Zacks Investment Research Upgrades S&P Global Inc. (SPGI) to “Buy”
S&P Global Inc. (NYSE:SPGI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage presently has a $139.00 target price on the stock. Zacks Investment Research’s price objective indicates a potential upside of 11.92% from the company’s previous close.
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 equities analysts have also weighed in on SPGI. Barclays PLC restated an “overweight” rating and set a $115.00 price target on shares of S&P Global in a research report on Tuesday, June 28th. Credit Suisse Group AG initiated coverage on shares of S&P Global in a research report on Monday, July 11th. They set an “outperform” rating and a $123.00 price target for the company. Morgan Stanley restated an “equal weight” rating and set a $120.00 price target on shares of S&P Global in a research report on Tuesday, July 19th. Cantor Fitzgerald set a $117.00 price target on shares of S&P Global and gave the company a “buy” rating in a research report on Thursday, July 28th. Finally, Argus increased their target price on shares of S&P Global from $120.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, August 17th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $131.29.
Shares of S&P Global (NYSE:SPGI) traded down 0.23% during trading on Wednesday, hitting $123.91. 552,426 shares of the stock traded hands. The company has a market cap of $32.71 billion, a P/E ratio of 28.43 and a beta of 1.28. The stock has a 50-day moving average of $123.64 and a 200 day moving average of $112.03. S&P Global has a 1-year low of $78.55 and a 1-year high of $128.40.
S&P Global (NYSE:SPGI) last posted its quarterly earnings results on Thursday, July 28th. The company reported $1.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.34 by $0.10. The company earned $1.48 billion during the quarter, compared to analyst estimates 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 for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.21 earnings per share. On average, equities research analysts predict that S&P Global will post $5.19 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 26th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date of this dividend was Wednesday, August 24th. S&P Global’s payout ratio is 32.95%.
In related news, SVP Nancy Luquette sold 500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 13th. The shares were sold at an average price of $123.08, for a total value of $61,540.00. Following the sale, the senior vice president now directly owns 133 shares of the company’s stock, valued at $16,369.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Finbarr J. Oneill sold 36,674 shares of the firm’s 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 completion of the sale, the insider now directly owns 50,772 shares in the company, valued at $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 made changes to their positions in SPGI. Bank of Stockton bought a new stake in shares of S&P Global during the second quarter worth $373,000. Packer & Co Ltd bought a new stake in shares of S&P Global during the second quarter worth $33,904,000. Chevy Chase Trust Holdings Inc. acquired a new position in S&P Global during the second quarter valued at approximately $24,263,000. Richard Bernstein Advisors LLC acquired a new position in S&P Global during the second quarter valued at approximately $2,578,000. Finally, Exxonmobil Investment Management Inc. TX acquired a new position in S&P Global during the second quarter valued at approximately $7,346,000. 84.81% of the stock is currently owned by institutional investors and hedge funds.
About S&P Global
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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