Paralel Advisors LLC Purchases New Stake in MarketAxess Holdings Inc. $MKTX

Key Points

• Paralel Advisors LLC acquired 14,039 MarketAxess shares worth approximately $1.59 million in the second quarter. Institutional investors collectively own 99.01% of the company.
• Analyst sentiment is cautious: MarketAxess has an average “Hold” rating and a $156.10 price target, with recent downgrades from UBS, William Blair and Wall Street Zen.
• MarketAxess exceeded quarterly earnings expectations, reporting $1.95 EPS and $218.41 million in revenue, while revenue declined 0.5% year over year. The company also pays a quarterly dividend of $0.78 per share, equivalent to a 1.9% annual yield.

Paralel Advisors LLC acquired a new position in shares of MarketAxess Holdings Inc. (NASDAQ:MKTX - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 14,039 shares of the financial services provider's stock, valued at approximately $1,593,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Readystate Asset Management LP grew its position in shares of MarketAxess by 35.5% during the 2nd quarter. Readystate Asset Management LP now owns 33,794 shares of the financial services provider's stock valued at $3,835,000 after acquiring an additional 8,859 shares during the period. denkapparat Operations GmbH grew its stake in shares of MarketAxess by 310.3% during the 2nd quarter. denkapparat Operations GmbH now owns 10,562 shares of the financial services provider's stock worth $1,199,000 after acquiring an additional 7,988 shares during the period. Nykredit A S purchased a new stake in MarketAxess in the 2nd quarter worth about $199,000. Headlands Technologies LLC purchased a new stake in MarketAxess during the second quarter valued at about $1,203,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of MarketAxess by 40.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,153 shares of the financial services provider's stock valued at $131,000 after purchasing an additional 334 shares during the period. 99.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MKTX has been the topic of a number of recent research reports. Wall Street Zen cut shares of MarketAxess from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. UBS Group lowered shares of MarketAxess from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $200.00 to $167.00 in a research note on Friday, July 31st. William Blair cut shares of MarketAxess from an "outperform" rating to a "market perform" rating in a report on Thursday, July 30th. Weiss Ratings restated a "sell (d+)" rating on shares of MarketAxess in a research report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $167.00 price target (up from $150.00) on shares of MarketAxess in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, MarketAxess presently has an average rating of "Hold" and an average price target of $156.10.

MarketAxess Price Performance

Shares of NASDAQ:MKTX opened at $163.38 on Monday. The company has a 50 day moving average of $141.03 and a 200 day moving average of $150.14. The stock has a market cap of $5.75 billion, a P/E ratio of 19.27, a P/E/G ratio of 2.08 and a beta of 0.83. MarketAxess Holdings Inc. has a 12 month low of $108.75 and a 12 month high of $195.96. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 0.09.

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

MarketAxess Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were paid a dividend of $0.78 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $3.12 annualized dividend and a yield of 1.9%. MarketAxess's dividend payout ratio (DPR) is currently 36.79%.

MarketAxess Company Profile

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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