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

Investment analysts at StockNews.com started coverage on shares of SP Plus (NASDAQ:SP) in a report released on Wednesday. The brokerage set a “hold” rating on the business services provider’s stock.

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

SP Plus Trading Down 0.3 %

Shares of SP Plus stock opened at $51.37 on Wednesday. SP Plus has a 52-week low of $34.17 and a 52-week high of $52.56. The stock has a market cap of $1.02 billion, a PE ratio of 33.80 and a beta of 1.22. The firm has a 50-day moving average of $51.62 and a 200-day moving average of $51.32. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.71 and a current ratio of 0.71.

SP Plus (NASDAQ:SP) last announced its earnings results on Tuesday, February 27th. The business services provider reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.25). SP Plus had a return on equity of 22.21% and a net margin of 1.68%. The business had revenue of $217.20 million for the quarter, compared to analyst estimates of $235.44 million. As a group, sell-side analysts forecast that SP Plus will post 3.26 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System grew its position in SP Plus by 97.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 11,025 shares of the business services provider’s stock valued at $576,000 after acquiring an additional 5,430 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of SP Plus by 4.4% during the 1st quarter. Russell Investments Group Ltd. now owns 41,873 shares of the business services provider’s stock valued at $2,187,000 after purchasing an additional 1,751 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in SP Plus during the 1st quarter worth approximately $894,000. Tokio Marine Asset Management Co. Ltd. lifted its stake in SP Plus by 3.1% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 309,703 shares of the business services provider’s stock valued at $16,173,000 after purchasing an additional 9,400 shares during the last quarter. Finally, Pullen Investment Management LLC acquired a new stake in SP Plus in the first quarter valued at approximately $333,000. 93.98% of the stock is currently owned by institutional investors and hedge funds.

SP Plus Company Profile

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.