Provident Investment Management Inc. Invests $24.76 Million in S&P Global Inc. (SPGI) Stock
Provident Investment Management Inc. purchased a new stake in shares of S&P Global Inc. (NYSE:SPGI) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 169,603 shares of the business services provider’s stock, valued at approximately $24,760,000. S&P Global makes up about 4.5% of Provident Investment Management Inc.’s investment portfolio, making the stock its 12th biggest position. Provident Investment Management Inc. owned 0.07% of S&P Global as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in S&P Global by 4.0% during the first quarter. Vanguard Group Inc. now owns 19,395,347 shares of the business services provider’s stock valued at $2,535,747,000 after purchasing an additional 740,631 shares in the last quarter. BlackRock Inc. lifted its holdings in S&P Global by 1,866.9% during the first quarter. BlackRock Inc. now owns 15,452,706 shares of the business services provider’s stock valued at $2,020,285,000 after purchasing an additional 14,667,076 shares in the last quarter. OppenheimerFunds Inc. lifted its holdings in S&P Global by 4.2% during the first quarter. OppenheimerFunds Inc. now owns 6,211,104 shares of the business services provider’s stock valued at $812,041,000 after purchasing an additional 251,294 shares in the last quarter. Independent Franchise Partners LLP lifted its holdings in S&P Global by 0.6% during the second quarter. Independent Franchise Partners LLP now owns 4,984,751 shares of the business services provider’s stock valued at $727,723,000 after purchasing an additional 30,708 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in S&P Global by 4.5% during the first quarter. Ameriprise Financial Inc. now owns 4,151,759 shares of the business services provider’s stock valued at $542,786,000 after purchasing an additional 177,338 shares in the last quarter. 85.39% of the stock is currently owned by institutional investors and hedge funds.
SPGI has been the topic of several analyst reports. Zacks Investment Research raised shares of S&P Global from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a report on Tuesday, August 29th. Barclays PLC lifted their price target on shares of S&P Global from $150.00 to $155.00 and gave the company an “overweight” rating in a report on Wednesday, June 28th. BMO Capital Markets lifted their price target on shares of S&P Global from $161.00 to $164.00 and gave the company an “outperform” rating in a report on Friday, July 28th. UBS AG lifted their price target on shares of S&P Global from $154.00 to $175.00 and gave the company a “buy” rating in a report on Friday, July 28th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $146.00 price target (up previously from $145.00) on shares of S&P Global in a report on Friday, July 14th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $155.50.
In other S&P Global news, SVP Nancy Luquette sold 860 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $151.50, for a total value of $130,290.00. Following the transaction, the senior vice president now owns 106 shares in the company, valued at approximately $16,059. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.20% of the company’s stock.
S&P Global Inc. (SPGI) traded down 0.18% during trading on Wednesday, hitting $152.90. 170,145 shares of the stock traded hands. S&P Global Inc. has a 52-week low of $107.21 and a 52-week high of $158.35. The stock has a 50 day moving average price of $151.87 and a 200-day moving average price of $141.02. The stock has a market cap of $39.30 billion, a P/E ratio of 17.81 and a beta of 1.51.
S&P Global (NYSE:SPGI) last announced its quarterly earnings data on Thursday, July 27th. The business services provider reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.15. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.46 billion. S&P Global had a return on equity of 202.37% and a net margin of 38.78%. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.44 EPS. On average, analysts anticipate that S&P Global Inc. will post $6.34 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Monday, August 28th will be issued a $0.41 dividend. The ex-dividend date is Thursday, August 24th. This represents a $1.64 dividend on an annualized basis and a yield of 1.07%. S&P Global’s payout ratio is currently 19.16%.
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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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