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

Research analysts at StockNews.com assumed coverage on shares of SP Plus (NASDAQ:SP) in a research report issued to clients and investors on Monday. The brokerage set a “hold” rating on the business services provider’s stock.

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

SP Plus Trading Up 1.1 %

SP stock opened at $50.78 on Monday. The company’s 50-day simple moving average is $51.63 and its 200-day simple moving average is $51.29. 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 has a 52-week low of $32.78 and a 52-week high of $52.56. The firm has a market cap of $1.01 billion, a P/E ratio of 32.55 and a beta of 1.22.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SP. Parallel Advisors LLC raised its holdings in SP Plus by 868.4% in the 4th 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 during the last quarter. Pacific Capital Wealth Advisors Inc. acquired a new stake in SP Plus in the 4th quarter valued at about $61,000. Quest Partners LLC acquired a new stake in SP Plus in the 4th quarter valued at about $73,000. Quantbot Technologies LP acquired a new stake in SP Plus in the 3rd quarter valued at about $101,000. Finally, SG Americas Securities LLC acquired a new stake in SP Plus in the 3rd quarter valued at about $108,000. 93.98% of the stock is owned by hedge funds and other institutional investors.

About SP Plus

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.