Spartan Motors Inc. (SPAR) Downgraded by Zacks Investment Research to “Hold”
According to Zacks, “Spartan is a leading designer, engineer and manufacturer of custom heavy-duty chassis. The Company’s chassis consist of a frame assembly, engine, transmission, electrical systems, running gear (wheels, tires, axles, suspension and brakes) and, for some applications, a cab. The Company’s customers are original equipment manufacturers (OEMs) who complete their vehicle product by mounting the body or apparatus on a Spartan chassis. “
Separately, Craig Hallum began coverage on Spartan Motors in a research report on Tuesday, July 26th. They set a buy rating on the stock.
Spartan Motors (NASDAQ:SPAR) traded down 0.63% during midday trading on Thursday, reaching $9.43. The company’s stock had a trading volume of 109,408 shares. The stock has a 50 day moving average of $9.50 and a 200 day moving average of $7.01. The firm’s market capitalization is $324.68 million. Spartan Motors has a 52 week low of $2.61 and a 52 week high of $10.50.
Spartan Motors (NASDAQ:SPAR) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.11. The firm had revenue of $162.50 million for the quarter, compared to analyst estimates of $152.65 million. Spartan Motors had a positive return on equity of 1.49% and a negative net margin of 1.80%. Spartan Motors’s quarterly revenue was up 12.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.03 earnings per share. On average, equities research analysts predict that Spartan Motors will post $0.32 earnings per share for the current fiscal year.
In other Spartan Motors news, Director Kenneth Kaczmarek sold 3,909 shares of the business’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $9.08, for a total value of $35,493.72. Following the transaction, the director now owns 76,883 shares in the company, valued at $698,097.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.59% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Pinnacle Holdings LLC increased its position in shares of Spartan Motors by 2.2% in the second quarter. Pinnacle Holdings LLC now owns 172,439 shares of the company’s stock worth $1,079,000 after buying an additional 3,649 shares during the period. Suntrust Banks Inc. increased its position in shares of Spartan Motors by 19.4% in the second quarter. Suntrust Banks Inc. now owns 40,613 shares of the company’s stock worth $253,000 after buying an additional 6,585 shares during the period. BlackRock Advisors LLC increased its position in shares of Spartan Motors by 138.8% in the second quarter. BlackRock Advisors LLC now owns 18,845 shares of the company’s stock worth $118,000 after buying an additional 10,953 shares during the period. JPMorgan Chase & Co. increased its position in shares of Spartan Motors by 180.8% in the second quarter. JPMorgan Chase & Co. now owns 21,343 shares of the company’s stock worth $134,000 after buying an additional 13,743 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Spartan Motors during the second quarter worth approximately $103,000. Hedge funds and other institutional investors own 65.77% of the company’s stock.
Spartan Motors Company Profile
Spartan Motors, Inc is an engineer and manufacturer in the heavy-duty, custom vehicles marketplace. The Company operates through three segments: Emergency Response Vehicles, Delivery and Service Vehicles, and Specialty Chassis and Vehicles. The Company’s Emergency Response Vehicles segment engineers and manufactures emergency response chassis, emergency response bodies and aerial equipment.
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