Exchange Traded Concepts LLC Reduces Stake in S&P Global Inc. (NYSE:SPGI)

Posted by Defense World Staff on Oct 12th, 2023

Exchange Traded Concepts LLC lessened its stake in S&P Global Inc. (NYSE:SPGI – Free Report) by 64.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 118 shares of the business services provider’s stock after selling 211 shares during the period. Exchange Traded Concepts LLC’s holdings in S&P Global were worth $47,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Fiduciary Alliance LLC purchased a new stake in S&P Global in the 2nd quarter worth approximately $27,000. Ridgewood Investments LLC purchased a new stake in S&P Global in the 1st quarter worth approximately $28,000. Addison Advisors LLC boosted its position in S&P Global by 74.5% in the 1st quarter. Addison Advisors LLC now owns 89 shares of the business services provider’s stock worth $31,000 after purchasing an additional 38 shares in the last quarter. GPS Wealth Strategies Group LLC purchased a new stake in S&P Global in the 1st quarter worth approximately $33,000. Finally, Pacifica Partners Inc. boosted its position in S&P Global by 76.4% in the 1st quarter. Pacifica Partners Inc. now owns 97 shares of the business services provider’s stock worth $33,000 after purchasing an additional 42 shares in the last quarter. Hedge funds and other institutional investors own 85.50% of the company’s stock.

S&P Global Stock Performance

NYSE SPGI opened at $371.93 on Thursday. The stock has a market cap of $118.35 billion, a PE ratio of 51.37, a P/E/G ratio of 2.29 and a beta of 1.12. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.30. S&P Global Inc. has a twelve month low of $279.32 and a twelve month high of $428.65. The stock has a fifty day simple moving average of $382.15 and a 200-day simple moving average of $377.11.

S&P Global (NYSE:SPGI – Get Free Report) last announced its earnings results on Thursday, July 27th. The business services provider reported $3.12 EPS for the quarter, meeting analysts’ consensus estimates of $3.12. S&P Global had a return on equity of 10.45% and a net margin of 19.46%. The company had revenue of $3.10 billion during the quarter, compared to analysts’ expectations of $3.05 billion. During the same period last year, the business posted $2.81 EPS. S&P Global’s revenue for the quarter was up 3.6% on a year-over-year basis. Equities analysts anticipate that S&P Global Inc. will post 12.49 earnings per share for the current year.

S&P Global Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Investors of record on Tuesday, November 28th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date is Monday, November 27th. S&P Global’s dividend payout ratio (DPR) is 49.72%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. TheStreet downgraded S&P Global from a “b” rating to a “c+” rating in a research note on Thursday, July 27th. Raymond James reduced their target price on S&P Global from $421.00 to $403.00 and set an “outperform” rating for the company in a research note on Thursday, October 5th. Bank of America began coverage on S&P Global in a research note on Thursday, June 15th. They set a “buy” rating for the company. Morgan Stanley cut their target price on S&P Global from $450.00 to $424.00 and set an “overweight” rating for the company in a research note on Tuesday, October 3rd. Finally, Robert W. Baird cut their target price on S&P Global from $460.00 to $451.00 and set an “outperform” rating for the company in a research note on Friday, July 28th. One research analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $407.88.

Check Out Our Latest Stock Analysis on SPGI

Insider Activity at S&P Global

In related news, insider Saugata Saha sold 200 shares of the firm’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $382.00, for a total transaction of $76,400.00. Following the completion of the transaction, the insider now directly owns 1,134 shares in the company, valued at approximately $433,188. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Douglas L. Peterson sold 9,657 shares of S&P Global stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $394.11, for a total value of $3,805,920.27. Following the completion of the transaction, the chief executive officer now owns 172,113 shares in the company, valued at approximately $67,831,454.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Saugata Saha sold 200 shares of S&P Global stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $382.00, for a total value of $76,400.00. Following the completion of the transaction, the insider now owns 1,134 shares of the company’s stock, valued at approximately $433,188. The disclosure for this sale can be found here. Insiders sold 21,057 shares of company stock worth $8,235,856 in the last three months. 0.10% of the stock is owned by company insiders.

S&P Global Profile

(Free Report)

S&P Global Inc, together with its subsidiaries, provides credit ratings, benchmarks, analytics, and workflow solutions in the global capital, commodity, and automotive markets. It operates through six segments: S&P Global Ratings, S&P Dow Jones Indices, S&P Global Commodity Insights, S&P Global Market Intelligence, S&P Global Mobility, and S&P Global Engineering Solutions.