Today’s Market Runner: Is Buying 52-Week Stock Like SP Plus Corp a Winning Strategy?

Today's Market Runner: Is Buying 52 Week Stock Like SP Plus Corp a Winning Strategy?

The stock of SP Plus Corp (NASDAQ:SP) hit a new 52-week high and has $36.38 target or 31.00% above today’s $27.77 share price. The 7 months bullish chart indicates low risk for the $622.07M company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $36.38 price target is reached, the company will be worth $192.84 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 30,630 shares traded hands. SP Plus Corp (NASDAQ:SP) has risen 22.68% since April 19, 2016 and is uptrending. It has outperformed by 18.82% the S&P500.

SP Plus Corp (NASDAQ:SP) Ratings Coverage

Out of 2 analysts covering SP Plus (NASDAQ:SP), 2 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. SP Plus has been the topic of 2 analyst reports since September 4, 2015 according to StockzIntelligence Inc. The firm has “Buy” rating given on Friday, September 4 by UBS. The stock of SP Plus Corp (NASDAQ:SP) earned “Outperform” rating by Barrington Research on Monday, November 9.

According to Zacks Investment Research, “SP Plus Corporation provides professional parking, ground transportation, facility maintenance, security and event logistics services to property owners and managers in all markets of the real estate industry. The Company also provides a range of ancillary services, such as airport shuttle operations, taxi and livery dispatch services and municipal meter revenue collection and enforcement services. Its clients include owners of office building complexes, shopping centers, sports complexes, hotels, hospitals, and various airports. SP Plus Corporation, formerly known as Standard Parking Corporation, is based in United States.”

Insitutional Activity: The institutional sentiment increased to 1.81 in 2016 Q2. Its up 0.33, from 1.48 in 2016Q1. The ratio is positive, as 9 funds sold all SP Plus Corp shares owned while 22 reduced positions. 6 funds bought stakes while 40 increased positions. They now own 16.22 million shares or 3.64% less from 16.83 million shares in 2016Q1.
Blackrock last reported 0% of its portfolio in the stock. Northern Trust holds 0% or 237,440 shares in its portfolio. Vanguard Grp Inc, a Pennsylvania-based fund reported 709,275 shares. Moreover, Ngam Advisors L P has 0.01% invested in SP Plus Corp (NASDAQ:SP) for 21,085 shares. Teachers Inc accumulated 27,474 shares or 0% of the stock. Bernzott Cap Advsrs has invested 4.38% of its portfolio in SP Plus Corp (NASDAQ:SP). D E Shaw And Company Inc has 0% invested in the company for 9,799 shares. The Illinois-based Nuveen Asset Management Lc has invested 0.02% in SP Plus Corp (NASDAQ:SP). Wedge Capital L Limited Partnership Nc last reported 0.01% of its portfolio in the stock. Gsa Prtnrs Llp has 0.02% invested in the company for 14,022 shares. Price T Rowe Md has 2.02 million shares for 0.01% of their US portfolio. Swiss Fincl Bank has 0% invested in the company for 23,100 shares. The Pennsylvania-based Nationwide Fund Advisors has invested 0% in SP Plus Corp (NASDAQ:SP). Teacher Retirement Systems Of Texas last reported 0% of its portfolio in the stock. Springbok Cap Ltd Liability holds 0.01% or 2,000 shares in its portfolio.

More recent SP Plus Corp (NASDAQ:SP) news were published by: Seekingalpha.com which released: “SP Plus Corp’s (SP) CEO Vance Johnston on Q3 2016 Results – Earnings Call …” on November 06, 2016. Also Reuters.com published the news titled: “BRIEF-SP Plus Corp announces Q3 and year-to-date 2016 results” on November 02, 2016. Globenewswire.com‘s news article titled: “SP Plus Corporation to Release Second Quarter 2016 Results on August 3, 2016” with publication date: July 20, 2016 was also an interesting one.

SP Company Profile

SP Plus Corporation (SP Plus), incorporated on September 24, 1981, is a well-known provider of parking management, ground transportation and other ancillary services to commercial, institutional and municipal clients in the United States, Puerto Rico and Canada. The Firm operates through six divisions: Region One, Region Two, Region Three, Region Four, Region Five and Other. Region One includes the Company’s activities in Delaware, District of Columbia, Illinois, Indiana, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Northern California, Ohio, Oregon, Pennsylvania, Rhode Island, Virginia, Washington, West Virginia, Wisconsin and the three Canadian provinces of Alberta, Ontario, and Quebec. Region Two includes activities in Alabama, Arizona, Colorado, Florida, Georgia, Hawaii, Kansas, Louisiana, Mississippi, Missouri, Nebraska, New Mexico, North Carolina, Oklahoma, South Carolina, Southern California, Tennessee, Texas, Utah and Puerto Rico. Region Three includes the New York metropolitan tri-state area of New York, New Jersey and Connecticut. Region Four includes the Company’s airport and transportation activities across the nation. Region Five includes other reporting units of the United States parking and event planning and transportation services.

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