Spartan Motors Inc. (SPAR) Rating Increased 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 sent to investors on Wednesday morning. The brokerage currently has $11.00 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. “

Separately, Craig Hallum assumed coverage on shares of Spartan Motors in a research note on Tuesday, July 26th. They set a buy rating for the company.

Shares of Spartan Motors (NASDAQ:SPAR) opened at 9.15 on Wednesday. The stock has a 50 day moving average of $9.50 and a 200-day moving average of $7.31. Spartan Motors has a 52-week low of $2.61 and a 52-week high of $10.50. The stock’s market capitalization is $315.04 million.

Spartan Motors (NASDAQ:SPAR) last posted its earnings results on Thursday, August 4th. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.11. Spartan Motors had a negative net margin of 1.80% and a positive return on equity of 1.49%. The firm earned $162.50 million during the quarter, compared to analyst estimates of $152.65 million. During the same period last year, the firm posted $0.03 earnings per share. Spartan Motors’s revenue for the quarter was up 12.2% compared to the same quarter last year. Analysts predict that Spartan Motors will post $0.32 EPS for the current fiscal year.

In other Spartan Motors news, Director Kenneth Kaczmarek sold 3,909 shares of Spartan Motors stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $9.08, for a total transaction of $35,493.72. Following the completion of the transaction, the director now directly owns 76,883 shares of the company’s stock, valued at $698,097.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 4.59% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Algert Global LLC raised its position in Spartan Motors by 46.1% in the third quarter. Algert Global LLC now owns 155,525 shares of the company’s stock valued at $1,490,000 after buying an additional 49,057 shares during the last quarter. Schwab Charles Investment Management Inc. acquired a new stake in Spartan Motors during the second quarter valued at $325,000. Hillsdale Investment Management Inc. acquired a new stake in Spartan Motors during the second quarter valued at $476,000. Metropolitan Life Insurance Co. NY acquired a new stake in Spartan Motors during the second quarter valued at $166,000. Finally, Numeric Investors LLC acquired a new stake in Spartan Motors during the second quarter valued at $637,000. 64.48% of the stock is owned by institutional investors.

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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