Spartan Motors Inc. (NASDAQ:SPAR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm currently has a $11.00 price objective on the stock. Zacks Investment Research’s target price indicates a potential upside of 16.77% from the company’s previous close.
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. “
Separately, Craig Hallum initiated coverage on shares of Spartan Motors in a research note on Tuesday, July 26th. They issued a “buy” rating for the company.
Shares of Spartan Motors (NASDAQ:SPAR) opened at 9.42 on Wednesday. Spartan Motors has a 1-year low of $2.61 and a 1-year high of $10.50. The firm’s market cap is $324.34 million. The stock has a 50 day moving average of $9.51 and a 200 day moving average of $7.15.
Spartan Motors (NASDAQ:SPAR) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.11. The business earned $162.50 million during the quarter, compared to analyst estimates of $152.65 million. Spartan Motors had a negative net margin of 1.80% and a positive return on equity of 1.49%. The business’s revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 earnings per share. Equities research analysts anticipate that Spartan Motors will post $0.32 earnings per share for the current fiscal year.
In other Spartan Motors news, Director Kenneth Kaczmarek sold 3,909 shares of the business’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $9.08, for a total transaction of $35,493.72. Following the completion of the sale, the director now owns 76,883 shares in the company, valued at $698,097.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 4.59% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in SPAR. Airain ltd acquired a new stake in Spartan Motors during the second quarter valued at $155,000. Chartwell Investment Partners LLC acquired a new stake in Spartan Motors during the second quarter valued at $3,660,000. EAM Investors LLC acquired a new stake in Spartan Motors during the second quarter valued at $1,826,000. Emerald Acquisition Ltd. acquired a new stake in Spartan Motors during the second quarter valued at $364,000. Finally, Suntrust Banks Inc. raised its stake in Spartan Motors by 19.4% in the second quarter. Suntrust Banks Inc. now owns 40,613 shares of the company’s stock valued at $253,000 after buying an additional 6,585 shares during the last quarter. Hedge funds and other institutional investors own 65.77% of the company’s stock.
Spartan Motors Company Profile
Spartan Motors, Inc is an engineer and manufacturer in the heavy-duty, custom vehicles marketplace. The Company operates through three segments: Emergency Response Vehicles, Delivery and Service Vehicles, and Specialty Chassis and Vehicles. The Company’s Emergency Response Vehicles segment engineers and manufactures emergency response chassis, emergency response bodies and aerial equipment.