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

Stock analysts at StockNews.com assumed coverage on shares of SP Plus (NASDAQ:SP) in a research report issued to clients and investors on Tuesday. The brokerage set a “hold” rating on the business services provider’s stock.

Separately, TheStreet downgraded shares of SP Plus from a “b” rating to a “c+” rating in a research report on Tuesday, February 27th.

SP Plus Stock Performance

Shares of SP stock opened at $51.15 on Tuesday. 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 business’s fifty day moving average is $51.61 and its 200 day moving average is $51.28. The company has a market capitalization of $1.01 billion, a PE ratio of 32.79 and a beta of 1.22. SP Plus has a 52-week low of $33.10 and a 52-week high of $52.56.

SP Plus (NASDAQ:SP) last issued its earnings results on Tuesday, February 27th. The business services provider reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.25). The business had revenue of $217.20 million during the quarter, compared to analysts’ expectations of $235.44 million. SP Plus had a return on equity of 22.49% and a net margin of 1.74%. On average, equities research analysts anticipate that SP Plus will post 3.42 EPS for the current fiscal year.

Hedge Funds Weigh In On SP Plus

Hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new position in SP Plus in the third quarter valued at about $108,000. Verdence Capital Advisors LLC lifted its position in shares of SP Plus by 3.4% during the 3rd quarter. Verdence Capital Advisors LLC now owns 58,717 shares of the business services provider’s stock worth $2,120,000 after purchasing an additional 1,939 shares during the last quarter. Knights of Columbus Asset Advisors LLC grew its stake in shares of SP Plus by 2.8% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 66,454 shares of the business services provider’s stock worth $2,399,000 after purchasing an additional 1,835 shares in the last quarter. Principal Financial Group Inc. purchased a new position in shares of SP Plus in the 3rd quarter valued at about $207,000. Finally, LSV Asset Management raised its holdings in SP Plus by 31.8% during the third quarter. LSV Asset Management now owns 238,971 shares of the business services provider’s stock worth $8,627,000 after purchasing an additional 57,593 shares in the last quarter. Hedge funds and other institutional investors own 93.98% of the company’s stock.

About SP Plus

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.