Sierra Summit Advisors LLC Acquires 24,418 Shares of CME Group Inc. $CME

Key Points

• Sierra Summit Advisors LLC increased its CME Group stake by 461% in the first quarter, adding 24,418 shares and bringing its total holdings to 29,715 shares worth about $8.78 million.
• CME Group reported stronger-than-expected quarterly results, with EPS of $3.36 versus the $3.11 estimate and revenue of $1.88 billion versus $1.77 billion expected; revenue rose 14.5% year over year.
• The company continues to pay a solid dividend, declaring a quarterly payout of $1.30 per share, or $5.20 annualized, for a yield of about 2.2%.

Sierra Summit Advisors LLC raised its holdings in CME Group Inc. (NASDAQ:CME - Free Report) by 461.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,715 shares of the financial services provider's stock after buying an additional 24,418 shares during the period. Sierra Summit Advisors LLC's holdings in CME Group were worth $8,776,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Private Advisor Group LLC boosted its stake in CME Group by 1.6% during the 1st quarter. Private Advisor Group LLC now owns 11,447 shares of the financial services provider's stock valued at $3,381,000 after purchasing an additional 182 shares during the last quarter. DeDora Capital Inc. lifted its holdings in shares of CME Group by 7.0% in the first quarter. DeDora Capital Inc. now owns 1,429 shares of the financial services provider's stock valued at $422,000 after purchasing an additional 94 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of CME Group during the first quarter valued at approximately $3,116,000. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in shares of CME Group by 57.8% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 254,747 shares of the financial services provider's stock valued at $75,240,000 after buying an additional 93,270 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC boosted its position in shares of CME Group by 728.1% during the first quarter. Elevation Point Wealth Partners LLC now owns 12,272 shares of the financial services provider's stock valued at $3,625,000 after buying an additional 10,790 shares during the last quarter. 87.75% of the stock is owned by institutional investors.

CME Group Stock Up 2.4%

CME stock opened at $236.60 on Friday. The stock has a market cap of $85.73 billion, a P/E ratio of 20.19, a P/E/G ratio of 2.58 and a beta of 0.25. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. The stock's fifty day simple moving average is $268.16 and its two-hundred day simple moving average is $284.62. CME Group Inc. has a 1-year low of $218.31 and a 1-year high of $329.16.

CME Group (NASDAQ:CME - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The financial services provider reported $3.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.11 by $0.25. The firm had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.77 billion. CME Group had a return on equity of 15.42% and a net margin of 63.19%.The business's revenue was up 14.5% compared to the same quarter last year. During the same period last year, the firm posted $2.80 EPS. Analysts expect that CME Group Inc. will post 12.28 EPS for the current year.

CME Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Tuesday, June 9th were paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Tuesday, June 9th. CME Group's payout ratio is presently 44.37%.

Insider Buying and Selling at CME Group

In other news, insider Hilda Harris Piell sold 5,753 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $304.63, for a total transaction of $1,752,536.39. Following the completion of the transaction, the insider directly owned 27,702 shares of the company's stock, valued at $8,438,860.26. This represents a 17.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Terrence A. Duffy sold 35,000 shares of the firm's stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $298.51, for a total transaction of $10,447,850.00. Following the sale, the chief executive officer owned 55,630 shares of the company's stock, valued at approximately $16,606,111.30. The trade was a 38.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Piper Sandler set a $320.00 price objective on shares of CME Group in a report on Wednesday, June 17th. Morgan Stanley lowered their target price on shares of CME Group from $362.00 to $353.00 and set an "overweight" rating for the company in a report on Thursday, April 23rd. Erste Group Bank lowered shares of CME Group from a "buy" rating to a "hold" rating in a research report on Friday, June 5th. Deutsche Bank Aktiengesellschaft cut their price target on shares of CME Group from $342.00 to $322.00 and set a "buy" rating on the stock in a report on Thursday, April 23rd. Finally, Keefe, Bruyette & Woods raised shares of CME Group from a "market perform" rating to an "outperform" rating and set a $305.00 price objective for the company in a research report on Thursday, June 18th. Twelve analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, CME Group presently has an average rating of "Moderate Buy" and a consensus target price of $300.94.

CME Group Profile

CME Group Inc is a global markets company that operates some of the world's largest and most liquid derivatives exchanges, including the Chicago Mercantile Exchange (CME), the Chicago Board of Trade (CBOT), the New York Mercantile Exchange (NYMEX) and COMEX. The firm offers futures and options contracts across a broad range of asset classes — including interest rates, equity indexes, foreign exchange, energy, agricultural commodities and metals — and serves a diverse client base of institutional investors, commercial hedgers, brokers and retail participants.

The company's core services include electronic trading on the CME Globex platform, central clearing through CME Clearing, and distribution of market data, indexes and analytics.

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