Markit Ltd. (INFO) Sees Unusually-High Trading Volume Following Earnings Beat
Markit Ltd. (NASDAQ:INFO) shares saw unusually-strong trading volume on Wednesday after the company announced better than expected quarterly earnings. Approximately 1,598,834 shares traded hands during trading, a decline of 10% from the previous session’s volume of 1,780,438 shares.The stock last traded at $36.14 and had previously closed at $35.64.
The company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.01. The company earned $724.60 million during the quarter, compared to the consensus estimate of $557.90 million. Markit had a net margin of 9.00% and a return on equity of 8.65%. The company’s quarterly revenue was up 29.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.36 EPS.
INFO has been the subject of a number of recent research reports. Deutsche Bank AG upgraded shares of Markit from a “hold” rating to a “buy” rating and upped their price objective for the stock from $37.00 to $42.00 in a research report on Friday, July 15th. Zacks Investment Research upgraded shares of Markit from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 13th. BMO Capital Markets reiterated a “buy” rating and set a $41.00 price objective on shares of Markit in a research report on Wednesday. TheStreet lowered shares of Markit from a “buy” rating to a “hold” rating in a report on Wednesday, July 13th. Finally, Cantor Fitzgerald reissued a “hold” rating on shares of Markit in a report on Friday, August 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $38.88.
In related news, EVP Jonathan Gear sold 15,000 shares of the firm’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $36.00, for a total transaction of $540,000.00. Following the completion of the sale, the executive vice president now owns 319,287 shares in the company, valued at $11,494,332. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jerre L. Stead sold 70,000 shares of the firm’s stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $35.05, for a total transaction of $2,453,500.00. Following the sale, the chief executive officer now owns 843,380 shares of the company’s stock, valued at approximately $29,560,469. The disclosure for this sale can be found here.
The company has a market cap of $6.40 billion, a price-to-earnings ratio of 57.01 and a beta of 0.94. The firm’s 50 day moving average price is $36.53 and its 200 day moving average price is $34.57.
Markit Company Profile
Markit Ltd. is a global diversified provider of financial information services. The Company provides pricing and reference data, indices, valuation and trading services, trade processing, enterprise software and managed services. The Company’s business is organized in three segments: Information, Processing and Solutions.
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