MarketAxess (MKTX) Cut to “Hold” at BidaskClub

BidaskClub cut shares of MarketAxess (NASDAQ:MKTX) from a buy rating to a hold rating in a report issued on Saturday morning.

Several other research firms also recently commented on MKTX. Goldman Sachs Group began coverage on shares of MarketAxess in a research note on Monday, November 5th. They issued a sell rating for the company. ValuEngine upgraded shares of MarketAxess from a hold rating to a buy rating in a research note on Thursday, October 4th. Zacks Investment Research downgraded shares of MarketAxess from a hold rating to a sell rating in a research note on Monday, September 10th. Finally, Barclays restated a hold rating and issued a $198.00 price target on shares of MarketAxess in a research note on Friday, October 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the stock. MarketAxess has a consensus rating of Hold and an average price target of $210.63.

NASDAQ:MKTX opened at $219.29 on Friday. The firm has a market capitalization of $8.19 billion, a price-to-earnings ratio of 56.23, a price-to-earnings-growth ratio of 9.67 and a beta of 0.09. MarketAxess has a 52 week low of $172.09 and a 52 week high of $229.84.

MarketAxess (NASDAQ:MKTX) last posted its quarterly earnings results on Wednesday, October 24th. The financial services provider reported $1.02 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.09. The business had revenue of $101.44 million during the quarter, compared to the consensus estimate of $101.19 million. MarketAxess had a net margin of 37.97% and a return on equity of 29.40%. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.90 earnings per share. Sell-side analysts forecast that MarketAxess will post 4.51 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 21st. Investors of record on Wednesday, November 7th were paid a dividend of $0.42 per share. The ex-dividend date was Tuesday, November 6th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.77%. MarketAxess’s payout ratio is currently 43.08%.

In related news, CEO Richard M. Mcvey sold 23,842 shares of the business’s stock in a transaction on Tuesday, October 30th. The shares were sold at an average price of $211.93, for a total transaction of $5,052,835.06. Following the completion of the transaction, the chief executive officer now owns 1,054,986 shares in the company, valued at $223,583,182.98. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Kevin M. Mcpherson sold 2,500 shares of the business’s stock in a transaction on Tuesday, November 20th. The stock was sold at an average price of $216.89, for a total transaction of $542,225.00. The disclosure for this sale can be found here. Insiders own 3.52% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Sterling Capital Management LLC acquired a new position in shares of MarketAxess during the second quarter worth $1,245,000. Vident Investment Advisory LLC acquired a new position in shares of MarketAxess during the second quarter worth $761,000. BlackRock Inc. grew its stake in shares of MarketAxess by 3.6% during the second quarter. BlackRock Inc. now owns 3,411,494 shares of the financial services provider’s stock worth $674,996,000 after purchasing an additional 117,686 shares in the last quarter. Wells Fargo & Company MN lifted its position in MarketAxess by 11.0% in the third quarter. Wells Fargo & Company MN now owns 1,253,683 shares of the financial services provider’s stock valued at $223,770,000 after acquiring an additional 124,489 shares during the last quarter. Finally, Riverhead Capital Management LLC lifted its position in MarketAxess by 2.8% in the second quarter. Riverhead Capital Management LLC now owns 13,842 shares of the financial services provider’s stock valued at $2,739,000 after acquiring an additional 372 shares during the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

About MarketAxess

MarketAxess Holdings Inc, together with its subsidiaries, operates an electronic trading platform that enables fixed-income market participants to trade corporate bonds and other types of fixed-income instruments worldwide. It offers institutional investor and broker-dealer the access to global liquidity in U.S.

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