Q3 2019 EPS Estimates for SP Plus Corp Cut by Analyst (NASDAQ:SP)

SP Plus Corp (NASDAQ:SP) – Equities research analysts at William Blair lowered their Q3 2019 earnings per share (EPS) estimates for SP Plus in a research note issued to investors on Thursday, May 2nd, Zacks Investment Research reports. William Blair analyst T. Mulrooney now expects that the business services provider will post earnings of $0.66 per share for the quarter, down from their previous forecast of $0.68. William Blair also issued estimates for SP Plus’ FY2020 earnings at $2.83 EPS.

SP Plus (NASDAQ:SP) last released its quarterly earnings results on Wednesday, May 1st. The business services provider reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.15. SP Plus had a return on equity of 15.92% and a net margin of 3.21%. The firm had revenue of $409.40 million during the quarter, compared to the consensus estimate of $234.85 million.

A number of other brokerages have also recently issued reports on SP. BidaskClub cut SP Plus from a “hold” rating to a “sell” rating in a research note on Tuesday, February 5th. Barrington Research reiterated a “buy” rating and set a $43.00 price objective on shares of SP Plus in a research note on Friday, February 22nd. Zacks Investment Research cut SP Plus from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Finally, ValuEngine cut SP Plus from a “hold” rating to a “sell” rating in a research note on Thursday, April 4th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $43.00.

Shares of SP Plus stock traded up $0.02 on Monday, reaching $31.01. 162,300 shares of the company were exchanged, compared to its average volume of 91,861. SP Plus has a one year low of $27.13 and a one year high of $41.35. The stock has a market cap of $711.66 million, a P/E ratio of 13.24, a P/E/G ratio of 1.21 and a beta of 1.03. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 1.93.

In other SP Plus news, EVP Gerard M. Klaisle sold 1,060 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $35.00, for a total transaction of $37,100.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Robert Toy sold 2,500 shares of the stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $33.04, for a total value of $82,600.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,760 shares of company stock worth $126,700. 1.10% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of the business. WCM Investment Management LLC grew its holdings in shares of SP Plus by 63.8% during the 1st quarter. WCM Investment Management LLC now owns 510,745 shares of the business services provider’s stock worth $17,427,000 after purchasing an additional 198,951 shares in the last quarter. Intrepid Capital Management Inc. acquired a new stake in shares of SP Plus during the 1st quarter worth $6,769,000. Voya Investment Management LLC grew its holdings in shares of SP Plus by 1,465.9% during the 1st quarter. Voya Investment Management LLC now owns 139,085 shares of the business services provider’s stock worth $4,746,000 after purchasing an additional 130,203 shares in the last quarter. BlackRock Inc. grew its holdings in shares of SP Plus by 7.8% during the 4th quarter. BlackRock Inc. now owns 1,694,634 shares of the business services provider’s stock worth $50,058,000 after purchasing an additional 122,255 shares in the last quarter. Finally, Millennium Management LLC acquired a new stake in shares of SP Plus during the 4th quarter worth $2,683,000. Hedge funds and other institutional investors own 98.64% of the company’s stock.

About SP Plus

SP Plus Corp. provides professional parking, ground transportation, facility maintenance, security, event logistics, and baggage handling and related services to commercial, institutional, municipal and aviation clients. It also provides a wide range of event logistics services. The company was founded in 1929 and is headquartered in Chicago, IL.

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