Spartan Motors (NASDAQ:SPAR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday.
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. “
Several other research analysts have also recently weighed in on the company. BidaskClub raised Spartan Motors from a “strong sell” rating to a “sell” rating in a research report on Monday, February 5th. Seaport Global Securities reaffirmed a “buy” rating on shares of Spartan Motors in a research report on Tuesday, January 16th. ValuEngine cut Spartan Motors from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Sidoti assumed coverage on Spartan Motors in a research report on Friday, December 1st. They set a “buy” rating for the company. Finally, TheStreet raised Spartan Motors from a “c+” rating to a “b” rating in a research report on Thursday, November 2nd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. Spartan Motors presently has an average rating of “Hold” and a consensus target price of $17.00.
In related news, insider John W. Slawson sold 21,191 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $15.42, for a total transaction of $326,765.22. Following the sale, the insider now owns 111,165 shares in the company, valued at $1,714,164.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.72% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Voya Investment Management LLC raised its holdings in Spartan Motors by 18.9% during the second quarter. Voya Investment Management LLC now owns 19,185 shares of the company’s stock worth $170,000 after acquiring an additional 3,049 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in Spartan Motors during the fourth quarter worth about $179,000. Alliancebernstein L.P. bought a new stake in Spartan Motors during the second quarter worth about $208,000. Citadel Advisors LLC bought a new stake in Spartan Motors during the fourth quarter worth about $226,000. Finally, Raymond James Financial Services Advisors Inc. bought a new stake in Spartan Motors during the fourth quarter worth about $237,000. Institutional investors and hedge funds own 67.43% of the company’s stock.
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About Spartan Motors
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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