S&P Global Inc. (SPGI) Rating Increased to Buy at Zacks Investment Research
S&P Global Inc. (NYSE:SPGI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm presently has a $167.00 target price on the business services provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 12.05% from the company’s previous close.
According to Zacks, “S&P Global shares have outperformed the Business Information Services industry over the past three months. The company completed the acquisition of SNL Financial for $2.2 billion. SNL Financial is a strategic fit for S&P Global as its business is in sync with the S&P Capital IQ and Platts businesses, which will help the latter to avail cost cuts and revenue synergies. The company continues to impress investors by beating earnings for the 16th consecutive quarter. S&P Global’s strategic portfolio restructuring and focus on core business will continue to drive growth, going forward. This apart, strategic acquisitions and positive industry trends like surge of new high-yield bonds and leveraged loans, fuelled by tight interest-rate spreads, augur well for long-term growth. However, its performance is likely to be hurt by lower volume of debt securities issued in the capital markets.”
Several other equities research analysts have also recently weighed in on SPGI. Raymond James Financial, Inc. upgraded shares of S&P Global from a “market perform” rating to an “outperform” rating and set a $143.00 price objective for the company in a research report on Monday, April 17th. Cantor Fitzgerald restated an “overweight” rating and issued a $153.00 price objective (up previously from $139.00) on shares of S&P Global in a research report on Wednesday, April 26th. Argus restated a “buy” rating and issued a $158.00 price objective (up previously from $150.00) on shares of S&P Global in a research report on Monday, May 29th. Barclays PLC raised their price objective on shares of S&P Global from $150.00 to $155.00 and gave the company an “overweight” rating in a research report on Wednesday, June 28th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $146.00 price objective (up previously from $145.00) on shares of S&P Global in a research report on Friday. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $151.40.
S&P Global (NYSE:SPGI) traded down 0.06% during midday trading on Monday, hitting $149.38. 461,665 shares of the stock traded hands. S&P Global has a 1-year low of $107.21 and a 1-year high of $150.40. The stock has a market cap of $38.51 billion, a PE ratio of 17.81 and a beta of 1.52. The company has a 50-day moving average of $143.34 and a 200-day moving average of $129.50.
S&P Global (NYSE:SPGI) last posted its quarterly earnings data on Tuesday, April 25th. The business services provider reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.23. The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.37 billion. S&P Global had a net margin of 38.30% and a return on equity of 245.38%. The business’s revenue was up 8.4% compared to the same quarter last year. On average, equities analysts expect that S&P Global will post $6.19 EPS for the current fiscal year.
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In other news, Director Marco Alvera acquired 400 shares of S&P Global stock in a transaction that occurred on Tuesday, May 30th. The shares were acquired at an average price of $140.09 per share, with a total value of $56,036.00. Following the purchase, the director now directly owns 400 shares of the company’s stock, valued at $56,036. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of S&P Global by 1,866.9% in the first quarter. BlackRock Inc. now owns 15,452,706 shares of the business services provider’s stock worth $2,020,285,000 after buying an additional 14,667,076 shares during the last quarter. Marshall Wace North America L.P. bought a new position in shares of S&P Global during the first quarter worth $170,025,000. Swedbank bought a new position in shares of S&P Global during the first quarter worth $101,025,000. Vanguard Group Inc. raised its position in shares of S&P Global by 4.0% in the first quarter. Vanguard Group Inc. now owns 19,395,347 shares of the business services provider’s stock worth $2,535,747,000 after buying an additional 740,631 shares during the last quarter. Finally, Westfield Capital Management Co. LP bought a new position in shares of S&P Global during the first quarter worth $87,138,000. 85.82% of the stock is currently owned by hedge funds and other institutional investors.
About S&P Global
S&P Global Inc, formerly McGraw Hill Financial Inc, is a provider of ratings, benchmarks, analytics and data to the capital and commodity markets around the world. The Company operates through three segments: Ratings, which provides credit ratings, research and analytics to investors, issuers and other market participants; Market and Commodities Intelligence, which offers multi-asset-class data, research and analytical capabilities that integrate cross-asset analytics and desktop services, and deliver their customers in the commodity and energy markets access to information, data, analytic services and pricing and benchmarks, and S&P Dow Jones Indices (Indices), which is an index provider that maintains a range of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.
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