Bank of New York Mellon Corp Makes New $29.24 Million Investment in MarketAxess Holdings Inc. $MKTX

Key Points

• Bank of New York Mellon purchased 257,642 MarketAxess shares worth approximately $29.24 million, representing about 0.72% of the company. Institutional investors collectively own 99.01% of MKTX.
• MarketAxess exceeded quarterly expectations, reporting $1.95 in EPS versus the $1.85 consensus and $218.41 million in revenue, although revenue declined 0.5% year over year.
• The company declared a quarterly dividend of $0.78, or $3.12 annualized, yielding about 1.9%. Analysts maintain a consensus “Hold” rating with an average price target of $156.10.

Bank of New York Mellon Corp purchased a new stake in MarketAxess Holdings Inc. (NASDAQ:MKTX - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund purchased 257,642 shares of the financial services provider's stock, valued at approximately $29,240,000. Bank of New York Mellon Corp owned about 0.72% of MarketAxess as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in MKTX. Jones Financial Companies Lllp boosted its stake in MarketAxess by 151.0% in the 1st quarter. Jones Financial Companies Lllp now owns 2,683 shares of the financial services provider's stock worth $580,000 after buying an additional 1,614 shares during the last quarter. Empowered Funds LLC increased its stake in shares of MarketAxess by 8.4% during the 1st quarter. Empowered Funds LLC now owns 1,716 shares of the financial services provider's stock valued at $371,000 after acquiring an additional 133 shares during the last quarter. Woodline Partners LP increased its stake in shares of MarketAxess by 40.7% during the 1st quarter. Woodline Partners LP now owns 3,185 shares of the financial services provider's stock valued at $689,000 after acquiring an additional 921 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of MarketAxess by 200.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 120 shares of the financial services provider's stock worth $26,000 after acquiring an additional 80 shares during the period. Finally, Sivia Capital Partners LLC acquired a new stake in shares of MarketAxess in the second quarter worth approximately $406,000. Hedge funds and other institutional investors own 99.01% of the company's stock.

MarketAxess Stock Up 0.2%

NASDAQ MKTX opened at $162.72 on Friday. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.09. MarketAxess Holdings Inc. has a fifty-two week low of $108.75 and a fifty-two week high of $195.96. The business has a 50 day moving average price of $136.14 and a two-hundred day moving average price of $150.83. The stock has a market cap of $5.73 billion, a PE ratio of 19.19, a P/E/G ratio of 2.07 and a beta of 0.83.

MarketAxess (NASDAQ:MKTX - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.85 by $0.10. The company had revenue of $218.41 million for the quarter, compared to analyst estimates of $216.70 million. MarketAxess had a net margin of 35.22% and a return on equity of 22.48%. The business's quarterly revenue was down .5% on a year-over-year basis. During the same quarter last year, the firm posted $2.00 earnings per share. As a group, sell-side analysts predict that MarketAxess Holdings Inc. will post 8.06 EPS for the current fiscal year.

MarketAxess Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th will be issued a $0.78 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $3.12 dividend on an annualized basis and a yield of 1.9%. MarketAxess's payout ratio is currently 36.79%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Wall Street Zen lowered shares of MarketAxess from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. William Blair cut shares of MarketAxess from an "outperform" rating to a "market perform" rating in a research note on Thursday, July 30th. The Goldman Sachs Group lowered their price objective on shares of MarketAxess from $168.00 to $130.00 and set a "neutral" rating for the company in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $167.00 price objective (up from $150.00) on shares of MarketAxess in a report on Tuesday, August 11th. Finally, Rothschild & Co Redburn reaffirmed a "neutral" rating and issued a $134.00 target price (down from $189.00) on shares of MarketAxess in a research report on Thursday, June 11th. One research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $156.10.

About MarketAxess

MarketAxess Holdings Inc operates a leading global electronic trading platform specializing in fixed-income securities and related products. The company's network enables institutional investors and broker-dealers to trade corporate bonds, municipal securities, emerging markets debt, U.S. Treasuries and credit default swaps in an automated, multi-dealer environment. MarketAxess also offers portfolio trading, data analytics, best-execution tools and post-trade services to streamline workflows and enhance price discovery across its marketplace.

In addition to core voice-like trading protocols, MarketAxess provides Open Trading®, an anonymous, all-to-all trading protocol designed to improve liquidity and transaction efficiency.

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