Tocqueville Asset Management L.P. Invests $12.57 Million in Miami International Holdings, Inc. $MIAX

Key Points

• Tocqueville Asset Management acquired 338,225 shares of Miami International Holdings worth approximately $12.57 million, while several other institutional investors also initiated positions.
• Miami International reported quarterly EPS of $0.48, beating estimates by $0.07, with revenue rising 34.8% year over year to $387.63 million.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $52 versus the stock’s recent opening price of $40.55; insiders have sold $27.7 million in shares over the past 90 days.

Tocqueville Asset Management L.P. purchased a new position in shares of Miami International Holdings, Inc. (NYSE:MIAX - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 338,225 shares of the company's stock, valued at approximately $12,568,000. Tocqueville Asset Management L.P. owned 0.36% of Miami International at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. acquired a new position in Miami International in the 3rd quarter valued at $55,660,000. First Trust Advisors LP acquired a new stake in shares of Miami International in the 3rd quarter worth $843,000. Legal & General Group Plc purchased a new stake in shares of Miami International in the third quarter valued at about $302,000. Franklin Resources Inc. acquired a new position in shares of Miami International during the third quarter worth about $17,403,000. Finally, Sei Investments Co. acquired a new position in shares of Miami International during the third quarter worth about $4,074,000.

Miami International Price Performance

MIAX opened at $40.55 on Thursday. The stock has a market cap of $4.02 billion and a P/E ratio of 52.66. The stock's 50 day simple moving average is $41.84 and its 200 day simple moving average is $42.95. Miami International Holdings, Inc. has a 1-year low of $31.60 and a 1-year high of $57.14.

Miami International (NYSE:MIAX - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.07. The firm had revenue of $387.63 million during the quarter. Miami International had a return on equity of 16.95% and a net margin of 9.70%.The business's revenue for the quarter was up 34.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.48 earnings per share. Research analysts expect that Miami International Holdings, Inc. will post 1.69 EPS for the current fiscal year.

Insider Activity

In other news, CEO Thomas P. Gallagher sold 70,000 shares of Miami International stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $42.36, for a total transaction of $2,965,200.00. Following the completion of the transaction, the chief executive officer owned 1,723,275 shares of the company's stock, valued at $72,997,929. The trade was a 3.90% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Barbara J. Comly sold 44,445 shares of the business's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $45.69, for a total transaction of $2,030,692.05. Following the completion of the sale, the executive vice president owned 882,984 shares in the company, valued at $40,343,538.96. This represents a 4.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 647,508 shares of company stock worth $27,701,038 over the last 90 days. 15.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MIAX. Morgan Stanley raised their price objective on shares of Miami International from $50.00 to $53.00 and gave the company an "overweight" rating in a research report on Friday, July 10th. Zacks Research cut Miami International from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. increased their target price on Miami International from $41.00 to $45.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. Keefe, Bruyette & Woods raised their price target on Miami International from $46.00 to $48.00 and gave the company a "market perform" rating in a report on Friday, August 7th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Miami International in a research note on Friday, August 7th. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Miami International has a consensus rating of "Hold" and an average target price of $52.00.

Miami International Company Profile

Miami International NYSE: MIAX is a U.S. exchange holding company that operates electronic trading venues and provides market infrastructure for listed options and related products. Its primary business activities include operating regulated exchanges, delivering market data feeds, and offering trading technology and connectivity services designed for professional traders, broker-dealers, and market makers. The company focuses on low-latency execution, order matching, and the operational controls required to support high-volume, automated trading strategies in listed derivatives.

Products and services provided by Miami International include fully electronic order matching engines, transmittable market data and feed products, colocation and connectivity solutions, and tools for risk management and regulatory compliance.

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