William Blair Brokers Boost Earnings Estimates for SP Plus Co. (NASDAQ:SP)


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SP Plus Co. (NASDAQ:SP) – Stock analysts at William Blair lifted their FY2020 earnings per share estimates for SP Plus in a research note issued to investors on Monday, January 11th. William Blair analyst T. Mulrooney now expects that the business services provider will earn $0.74 per share for the year, up from their prior forecast of $0.69. William Blair also issued estimates for SP Plus’ Q4 2020 earnings at $0.37 EPS, Q2 2021 earnings at $0.38 EPS and Q4 2021 earnings at $0.44 EPS.

SP Plus (NASDAQ:SP) last released its quarterly earnings results on Thursday, November 5th. The business services provider reported $0.62 earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.96. SP Plus had a negative net margin of 4.28% and a positive return on equity of 7.37%. The firm had revenue of $118.20 million for the quarter, compared to analysts’ expectations of $125.00 million.

A number of other research analysts have also commented on SP. BidaskClub upgraded SP Plus from a “hold” rating to a “buy” rating in a report on Thursday, November 5th. ValuEngine upgraded shares of SP Plus from a “sell” rating to a “hold” rating in a report on Tuesday, November 10th. Zacks Investment Research upgraded shares of SP Plus from a “hold” rating to a “strong-buy” rating and set a $33.00 price objective for the company in a report on Tuesday, January 5th. Finally, Barrington Research lifted their target price on shares of SP Plus from $29.00 to $36.00 and gave the company an “outperform” rating in a research note on Thursday, November 19th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $36.33.

SP Plus stock opened at $30.67 on Wednesday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.32. The firm has a market cap of $708.11 million, a P/E ratio of -10.26 and a beta of 1.30. SP Plus has a 1-year low of $14.44 and a 1-year high of $46.65. The firm has a 50-day moving average of $29.35 and a 200-day moving average of $21.99.

In related news, insider John Ricchiuto sold 2,500 shares of the stock in a transaction dated Wednesday, December 23rd. The shares were sold at an average price of $28.93, for a total value of $72,325.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.86% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Bank of Montreal Can lifted its stake in shares of SP Plus by 181.4% in the second quarter. Bank of Montreal Can now owns 3,216 shares of the business services provider’s stock worth $54,000 after buying an additional 2,073 shares in the last quarter. Great West Life Assurance Co. Can lifted its position in SP Plus by 170.2% in the 3rd quarter. Great West Life Assurance Co. Can now owns 4,086 shares of the business services provider’s stock valued at $75,000 after acquiring an additional 2,574 shares in the last quarter. Private Advisor Group LLC purchased a new stake in SP Plus during the 2nd quarter valued at $91,000. JPMorgan Chase & Co. boosted its stake in SP Plus by 10.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,580 shares of the business services provider’s stock valued at $154,000 after purchasing an additional 799 shares during the last quarter. Finally, M&T Bank Corp increased its holdings in shares of SP Plus by 4.1% in the 3rd quarter. M&T Bank Corp now owns 11,405 shares of the business services provider’s stock worth $204,000 after purchasing an additional 451 shares in the last quarter. 93.91% of the stock is currently owned by hedge funds and other institutional investors.

About SP Plus

SP Plus Corporation provides parking management, ground transportation, baggage, and other ancillary services in North America. It provides on-site parking management, valet parking, ground transportation, facility maintenance, event logistics, baggage handling, remote airline check-in, security, municipal meter revenue collection and enforcement, and consulting services.

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