MarketAxess (NASDAQ:MKTX) Sets New 1-Year Low - Here's Why

Key Points

• MarketAxess shares hit a new 52-week low at $179.10, closing at $180.20 with a trading volume of 608,313 shares.
• Multiple analysts have issued mixed ratings on the stock, with an average target price of $228.09, while most analysts rate it as a "Hold."
• The company announced a quarterly dividend of $0.76 per share, representing an annualized yield of 1.7%, with a payout ratio of 51.18%.

MarketAxess Holdings Inc. (NASDAQ:MKTX - Get Free Report)'s stock price hit a new 52-week low during trading on Wednesday . The company traded as low as $179.10 and last traded at $180.20, with a volume of 608313 shares traded. The stock had previously closed at $183.84.

Analyst Upgrades and Downgrades

MKTX has been the topic of a number of research reports. Wall Street Zen raised shares of MarketAxess from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Piper Sandler reaffirmed a "neutral" rating and set a $204.00 target price (up from $202.00) on shares of MarketAxess in a research report on Tuesday, July 15th. Morgan Stanley reduced their target price on shares of MarketAxess from $283.00 to $274.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Barclays cut their price objective on shares of MarketAxess from $237.00 to $200.00 and set an "equal weight" rating on the stock in a report on Thursday, August 7th. Finally, Argus raised shares of MarketAxess from a "hold" rating to a "buy" rating and set a $212.00 price objective on the stock in a report on Monday, August 25th. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, MarketAxess presently has a consensus rating of "Hold" and a consensus price target of $228.09.

MarketAxess Price Performance

The stock has a market capitalization of $7.01 billion, a PE ratio of 31.57, a price-to-earnings-growth ratio of 3.63 and a beta of 0.88. The business's fifty day moving average price is $201.35 and its two-hundred day moving average price is $210.62.

MarketAxess (NASDAQ:MKTX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $2.00 EPS for the quarter, topping analysts' consensus estimates of $1.94 by $0.06. MarketAxess had a return on equity of 20.41% and a net margin of 26.62%.The company had revenue of $219.46 million during the quarter, compared to analysts' expectations of $218.05 million. During the same quarter in the previous year, the firm posted $1.72 EPS. The firm's revenue was up 11.0% compared to the same quarter last year. As a group, equities research analysts anticipate that MarketAxess Holdings Inc. will post 7.79 earnings per share for the current fiscal year.

MarketAxess Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Wednesday, August 20th were given a dividend of $0.76 per share. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $3.04 dividend on an annualized basis and a yield of 1.6%. MarketAxess's payout ratio is currently 51.18%.

Institutional Trading of MarketAxess

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. MUFG Securities EMEA plc acquired a new position in MarketAxess during the second quarter valued at $25,000. Geneos Wealth Management Inc. lifted its position in MarketAxess by 200.0% during the first quarter. Geneos Wealth Management Inc. now owns 120 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 80 shares during the period. True Wealth Design LLC lifted its position in MarketAxess by 992.9% during the second quarter. True Wealth Design LLC now owns 153 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 139 shares during the period. MassMutual Private Wealth & Trust FSB lifted its position in MarketAxess by 49.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 164 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 54 shares during the period. Finally, Harbor Investment Advisory LLC acquired a new position in MarketAxess during the second quarter valued at $37,000. Institutional investors and hedge funds own 99.01% of the company's stock.

MarketAxess Company Profile

MarketAxess Holdings Inc, together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. The company offers trading technology that provides liquidity access in U.S. high-grade bonds, U.S. high-yield bonds, emerging market debt, eurobonds, municipal bonds, U.S.