Zacks Investment Research lowered shares of SP Plus Corp. (NASDAQ:SP) from a hold rating to a sell rating in a report published on Thursday morning.

According to Zacks, “SP Plus Corporation provides professional parking, ground transportation, facility maintenance, security and event logistics services to property owners and managers in all markets of the real estate industry. The Company also provides a range of ancillary services, such as airport shuttle operations, taxi and livery dispatch services and municipal meter revenue collection and enforcement services. Its clients include owners of office building complexes, shopping centers, sports complexes, hotels, hospitals, and various airports. SP Plus Corporation, formerly known as Standard Parking Corporation, is based in United States. “

SP Plus Corp. (NASDAQ:SP) opened at 24.96 on Thursday. SP Plus Corp. has a 12 month low of $20.41 and a 12 month high of $26.39. The stock has a market cap of $557.06 million, a PE ratio of 43.79 and a beta of 0.92. The stock has a 50 day moving average price of $24.88 and a 200-day moving average price of $23.49.

SP Plus Corp. (NASDAQ:SP) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.34 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.34. SP Plus Corp. had a return on equity of 8.88% and a net margin of 0.80%. On average, analysts expect that SP Plus Corp. will post $1.16 EPS for the current year.

In other news, Director James A. Wilhelm sold 20,000 shares of the company’s stock in a transaction on Tuesday, July 12th. The stock was sold at an average price of $24.50, for a total value of $490,000.00. Following the completion of the sale, the director now owns 46,026 shares in the company, valued at $1,127,637. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider William H. Bodenhamer sold 15,726 shares of the company’s stock in a transaction on Monday, August 29th. The shares were sold at an average price of $23.08, for a total value of $362,956.08. Following the completion of the sale, the insider now owns 7,283 shares of the company’s stock, valued at approximately $168,091.64. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.

Several hedge funds have recently made changes to their positions in the stock. BlackRock Group LTD raised its stake in shares of SP Plus Corp. by 76.1% in the first quarter. BlackRock Group LTD now owns 5,473 shares of the company’s stock valued at $132,000 after buying an additional 2,365 shares during the period. BlackRock Advisors LLC raised its stake in shares of SP Plus Corp. by 4.8% in the second quarter. BlackRock Advisors LLC now owns 8,586 shares of the company’s stock valued at $194,000 after buying an additional 397 shares during the period. Goldman Sachs Group Inc. purchased a new stake in shares of SP Plus Corp. during the first quarter valued at $215,000. American International Group Inc. raised its stake in shares of SP Plus Corp. by 1.4% in the second quarter. American International Group Inc. now owns 9,948 shares of the company’s stock valued at $225,000 after buying an additional 136 shares during the period. Finally, Dudley & Shanley LLC raised its stake in shares of SP Plus Corp. by 15.7% in the second quarter. Dudley & Shanley LLC now owns 11,050 shares of the company’s stock valued at $250,000 after buying an additional 1,500 shares during the period. Institutional investors and hedge funds own 75.24% of the company’s stock.

About SP Plus Corp.

SP Plus Corporation provides parking management, ground transportation and other ancillary services to commercial, institutional and municipal clients in the United States, Puerto Rico and Canada. The Company operates through six segments: Region One (North reporting unit), Region Two (South reporting unit), Region Three (New York Metropolitan tri-state area of New York, New Jersey and Connecticut reporting unit), Region Four (Airport transportation operations around the nation reporting unit) and Region Five (the United States Parking reporting unit and event planning and transportation services reporting unit).

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