Cinctive Capital Management LP Boosts Holdings in MarketAxess Holdings Inc. $MKTX

Key Points

• Cinctive Capital Management LP increased its stake in MarketAxess Holdings Inc. by 48.9%, now owning 14,519 shares valued at approximately $3.14 million.
• MarketAxess reported a quarterly earnings per share (EPS) of $2.00, surpassing the estimate of $1.94, and achieved a revenue of $219.46 million, reflecting an 11% year-over-year increase.
• The company declared a quarterly dividend of $0.76, which translates to an annualized dividend of $3.04 and a yield of 1.7%, with a payout ratio of 51.18%.

Cinctive Capital Management LP increased its holdings in shares of MarketAxess Holdings Inc. (NASDAQ:MKTX - Free Report) by 48.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 14,519 shares of the financial services provider's stock after purchasing an additional 4,770 shares during the period. Cinctive Capital Management LP's holdings in MarketAxess were worth $3,141,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB grew its stake in shares of MarketAxess by 49.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 164 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 54 shares during the period. UMB Bank n.a. lifted its holdings in MarketAxess by 57.4% during the 1st quarter. UMB Bank n.a. now owns 222 shares of the financial services provider's stock worth $48,000 after buying an additional 81 shares in the last quarter. Harbor Capital Advisors Inc. bought a new stake in shares of MarketAxess in the 1st quarter valued at $56,000. Intact Investment Management Inc. bought a new position in MarketAxess during the 1st quarter worth about $65,000. Finally, Signaturefd LLC increased its holdings in MarketAxess by 173.0% during the 1st quarter. Signaturefd LLC now owns 333 shares of the financial services provider's stock worth $72,000 after purchasing an additional 211 shares in the last quarter. 99.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling at MarketAxess

In related news, Director Stephen P. Casper sold 1,600 shares of the firm's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $186.59, for a total value of $298,544.00. Following the completion of the transaction, the director directly owned 43,208 shares of the company's stock, valued at approximately $8,062,180.72. This trade represents a 3.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.66% of the stock is owned by corporate insiders.

MarketAxess Stock Down 1.5%

Shares of NASDAQ MKTX traded down $2.78 during midday trading on Wednesday, reaching $185.39. 141,264 shares of the company were exchanged, compared to its average volume of 596,272. MarketAxess Holdings Inc. has a one year low of $178.20 and a one year high of $296.68. The stock has a market cap of $6.93 billion, a P/E ratio of 31.21, a PEG ratio of 3.63 and a beta of 0.88. The stock's 50-day moving average price is $199.93 and its 200-day moving average price is $210.56.

MarketAxess (NASDAQ:MKTX - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.06. The company had revenue of $219.46 million for the quarter, compared to analysts' expectations of $218.05 million. MarketAxess had a net margin of 26.62% and a return on equity of 20.41%. MarketAxess's revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.72 earnings per share. On average, equities research analysts anticipate that MarketAxess Holdings Inc. will post 7.79 EPS for the current year.

MarketAxess Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Wednesday, August 20th were given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Wednesday, August 20th. MarketAxess's dividend payout ratio is presently 51.18%.

Wall Street Analyst Weigh In

MKTX has been the subject of several recent analyst reports. Morgan Stanley cut their target price on shares of MarketAxess from $283.00 to $274.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Piper Sandler restated a "neutral" rating and set a $204.00 price objective (up from $202.00) on shares of MarketAxess in a research report on Tuesday, July 15th. Wall Street Zen upgraded shares of MarketAxess from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Jefferies Financial Group cut their price objective on shares of MarketAxess from $217.00 to $208.00 and set a "hold" rating for the company in a research report on Monday, August 11th. Finally, UBS Group cut their price objective on shares of MarketAxess from $295.00 to $255.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $228.09.

MarketAxess 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.