Barrington Research Raises SP Plus (NASDAQ:SP) Price Target to $51.00

SP Plus (NASDAQ:SP) had its price objective lifted by Barrington Research from $43.00 to $51.00 in a report published on Wednesday morning, The Fly reports. Barrington Research also issued estimates for SP Plus’ FY2019 earnings at $2.79 EPS and FY2020 earnings at $2.98 EPS.

SP has been the topic of several other reports. BidaskClub upgraded shares of SP Plus from a buy rating to a strong-buy rating in a research report on Tuesday, November 5th. Zacks Investment Research upgraded shares of SP Plus from a hold rating to a buy rating and set a $51.00 price objective on the stock in a research report on Tuesday, November 5th. Finally, ValuEngine upgraded shares of SP Plus from a sell rating to a hold rating in a research report on Thursday, October 31st.

Shares of SP stock traded down $0.05 during trading hours on Wednesday, hitting $45.78. 82,600 shares of the company were exchanged, compared to its average volume of 96,487. The company has a debt-to-equity ratio of 1.79, a quick ratio of 0.58 and a current ratio of 0.58. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 19.56, a P/E/G ratio of 1.67 and a beta of 0.98. SP Plus has a one year low of $27.13 and a one year high of $47.33. The business’s 50-day simple moving average is $39.27 and its two-hundred day simple moving average is $35.07.

SP Plus (NASDAQ:SP) last posted its quarterly earnings results on Wednesday, October 30th. The business services provider reported $0.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.11. The firm had revenue of $418.60 million for the quarter, compared to analyst estimates of $231.35 million. SP Plus had a net margin of 3.03% and a return on equity of 16.39%. As a group, analysts anticipate that SP Plus will post 2.75 EPS for the current fiscal year.

In other SP Plus news, insider Gerard M. Klaisle sold 1,250 shares of SP Plus stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $36.91, for a total transaction of $46,137.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO G Marc Baumann sold 3,800 shares of SP Plus stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $46.63, for a total transaction of $177,194.00. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.

Several large investors have recently modified their holdings of SP. Campbell & CO Investment Adviser LLC acquired a new stake in shares of SP Plus during the 2nd quarter valued at $207,000. North Star Investment Management Corp. lifted its stake in shares of SP Plus by 11.3% in the 2nd quarter. North Star Investment Management Corp. now owns 65,975 shares of the business services provider’s stock valued at $2,107,000 after purchasing an additional 6,700 shares during the last quarter. Bessemer Group Inc. lifted its stake in shares of SP Plus by 5.2% in the 2nd quarter. Bessemer Group Inc. now owns 67,300 shares of the business services provider’s stock valued at $2,149,000 after purchasing an additional 3,300 shares during the last quarter. James Investment Research Inc. lifted its stake in shares of SP Plus by 20.7% in the 2nd quarter. James Investment Research Inc. now owns 17,020 shares of the business services provider’s stock valued at $543,000 after purchasing an additional 2,920 shares during the last quarter. Finally, Rothschild & Co. Asset Management US Inc. lifted its stake in shares of SP Plus by 7.7% in the 2nd quarter. Rothschild & Co. Asset Management US Inc. now owns 289,655 shares of the business services provider’s stock valued at $9,249,000 after purchasing an additional 20,811 shares during the last quarter. 98.20% of the stock is owned by institutional investors.

About SP Plus

SP Plus Corp. provides professional parking, ground transportation, facility maintenance, security, event logistics, and baggage handling and related services to commercial, institutional, municipal and aviation clients. It also provides a wide range of event logistics services. The company was founded in 1929 and is headquartered in Chicago, IL.

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