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

Analysts at StockNews.com assumed coverage on shares of SP Plus (NASDAQ:SP) in a research note issued on Monday. The firm set a “hold” rating on the business services provider’s stock.

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

SP Plus Trading Up 1.1 %

Shares of SP opened at $50.78 on Monday. The business’s 50-day moving average price is $51.63 and its 200-day moving average price is $51.29. SP Plus has a twelve month low of $32.78 and a twelve month high of $52.56. The stock has a market cap of $1.01 billion, a PE ratio of 32.55 and a beta of 1.22. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 1.34.

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

Hedge Funds Weigh In On SP Plus

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its holdings in shares of SP Plus by 868.4% during the fourth quarter. Parallel Advisors LLC now owns 552 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 495 shares in the last quarter. Pacific Capital Wealth Advisors Inc. bought a new position in shares of SP Plus during the fourth quarter valued at $61,000. Quest Partners LLC bought a new position in shares of SP Plus during the fourth quarter valued at $73,000. Quantbot Technologies LP bought a new position in shares of SP Plus during the third quarter valued at $101,000. Finally, SG Americas Securities LLC bought a new position in shares of SP Plus during the third quarter valued at $108,000. Hedge funds and other institutional investors own 93.98% of the company’s stock.

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.