MarketAxess (NASDAQ:MKTX) Posts Earnings Results

MarketAxess (NASDAQ:MKTX) released its earnings results on Friday. The financial services provider reported $1.84 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $212.59 million. During the same quarter last year, the business posted $1.90 earnings per share. The business’s quarterly revenue was up 1.0% compared to the same quarter last year.

MarketAxess Stock Performance

Shares of MarketAxess stock traded up $1.52 during trading hours on Friday, hitting $167.27. The company’s stock had a trading volume of 1,109,992 shares, compared to its average volume of 669,273. The stock has a market cap of $6.25 billion, a price-to-earnings ratio of 28.16, a P/E/G 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. The firm has a fifty day moving average of $174.16 and a 200-day moving average of $199.18.

MarketAxess Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 3rd. Shareholders of record on Wednesday, November 19th will be given a $0.76 dividend. 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 payout ratio is currently 51.18%.

Wall Street Analyst Weigh In

MKTX has been the topic of several recent research reports. Piper Sandler set a $180.00 target price on shares of MarketAxess in a research note on Tuesday, October 14th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of MarketAxess in a research note on Wednesday, October 8th. Barclays decreased their target price on shares of MarketAxess from $200.00 to $186.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Morgan Stanley dropped their price target on MarketAxess from $274.00 to $253.00 and set an “overweight” rating for the company in a research report on Wednesday, October 1st. Finally, Zacks Research downgraded MarketAxess from a “hold” rating to a “strong sell” rating in a research report on Monday, October 20th. Five analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, MarketAxess currently has a consensus rating of “Hold” and a consensus price target of $216.58.

Insider Activity

In other MarketAxess news, Director Stephen P. Casper sold 1,600 shares of MarketAxess stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $186.59, for a total transaction of $298,544.00. Following the completion of the sale, the director directly owned 43,208 shares in the company, valued at $8,062,180.72. This trade represents a 3.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Kevin M. Mcpherson sold 1,494 shares of the business’s stock in a transaction that occurred on 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 sale, the executive directly owned 67,681 shares in the company, valued at $12,542,642.92. This trade represents a 2.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.65% of the stock is currently owned by insiders.

Institutional Trading of MarketAxess

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. MUFG Securities EMEA plc acquired a new position in MarketAxess during the second quarter worth $25,000. Geneos Wealth Management Inc. increased its stake in MarketAxess by 200.0% during the first quarter. Geneos Wealth Management Inc. now owns 120 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 80 shares during the period. State of Wyoming boosted its stake in shares of MarketAxess by 4,361.5% in the second quarter. State of Wyoming now owns 580 shares of the financial services provider’s stock valued at $130,000 after purchasing an additional 567 shares during the period. Federated Hermes Inc. increased its position 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 acquiring an additional 349 shares during the period. Finally, Boothbay Fund Management LLC acquired a new stake in shares of MarketAxess in the second quarter valued at $277,000. Hedge funds and other institutional investors 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.