Principal Financial Group Inc. Trims Stake in Marex Group plc Ordinary Shares $MRX

Key Points

• Principal Financial Group cut its Marex stake by 42.4% in the first quarter, selling 101,924 shares and retaining 138,508 shares valued at approximately $6.2 million.
• Institutional sentiment was mixed, with Swedbank, SG Americas Securities, and Wasatch Advisors significantly increasing their positions. Analysts remained broadly bullish, with a consensus “Buy” rating and average price target of $75.14.
• Marex shares opened at $64.60, below their 12-month high of $71.18. The company reported quarterly EPS of $1.48 on $692.3 million in revenue and pays a quarterly dividend of $0.16 per share, yielding about 1.0% annually.

Principal Financial Group Inc. lessened its holdings in Marex Group plc Ordinary Shares (NASDAQ:MRX - Free Report) by 42.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 138,508 shares of the company's stock after selling 101,924 shares during the period. Principal Financial Group Inc. owned approximately 0.19% of Marex Group plc Ordinary Shares worth $6,175,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of MRX. Swedbank AB raised its holdings in Marex Group plc Ordinary Shares by 66.1% in the 1st quarter. Swedbank AB now owns 354,413 shares of the company's stock valued at $15,800,000 after buying an additional 141,000 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Marex Group plc Ordinary Shares during the first quarter worth about $4,299,000. SG Americas Securities LLC boosted its stake in Marex Group plc Ordinary Shares by 1,217.4% during the first quarter. SG Americas Securities LLC now owns 184,519 shares of the company's stock worth $8,226,000 after buying an additional 170,513 shares during the period. Janney Montgomery Scott LLC acquired a new stake in shares of Marex Group plc Ordinary Shares during the first quarter valued at about $445,000. Finally, Wasatch Advisors LP increased its position in shares of Marex Group plc Ordinary Shares by 452.1% during the first quarter. Wasatch Advisors LP now owns 171,109 shares of the company's stock valued at $7,628,000 after acquiring an additional 140,117 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MRX shares. UBS Group upped their price objective on shares of Marex Group plc Ordinary Shares from $56.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, April 2nd. Jefferies Financial Group boosted their target price on Marex Group plc Ordinary Shares from $57.00 to $80.00 and gave the company a "buy" rating in a research report on Monday, July 20th. Zacks Research upgraded Marex Group plc Ordinary Shares from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, June 10th. Weiss Ratings upgraded Marex Group plc Ordinary Shares from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, May 27th. Finally, Piper Sandler lifted their price objective on Marex Group plc Ordinary Shares from $55.00 to $75.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $75.14.

Insider Activity

In other news, insider Thomas Texier sold 1,572 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $53.35, for a total value of $83,866.20. Following the transaction, the insider owned 207,019 shares in the company, valued at approximately $11,044,463.65. This represents a 0.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Marex Group plc Ordinary Shares Trading Down 1.5%

Marex Group plc Ordinary Shares stock opened at $64.60 on Tuesday. The stock has a market cap of $4.71 billion, a PE ratio of 14.68 and a beta of -0.10. The stock's fifty day moving average price is $61.00. Marex Group plc Ordinary Shares has a 12-month low of $27.91 and a 12-month high of $71.18. The company has a current ratio of 1.08, a quick ratio of 1.07 and a debt-to-equity ratio of 1.76.

Marex Group plc Ordinary Shares (NASDAQ:MRX - Get Free Report) last posted its earnings results on Tuesday, March 31st. The company reported $1.48 EPS for the quarter. Marex Group plc Ordinary Shares had a return on equity of 28.43% and a net margin of 15.45%.The firm had revenue of $692.30 million for the quarter. As a group, sell-side analysts forecast that Marex Group plc Ordinary Shares will post 5.56 earnings per share for the current fiscal year.

Marex Group plc Ordinary Shares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Monday, May 18th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, May 18th. Marex Group plc Ordinary Shares's dividend payout ratio is currently 14.55%.

Marex Group plc Ordinary Shares Company Profile

Marex Group PLC is a financial services platform, providing liquidity, market access, and infrastructure services to clients in the energy, commodities, and financial markets. The Group's operating segments are: Clearing, Agency and Execution, Market Making, Hedging and Investment Solutions, and Corporate. Maximum revenue is generated from the Agency and Execution segment, which offers liquidity and execution services to clients mainly in the energy and financial securities markets by connecting buyers and sellers in the energy markets, offering liquidity and risk management solutions for financial markets, and providing clearing, custody, capital introduction, portfolio financing, and outsourced trading services.

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