S&P Global Inc. (SPGI) Cut to Hold at Zacks Investment Research
S&P Global Inc. (NYSE:SPGI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “After completing with its portfolio restructuring, McGraw-Hill Financial rechristened as S&P Global is now focusing on its core business that would help it emerge as a leader among rating providers, benchmark providers, and analytics in the global capital and commodity markets. In addition, to aid its goal of emerging as a leader in the global analytics arena, the company has also made strategic investments. All these endeavors have helped the company to continue with its positive earnings surprise streak for the fourteenth quarters in row, when it reported second-quarter 2016 results. However, McGraw-Hill’s results could be hampered by lower volume of debt securities issued in capital markets. Recently, the company released its global bond issuance forecast. The company expects global issuance in 2016 to fall 3.8% in comparison to its previous forecast of nearly 2%.”
Other equities research analysts have also recently issued reports about the stock. Macquarie began coverage on shares of S&P Global in a research report on Thursday, August 25th. They issued an “outperform” rating and a $140.00 price objective for the company. Credit Suisse Group AG began coverage on shares of S&P Global in a research report on Monday, July 11th. They issued an “outperform” rating and a $123.00 price objective for the company. Barclays PLC reissued an “overweight” rating and issued a $115.00 price objective on shares of S&P Global in a research report on Tuesday, June 28th. Cantor Fitzgerald set a $117.00 price objective on shares of S&P Global and gave the company a “buy” rating in a research report on Thursday, July 28th. Finally, Argus boosted their price objective on shares of S&P Global from $120.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, August 17th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $130.57.
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Shares of S&P Global (NYSE:SPGI) traded up 0.71% during midday trading on Tuesday, hitting $125.56. 259,169 shares of the company traded hands. S&P Global has a 52 week low of $78.55 and a 52 week high of $126.52. The stock has a market capitalization of $33.15 billion, a P/E ratio of 28.80 and a beta of 1.22. The company has a 50-day moving average price of $121.90 and a 200-day moving average price of $109.54.
S&P Global (NYSE:SPGI) last issued its quarterly earnings results on Thursday, July 28th. The company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.34 by $0.10. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.42 billion. S&P Global had a net margin of 21.32% and a return on equity of 320.10%. The firm’s revenue was up 10.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.21 EPS. Analysts anticipate that S&P Global will post $5.19 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 26th were given a $0.36 dividend. The ex-dividend date of this dividend was Wednesday, August 24th. This represents a $1.44 annualized dividend and a dividend yield of 1.15%. S&P Global’s payout ratio is presently 32.95%.
In related news, SVP Nancy Luquette sold 500 shares of the stock in a transaction that occurred on Tuesday, September 13th. The shares were sold at an average price of $123.08, for a total transaction of $61,540.00. Following the completion of the sale, the senior vice president now owns 133 shares of the company’s stock, valued at $16,369.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Finbarr J. Oneill sold 36,674 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $120.97, for a total transaction of $4,436,453.78. Following the sale, the insider now directly owns 50,772 shares of the company’s stock, valued at approximately $6,141,888.84. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of SPGI. New Mexico Educational Retirement Board boosted its stake in S&P Global by 3.0% in the second quarter. New Mexico Educational Retirement Board now owns 30,826 shares of the company’s stock worth $3,306,000 after buying an additional 900 shares during the last quarter. Jacobus Wealth Management Inc. purchased a new stake in S&P Global during the second quarter worth approximately $107,000. Fuller & Thaler Asset Management Inc. purchased a new stake in S&P Global during the second quarter worth approximately $113,000. FUKOKU MUTUAL LIFE INSURANCE Co purchased a new stake in S&P Global during the second quarter worth approximately $129,000. Finally, West Oak Capital LLC purchased a new stake in S&P Global during the second quarter worth approximately $139,000. 84.91% of the stock is owned by institutional investors.
S&P Global Company Profile
S&P Global Inc, formerly McGraw Hill Financial, Inc, is a provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets across the world. The Company’s products cater to the capital markets, which includes asset managers, investment banks, commercial banks, exchanges and issuers; the commodities markets, which includes producers, traders and intermediaries within energy, metals, petrochemicals and agriculture, and the commercial markets, which includes professionals and corporate executives within automotive and marketing/research information services.
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