Zacks Investment Research Downgrades S&P Global Inc. (SPGI) to Hold
S&P Global Inc. (NYSE:SPGI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a 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%.”
Several other analysts also recently issued reports on the company. Morgan Stanley reissued an “equal weight” rating and set a $120.00 target price on shares of S&P Global in a research note on Tuesday, July 19th. Barclays PLC lifted their target price on S&P Global from $115.00 to $140.00 and gave the company an “overweight” rating in a research note on Tuesday, August 23rd. Macquarie started coverage on S&P Global in a research note on Thursday, August 25th. They set an “outperform” rating and a $140.00 target price on the stock. Cantor Fitzgerald set a $117.00 target price on S&P Global and gave the company a “buy” rating in a research note on Thursday, July 28th. Finally, Credit Suisse Group AG started coverage on S&P Global in a research note on Monday, July 11th. They set an “outperform” rating and a $123.00 target price on the stock. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. S&P Global has a consensus rating of “Buy” and an average price target of $130.57.
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Shares of S&P Global (NYSE:SPGI) traded up 0.55% during mid-day trading on Tuesday, reaching $125.37. The company’s stock had a trading volume of 265,758 shares. The company has a market cap of $33.10 billion, a PE ratio of 28.76 and a beta of 1.22. S&P Global has a 52-week low of $78.55 and a 52-week high of $126.52. 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 earnings results on Thursday, July 28th. The company reported $1.44 earnings per share (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 return on equity of 320.10% and a net margin of 21.32%. The firm’s quarterly revenue was up 10.4% on a year-over-year basis. During the same quarter last year, the company earned $1.21 EPS. Equities analysts expect that S&P Global will post $5.19 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 26th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend was Wednesday, August 24th. S&P Global’s dividend payout ratio is presently 32.95%.
In other news, SVP Nancy Luquette sold 500 shares of S&P Global stock in a transaction that occurred on Tuesday, September 13th. The stock was sold at an average price of $123.08, for a total value of $61,540.00. Following the completion of the transaction, the senior vice president now owns 133 shares in the company, valued at approximately $16,369.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Finbarr J. Oneill sold 36,674 shares of S&P Global stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $120.97, for a total value of $4,436,453.78. Following the completion of the transaction, the insider now 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 owned by insiders.
Several institutional investors have recently made changes to their positions in SPGI. Jacobus Wealth Management Inc. bought a new position in shares of S&P Global during the second quarter worth approximately $107,000. Fuller & Thaler Asset Management Inc. bought a new position in shares of S&P Global during the second quarter worth approximately $113,000. FUKOKU MUTUAL LIFE INSURANCE Co bought a new position in shares of S&P Global during the second quarter worth approximately $129,000. West Oak Capital LLC bought a new position in shares of S&P Global during the second quarter worth approximately $139,000. Finally, Quadrant Capital Group LLC bought a new position in shares of S&P Global during the second quarter worth approximately $146,000. Hedge funds and other institutional investors own 84.91% of the company’s stock.
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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