ltd bought a new position in shares of SP Plus in the 2nd quarter valued at $221,000. 97.05% of the stock is owned by institutional investors and hedge funds.

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SP Plus Company Profile

SP Plus Corporation (SP Plus) is a provider of parking management, ground transportation and other ancillary services to commercial, institutional and municipal clients in the United States, Puerto Rico and Canada. The Company’s segments include Region One (Urban), Region Two (Airport transportation), Region Three and Other.

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