StockNews.com Begins Coverage on SP Plus (NASDAQ:SP)

StockNews.com began coverage on shares of SP Plus (NASDAQ:SP) in a research note issued to investors on Sunday. The brokerage issued 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 research note on Tuesday, February 27th.

SP Plus Stock Down 0.2 %

NASDAQ:SP opened at $51.55 on Friday. The stock’s fifty day moving average price is $51.69 and its two-hundred day moving average price is $50.86. SP Plus has a 52-week low of $32.78 and a 52-week high of $52.56. 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 company has a market cap of $1.02 billion, a price-to-earnings ratio of 33.05 and a beta of 1.22.

SP Plus (NASDAQ:SP) last posted its quarterly earnings data on Tuesday, February 27th. The business services provider reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by ($0.25). SP Plus had a return on equity of 22.49% and a net margin of 1.74%. The firm had revenue of $217.20 million for the quarter, compared to analyst estimates of $235.44 million. On average, analysts anticipate that SP Plus will post 3.42 EPS for the current year.

Hedge Funds Weigh In On SP Plus

Large investors have recently modified their holdings of the business. Goldman Sachs Group Inc. lifted its stake in SP Plus by 348.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 373,833 shares of the business services provider’s stock valued at $19,159,000 after purchasing an additional 290,403 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in SP Plus in the 4th quarter valued at about $254,000. Barclays PLC lifted its stake in SP Plus by 467.7% in the 4th quarter. Barclays PLC now owns 39,919 shares of the business services provider’s stock valued at $2,046,000 after purchasing an additional 32,887 shares during the last quarter. Westchester Capital Management LLC acquired a new stake in SP Plus in the 4th quarter valued at about $15,226,000. Finally, Voloridge Investment Management LLC acquired a new stake in SP Plus in the 4th quarter valued at about $3,342,000. 93.98% of the stock is currently owned by institutional investors and hedge funds.

SP Plus Company Profile

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.