SP Plus Corporation (NASDAQ:SP) Downgraded to Hold at ValuEngine

ValuEngine downgraded shares of SP Plus Corporation (NASDAQ:SP) from a buy rating to a hold rating in a research note issued to investors on Tuesday, August 1st.

SP has been the subject of several other reports. BidaskClub downgraded shares of SP Plus Corporation from a buy rating to a hold rating in a research note on Thursday, July 13th. Zacks Investment Research downgraded shares of SP Plus Corporation from a strong-buy rating to a hold rating in a research note on Saturday, May 6th.

Shares of SP Plus Corporation (NASDAQ:SP) traded down 0.14% during trading on Tuesday, hitting $35.50. The stock had a trading volume of 174,028 shares. SP Plus Corporation has a 52 week low of $22.60 and a 52 week high of $38.55. The stock’s 50 day moving average is $33.05 and its 200 day moving average is $31.69. The stock has a market capitalization of $788.17 million, a price-to-earnings ratio of 20.62 and a beta of 1.01.

SP Plus Corporation (NASDAQ:SP) last released its earnings results on Tuesday, August 1st. The business services provider reported $0.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.11. The firm had revenue of $415.40 million during the quarter, compared to analysts’ expectations of $223.35 million. SP Plus Corporation had a return on equity of 13.82% and a net margin of 2.36%. On average, equities research analysts expect that SP Plus Corporation will post $1.69 earnings per share for the current fiscal year.

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In other SP Plus Corporation news, Director Robert S. Roath sold 70,000 shares of the stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $34.77, for a total value of $2,433,900.00. Following the transaction, the director now directly owns 36,936 shares of the company’s stock, valued at approximately $1,284,264.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.40% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. 1st Global Advisors Inc. acquired a new position in shares of SP Plus Corporation during the second quarter valued at approximately $352,000. Susquehanna International Group LLP acquired a new position in shares of SP Plus Corporation during the second quarter valued at approximately $555,000. The Manufacturers Life Insurance Company boosted its position in shares of SP Plus Corporation by 1.4% in the second quarter. The Manufacturers Life Insurance Company now owns 13,989 shares of the business services provider’s stock valued at $428,000 after buying an additional 197 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of SP Plus Corporation by 75.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 61,598 shares of the business services provider’s stock valued at $1,882,000 after buying an additional 26,483 shares in the last quarter. Finally, BlueCrest Capital Management Ltd acquired a new position in shares of SP Plus Corporation during the second quarter valued at approximately $221,000. 78.22% of the stock is currently owned by institutional investors.

SP Plus Corporation 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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