SP Plus Corp. (NASDAQ:SP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Saturday.
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. “
Shares of SP Plus Corp. (NASDAQ:SP) opened at 25.81 on Friday. SP Plus Corp. has a 52-week low of $20.41 and a 52-week high of $26.39. The firm has a market cap of $576.03 million, a PE ratio of 45.28 and a beta of 0.92. The stock’s 50 day moving average price is $25.04 and its 200-day moving average price is $23.55.
SP Plus Corp. (NASDAQ:SP) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.34 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.34. SP Plus Corp. had a net margin of 0.80% and a return on equity of 8.88%. On average, equities research analysts anticipate that SP Plus Corp. will post $1.16 earnings per share for the current fiscal year.
In related news, Director James A. Wilhelm sold 5,000 shares of the company’s stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $24.61, for a total transaction of $123,050.00. Following the completion of the sale, the director now directly owns 21,848 shares of the company’s stock, valued at approximately $537,679.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider William H. Bodenhamer sold 15,726 shares of the company’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $23.08, for a total transaction of $362,956.08. Following the sale, the insider now directly owns 7,283 shares of the company’s stock, valued at $168,091.64. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. Mondrian Investment Partners LTD acquired a new stake in shares of SP Plus Corp. during the first quarter worth $2,984,000. Ngam Advisors L.P. boosted its position in SP Plus Corp. by 10.8% in the first quarter. Ngam Advisors L.P. now owns 20,603 shares of the company’s stock worth $496,000 after buying an additional 2,012 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in SP Plus Corp. by 4.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 208,843 shares of the company’s stock worth $5,025,000 after buying an additional 8,057 shares during the last quarter. State Street Corp boosted its position in SP Plus Corp. by 1.2% in the first quarter. State Street Corp now owns 272,368 shares of the company’s stock worth $6,551,000 after buying an additional 3,247 shares during the last quarter. Finally, AXA boosted its position in SP Plus Corp. by 164.3% in the first quarter. AXA now owns 57,681 shares of the company’s stock worth $1,388,000 after buying an additional 35,854 shares during the last quarter. 75.12% of the stock is owned by hedge funds and other institutional investors.
About SP Plus Corp.
SP Plus Corporation provides parking management, ground transportation and other ancillary services to commercial, institutional and municipal clients in the United States, Puerto Rico and Canada. The Company operates through six segments: Region One (North reporting unit), Region Two (South reporting unit), Region Three (New York Metropolitan tri-state area of New York, New Jersey and Connecticut reporting unit), Region Four (Airport transportation operations around the nation reporting unit) and Region Five (the United States Parking reporting unit and event planning and transportation services reporting unit).
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