MarketAxess (NASDAQ:MKTX) Stock Price Down 2.8%

MarketAxess Holdings Inc. (NASDAQ:MKTX)’s stock price was down 2.8% during mid-day trading on Thursday . The company traded as low as $234.23 and last traded at $234.28. Approximately 165,826 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 420,261 shares. The stock had previously closed at $240.95.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on MKTX shares. UBS Group decreased their price target on MarketAxess from $305.00 to $285.00 and set a “buy” rating for the company in a report on Wednesday, May 8th. Barclays cut their price objective on MarketAxess from $225.00 to $215.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft boosted their price objective on MarketAxess from $218.00 to $223.00 and gave the company a “hold” rating in a research report on Thursday. Piper Sandler restated a “neutral” rating and issued a $225.00 price objective on shares of MarketAxess in a research report on Tuesday, August 6th. Finally, StockNews.com upgraded MarketAxess from a “sell” rating to a “hold” rating in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $238.60.

MarketAxess Stock Down 2.9 %

The stock has a market capitalization of $8.86 billion, a PE ratio of 34.45, a PEG ratio of 5.87 and a beta of 1.03. The company has a 50-day moving average of $212.36 and a 200 day moving average of $213.96.

MarketAxess (NASDAQ:MKTX) last issued its earnings results on Tuesday, August 6th. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.04. The company had revenue of $197.70 million during the quarter, compared to analysts’ expectations of $198.07 million. MarketAxess had a return on equity of 20.82% and a net margin of 33.83%. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.63 EPS. As a group, equities analysts predict that MarketAxess Holdings Inc. will post 7 EPS for the current fiscal year.

MarketAxess Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 4th. Shareholders of record on Wednesday, August 21st will be issued a $0.74 dividend. This is a boost from MarketAxess’s previous quarterly dividend of $0.20. This represents a $2.96 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend is Wednesday, August 21st. MarketAxess’s dividend payout ratio is presently 43.47%.

MarketAxess announced that its Board of Directors has initiated a stock buyback plan on Tuesday, August 6th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 2.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at MarketAxess

In other MarketAxess news, Director Stephen P. Casper sold 500 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $199.48, for a total value of $99,740.00. Following the completion of the sale, the director now directly owns 10,201 shares in the company, valued at approximately $2,034,895.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Christophe Pierre Danie Roupie sold 617 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $231.63, for a total value of $142,915.71. Following the transaction, the insider now owns 7,409 shares of the company’s stock, valued at approximately $1,716,146.67. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Stephen P. Casper sold 500 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $199.48, for a total value of $99,740.00. Following the completion of the transaction, the director now directly owns 10,201 shares in the company, valued at approximately $2,034,895.48. The disclosure for this sale can be found here. 2.66% of the stock is owned by company insiders.

Hedge Funds Weigh In On MarketAxess

Several large investors have recently modified their holdings of MKTX. International Assets Investment Management LLC lifted its stake in shares of MarketAxess by 28,547.8% in the 4th quarter. International Assets Investment Management LLC now owns 13,178 shares of the financial services provider’s stock valued at $3,859,000 after purchasing an additional 13,132 shares during the last quarter. Louisiana State Employees Retirement System acquired a new position in shares of MarketAxess in the 4th quarter valued at $674,000. Vontobel Holding Ltd. acquired a new position in MarketAxess during the 4th quarter worth about $525,000. Quantum Private Wealth LLC acquired a new position in MarketAxess during the 4th quarter worth about $206,000. Finally, AIA Group Ltd lifted its stake in MarketAxess by 0.5% during the 4th quarter. AIA Group Ltd now owns 18,444 shares of the financial services provider’s stock worth $5,401,000 after acquiring an additional 90 shares in the last quarter. Institutional investors and hedge funds own 99.01% of the company’s stock.

MarketAxess Company Profile

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.