Bank of New York Mellon Corp Purchases Shares of 220,387 Miami International Holdings, Inc. $MIAX

Key Points

• Bank of New York Mellon purchased 220,387 shares of Miami International Holdings during the second quarter, worth approximately $8.19 million and representing a 0.23% stake. Several other major investors also initiated positions in the company.
• Miami International reported quarterly EPS of $0.48, beating estimates of $0.41, while revenue rose 34.8% year over year to $387.63 million. The stock opened at $42.97, with a market capitalization of about $4.26 billion.
• Insiders have sold 615,958 shares worth roughly $26.1 million over the past 90 days, including sales by the CEO and an executive vice president under pre-arranged trading plans. Analysts generally maintain a cautious stance, with the stock carrying an average rating of Hold and a $51.40 consensus price target.

Bank of New York Mellon Corp purchased a new stake in Miami International Holdings, Inc. (NYSE:MIAX - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 220,387 shares of the company's stock, valued at approximately $8,190,000. Bank of New York Mellon Corp owned 0.23% of Miami International as of its most recent SEC filing.

Several other large investors have also modified their holdings of the company. Vanguard Group Inc. bought a new stake in Miami International during the third quarter valued at about $55,660,000. First Trust Advisors LP acquired a new position in shares of Miami International during the 3rd quarter worth about $843,000. Legal & General Group Plc bought a new stake in Miami International during the 3rd quarter valued at approximately $302,000. Franklin Resources Inc. bought a new stake in Miami International during the 3rd quarter valued at approximately $17,403,000. Finally, Sei Investments Co. acquired a new stake in Miami International in the 3rd quarter valued at approximately $4,074,000.

Insider Buying and Selling at Miami International

In related news, CEO Thomas P. Gallagher sold 149,700 shares of the company's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $41.13, for a total value of $6,157,161.00. Following the sale, the chief executive officer owned 1,423,275 shares of the company's stock, valued at $58,539,300.75. The trade was a 9.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Harish Jayabalan sold 20,000 shares of the stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $42.12, for a total transaction of $842,400.00. Following the completion of the transaction, the executive vice president directly owned 78,065 shares of the company's stock, valued at $3,288,097.80. This trade represents a 20.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 615,958 shares of company stock worth $26,146,369. Corporate insiders own 15.60% of the company's stock.

Miami International Stock Up 5.8%

Shares of MIAX opened at $42.97 on Friday. The stock's 50-day moving average price is $42.72 and its 200 day moving average price is $43.05. The firm has a market capitalization of $4.26 billion and a price-to-earnings ratio of 55.81. Miami International Holdings, Inc. has a 12-month low of $34.02 and a 12-month high of $57.14.

Miami International (NYSE:MIAX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.48 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.07. The company had revenue of $387.63 million during the quarter. Miami International had a return on equity of 16.95% and a net margin of 9.70%.Miami International's revenue was up 34.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.48 EPS. Equities research analysts expect that Miami International Holdings, Inc. will post 1.7 EPS for the current year.

Analyst Upgrades and Downgrades

MIAX has been the topic of several recent analyst reports. Morgan Stanley downgraded Miami International from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $53.00 to $50.00 in a research report on Tuesday. JPMorgan Chase & Co. raised their price objective on shares of Miami International from $41.00 to $45.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. Wall Street Zen downgraded shares of Miami International from a "buy" rating to a "hold" rating in a research note on Sunday, August 23rd. Zacks Research lowered shares of Miami International from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 23rd. Finally, Keefe, Bruyette & Woods upped their target price on shares of Miami International from $46.00 to $48.00 and gave the company a "market perform" rating in a research note on Friday, August 7th. Three research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Miami International presently has an average rating of "Hold" and an average target price of $51.40.

About Miami International

Miami International NYSE: MIAX is a U.S. exchange holding company that operates electronic trading venues and provides market infrastructure for listed options and related products. Its primary business activities include operating regulated exchanges, delivering market data feeds, and offering trading technology and connectivity services designed for professional traders, broker-dealers, and market makers. The company focuses on low-latency execution, order matching, and the operational controls required to support high-volume, automated trading strategies in listed derivatives.

Products and services provided by Miami International include fully electronic order matching engines, transmittable market data and feed products, colocation and connectivity solutions, and tools for risk management and regulatory compliance.

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