SP Plus (NASDAQ:SP) Price Target Cut to $40.00 by Analysts at Sidoti

SP Plus (NASDAQ:SP) had its price objective cut by equities research analysts at Sidoti from $52.00 to $40.00 in a research note issued to investors on Thursday, BenzingaRatingsTable reports. The brokerage currently has a “buy” rating on the business services provider’s stock. Sidoti’s price objective would suggest a potential upside of 70.21% from the company’s current price.

Several other research analysts have also issued reports on the company. Zacks Investment Research upgraded SP Plus from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a research note on Tuesday, February 25th. ValuEngine lowered SP Plus from a “hold” rating to a “sell” rating in a research note on Friday, March 20th. BidaskClub lowered SP Plus from a “hold” rating to a “sell” rating in a research note on Wednesday, March 18th. Finally, Barrington Research started coverage on SP Plus in a research note on Wednesday, February 19th. They set a “buy” rating and a $51.00 price objective for the company. Two analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $44.67.

SP Plus stock traded up $3.36 during mid-day trading on Thursday, hitting $23.50. 274,628 shares of the company were exchanged, compared to its average volume of 191,114. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.77. The business has a fifty day moving average of $35.19 and a 200 day moving average of $39.65. SP Plus has a 1-year low of $14.44 and a 1-year high of $47.33. The company has a market capitalization of $449.82 million, a PE ratio of 10.68 and a beta of 1.05.

SP Plus (NASDAQ:SP) last released its quarterly earnings data on Wednesday, February 19th. The business services provider reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.05). SP Plus had a return on equity of 16.01% and a net margin of 2.93%. The company had revenue of $231.90 million for the quarter, compared to analyst estimates of $234.50 million. Research analysts expect that SP Plus will post 3.09 earnings per share for the current year.

Large investors have recently made changes to their positions in the company. P2 Capital Partners LLC boosted its holdings in SP Plus by 7.4% during the fourth quarter. P2 Capital Partners LLC now owns 1,229,232 shares of the business services provider’s stock worth $52,156,000 after buying an additional 85,014 shares during the last quarter. Millennium Management LLC boosted its holdings in SP Plus by 544.5% during the third quarter. Millennium Management LLC now owns 94,104 shares of the business services provider’s stock worth $3,481,000 after buying an additional 79,504 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in SP Plus by 13.7% during the fourth quarter. Renaissance Technologies LLC now owns 617,900 shares of the business services provider’s stock worth $26,217,000 after buying an additional 74,300 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in SP Plus by 65.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 133,673 shares of the business services provider’s stock worth $5,672,000 after buying an additional 52,755 shares during the last quarter. Finally, EAM Global Investors LLC bought a new position in shares of SP Plus during the 4th quarter valued at about $1,633,000. Institutional investors own 93.38% 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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