MarketAxess (NASDAQ:MKTX) Releases Earnings Results, Beats Estimates By $0.15 EPS

MarketAxess (NASDAQ:MKTX) announced its earnings results on Friday. The financial services provider reported $1.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.15, Zacks reports. MarketAxess had a return on equity of 20.41% and a net margin of 26.62%.The business had revenue of $208.82 million for the quarter, compared to analyst estimates of $212.59 million. During the same quarter last year, the firm earned $1.90 EPS. MarketAxess’s revenue for the quarter was up 1.0% compared to the same quarter last year.

MarketAxess Stock Up 0.9%

Shares of NASDAQ MKTX opened at $167.27 on Friday. The business’s 50 day moving average price is $174.16 and its two-hundred day moving average price is $199.02. The company has a market cap of $6.25 billion, a PE ratio of 28.16, a price-to-earnings-growth ratio of 6.44 and a beta of 0.94. MarketAxess has a twelve month low of $156.17 and a twelve month high of $277.84.

MarketAxess Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 3rd. Investors of record on Wednesday, November 19th will be issued a dividend of $0.76 per share. The ex-dividend date is Wednesday, November 19th. This represents a $3.04 dividend on an annualized basis and a yield of 1.8%. MarketAxess’s dividend payout ratio (DPR) is presently 51.18%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Argus upgraded shares of MarketAxess from a “hold” rating to a “buy” rating and set a $212.00 price objective on the stock in a report on Monday, August 25th. Jefferies Financial Group lowered their price target on shares of MarketAxess from $217.00 to $208.00 and set a “hold” rating on the stock in a research note on Monday, August 11th. Morgan Stanley reduced their price objective on shares of MarketAxess from $274.00 to $253.00 and set an “overweight” rating for the company in a research note on Wednesday, October 1st. Loop Capital set a $164.00 price objective on MarketAxess in a report on Tuesday, October 14th. Finally, Zacks Research lowered MarketAxess from a “hold” rating to a “strong sell” rating in a report on Monday, October 20th. Five research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $216.58.

Insider Activity at MarketAxess

In other MarketAxess news, Director Stephen P. Casper sold 1,600 shares of the company’s stock in a transaction on Monday, September 8th. The shares were sold at an average price of $186.59, for a total value of $298,544.00. Following the transaction, the director directly owned 43,208 shares in the company, valued at $8,062,180.72. The trade was a 3.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Kevin M. Mcpherson sold 1,494 shares of the stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $185.32, for a total transaction of $276,868.08. Following the completion of the transaction, the executive directly owned 67,681 shares in the company, valued at $12,542,642.92. The trade was a 2.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.65% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. MUFG Securities EMEA plc bought a new position in MarketAxess in the 2nd quarter valued at about $25,000. Geneos Wealth Management Inc. grew its holdings in MarketAxess by 200.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 120 shares of the financial services provider’s stock valued at $26,000 after buying an additional 80 shares in the last quarter. State of Wyoming increased its position in MarketAxess by 4,361.5% during the 2nd quarter. State of Wyoming now owns 580 shares of the financial services provider’s stock worth $130,000 after buying an additional 567 shares during the period. Federated Hermes Inc. lifted its holdings in shares of MarketAxess by 66.9% during the second quarter. Federated Hermes Inc. now owns 871 shares of the financial services provider’s stock worth $195,000 after buying an additional 349 shares in the last quarter. Finally, Boothbay Fund Management LLC bought a new stake in shares of MarketAxess in the second quarter valued at about $277,000. Institutional investors and hedge funds own 99.01% of the company’s stock.

About MarketAxess

MarketAxess Holdings Inc, together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. The company offers trading technology that provides liquidity access in U.S. high-grade bonds, U.S. high-yield bonds, emerging market debt, eurobonds, municipal bonds, U.S.