Pinnacle Wealth Management LLC Acquires New Shares in StoneX Group Inc. $SNEX

Key Points

• Pinnacle Wealth Management LLC acquired a new stake in StoneX Group Inc., purchasing 9,931 shares valued at approximately $759,000, making it the fund's 21st largest position.
• Zacks Research upgraded StoneX Group to a "strong-buy" rating, indicating positive growth forecasts for the company's stock.
• Insider trading activity included significant sales by Director John Moore Fowler and insider Abigail H. Perkins, with a total of 45,305 shares sold by insiders in the past 90 days.

Pinnacle Wealth Management LLC acquired a new stake in shares of StoneX Group Inc. (NASDAQ:SNEX - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 9,931 shares of the company's stock, valued at approximately $759,000. StoneX Group makes up 0.9% of Pinnacle Wealth Management LLC's investment portfolio, making the stock its 21st biggest position.

A number of other hedge funds have also recently bought and sold shares of SNEX. Wells Fargo & Company MN grew its holdings in StoneX Group by 33.7% during the fourth quarter. Wells Fargo & Company MN now owns 22,004 shares of the company's stock worth $2,156,000 after acquiring an additional 5,550 shares during the period. Bank of Montreal Can grew its holdings in StoneX Group by 10.0% during the fourth quarter. Bank of Montreal Can now owns 4,595 shares of the company's stock worth $450,000 after acquiring an additional 416 shares during the period. Summit Investment Advisors Inc. grew its holdings in StoneX Group by 4.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,895 shares of the company's stock worth $284,000 after acquiring an additional 119 shares during the period. Barclays PLC grew its holdings in StoneX Group by 5.0% during the fourth quarter. Barclays PLC now owns 49,094 shares of the company's stock worth $4,810,000 after acquiring an additional 2,339 shares during the period. Finally, Jump Financial LLC acquired a new position in StoneX Group during the fourth quarter worth about $689,000. 75.93% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other StoneX Group news, Director John Moore Fowler sold 1,125 shares of StoneX Group stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $96.00, for a total value of $108,000.00. Following the transaction, the director directly owned 115,749 shares of the company's stock, valued at $11,111,904. The trade was a 0.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman John Radziwill purchased 1,400 shares of the company's stock in a transaction on Thursday, June 12th. The stock was acquired at an average cost of $85.00 per share, for a total transaction of $119,000.00. Following the completion of the transaction, the chairman owned 100,240 shares in the company, valued at approximately $8,520,400. This trade represents a 1.42% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 45,305 shares of company stock valued at $3,859,233 in the last quarter. Company insiders own 11.70% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised StoneX Group to a "strong-buy" rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Strong Buy".

StoneX Group Trading Up 3.0%

SNEX traded up $2.88 during trading on Friday, reaching $98.84. The company had a trading volume of 451,123 shares, compared to its average volume of 672,870. The firm's 50-day simple moving average is $92.38 and its 200 day simple moving average is $85.22. The company has a market cap of $5.16 billion, a price-to-earnings ratio of 16.84 and a beta of 0.57. StoneX Group Inc. has a 12-month low of $50.31 and a 12-month high of $100.40. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.48 and a current ratio of 2.08.

StoneX Group (NASDAQ:SNEX - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.39 by ($0.17). The business had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $923.10 million. StoneX Group had a net margin of 0.23% and a return on equity of 16.20%. Equities research analysts anticipate that StoneX Group Inc. will post 8.7 earnings per share for the current year.

StoneX Group Profile

StoneX Group Inc operates as a global financial services network that connects companies, organizations, traders, and investors to market ecosystem worldwide. The company operates through Commercial, Institutional, Retail, and Global Payments segments. The Commercial segment provides risk management and hedging, exchange-traded and OTC products execution and clearing, voice brokerage, market intelligence, physical trading, and commodity financing and logistics services.