Zacks Investment Research Downgrades Spartan Motors (NASDAQ:SPAR) to Hold

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Zacks Investment Research cut shares of Spartan Motors (NASDAQ:SPAR) from a buy rating to a hold rating in a report published on Thursday morning, Zacks.com reports.

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. “

SPAR has been the topic of several other research reports. ValuEngine cut shares of Zynerba Pharmaceuticals from a buy rating to a hold rating in a report on Wednesday, July 17th. BidaskClub upgraded shares of Zebra Technologies from a hold rating to a buy rating in a report on Saturday, July 6th. Roth Capital restated a buy rating on shares of Spartan Motors in a report on Friday, May 24th. Finally, Craig Hallum raised their target price on shares of Spartan Motors from $12.00 to $15.00 in a report on Tuesday, July 16th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $12.67.

Shares of NASDAQ SPAR opened at $11.93 on Thursday. Spartan Motors has a one year low of $6.70 and a one year high of $16.10. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.69 and a quick ratio of 1.14. The company’s 50 day simple moving average is $9.89. The company has a market capitalization of $421.74 million, a PE ratio of 24.85 and a beta of 1.55.

Spartan Motors (NASDAQ:SPAR) last issued its earnings results on Thursday, May 2nd. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.01. Spartan Motors had a net margin of 1.39% and a return on equity of 8.21%. The firm had revenue of $234.00 million for the quarter, compared to analysts’ expectations of $204.90 million. During the same quarter last year, the business earned $0.09 earnings per share. The business’s revenue was up 35.3% on a year-over-year basis. Sell-side analysts forecast that Spartan Motors will post 0.61 earnings per share for the current year.

In related news, insider Daryl M. Adams sold 12,500 shares of Spartan Motors stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $9.52, for a total value of $119,000.00. Following the sale, the insider now owns 664,675 shares in the company, valued at $6,327,706. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 37,500 shares of company stock worth $375,250. 4.22% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the stock. Citigroup Inc. boosted its holdings in Spartan Motors by 17.0% in the fourth quarter. Citigroup Inc. now owns 10,989 shares of the company’s stock valued at $79,000 after acquiring an additional 1,593 shares in the last quarter. Two Sigma Investments LP boosted its holdings in Spartan Motors by 21.9% in the fourth quarter. Two Sigma Investments LP now owns 240,130 shares of the company’s stock valued at $1,736,000 after acquiring an additional 43,102 shares in the last quarter. Summit Creek Advisors LLC boosted its holdings in Spartan Motors by 9.5% in the first quarter. Summit Creek Advisors LLC now owns 634,008 shares of the company’s stock valued at $5,598,000 after acquiring an additional 55,161 shares in the last quarter. Rhumbline Advisers boosted its holdings in Spartan Motors by 44.5% in the fourth quarter. Rhumbline Advisers now owns 46,989 shares of the company’s stock valued at $340,000 after acquiring an additional 14,480 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Spartan Motors by 30.7% in the fourth quarter. Bank of New York Mellon Corp now owns 238,976 shares of the company’s stock valued at $1,728,000 after acquiring an additional 56,153 shares in the last quarter. Institutional investors and hedge funds own 65.68% of the company’s stock.

About Spartan Motors

Spartan Motors, Inc, through its subsidiaries, engineers, manufactures, assembles, and sells specialty and heavy-duty vehicles in the United States, Canada, South America, and Asia. It operates through three segments: Fleet Vehicles and Services, Emergency Response Vehicles, and Specialty Chassis and Vehicles.

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