SP Plus’ (NASDAQ:SP) “Buy” Rating Reiterated at Barrington Research

SP Plus (NASDAQ:SP)‘s stock had its “buy” rating restated by analysts at Barrington Research in a research note issued on Wednesday, May 9th. They presently have a $42.00 price objective on the business services provider’s stock. Barrington Research’s price objective would suggest a potential upside of 16.67% from the company’s previous close. Barrington Research also issued estimates for SP Plus’ Q2 2018 earnings at $0.67 EPS and Q3 2018 earnings at $0.63 EPS.

The analysts wrote, “We maintain our 12-month price target of $42, which assumes an EV/NTM EBITDA multiple of 10x compared to the current multiple of 9.9x (based on our estimates). Our investment rating is OUTPERFORM. Opinion OUTPERFORM (12 mo) $42 15% LT EPS Cap (mil) $823 Enterprise Value (mil) $940 Shares Outstanding (mil) 22.6 Volume 93,723 Financial / Valuation ROE (non-GAAP) 13.5% LT Debt/Capital 30.6% EV/EBITDA (LTM) 10.3x Kevin M. Steinke, CFA (312) 634-6392 FactSet Research Systems Gross Profit ($ mil)(est. In Adjusted EPS ($)(est.””

Other equities analysts have also issued research reports about the company. Zacks Investment Research raised SP Plus from a “hold” rating to a “buy” rating and set a $39.00 price objective on the stock in a research note on Saturday, February 24th. BidaskClub raised SP Plus from a “sell” rating to a “hold” rating in a research note on Friday, January 19th.

Shares of SP stock opened at $36.00 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market cap of $814.92 million, a P/E ratio of 19.78, a P/E/G ratio of 1.77 and a beta of 1.10. SP Plus has a 1-year low of $36.00 and a 1-year high of $36.50.

SP Plus (NASDAQ:SP) last announced its quarterly earnings data on Wednesday, May 2nd. The business services provider reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. The firm had revenue of $366.80 million during the quarter, compared to analysts’ expectations of $230.80 million. SP Plus had a return on equity of 13.16% and a net margin of 3.22%. equities analysts anticipate that SP Plus will post 2.26 earnings per share for the current fiscal year.

In other SP Plus news, CEO G Marc Baumann sold 1,000 shares of the business’s stock in a transaction dated Monday, April 2nd. The stock was sold at an average price of $35.50, for a total transaction of $35,500.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Thomas L. Hagerman sold 833 shares of SP Plus stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $36.20, for a total value of $30,154.60. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

A number of institutional investors have recently made changes to their positions in SP. Hillsdale Investment Management Inc. acquired a new position in shares of SP Plus during the first quarter worth approximately $107,000. Envestnet Asset Management Inc. acquired a new position in shares of SP Plus during the fourth quarter worth approximately $120,000. SG Americas Securities LLC acquired a new position in shares of SP Plus during the first quarter worth approximately $147,000. Citigroup Inc. boosted its position in shares of SP Plus by 61.4% during the first quarter. Citigroup Inc. now owns 6,972 shares of the business services provider’s stock worth $248,000 after buying an additional 2,652 shares during the period. Finally, Mutual Advisors LLC acquired a new position in shares of SP Plus during the fourth quarter worth approximately $278,000. 96.63% of the stock is owned by hedge funds and other institutional investors.

About SP Plus

SP Plus Corporation provides parking management, ground transportation, and other ancillary services to commercial, institutional, and municipal clients in the United States, Puerto Rico, and Canada. It provides facility maintenance, event logistics, security services, training, scheduling, and supervising of service personnel; and customer services, marketing, and accounting and revenue control functions to facilitate the operation of its clients' facilities or events.

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