Miami International (NYSE:MIAX) Downgraded by Morgan Stanley to “Equal Weight”

Miami International (NYSE:MIAX) was downgraded by Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. They presently have a $50.00 price target on the stock. Morgan Stanley’s price objective points to a potential upside of 16.80% from the stock’s current price.

Several other brokerages have also commented on MIAX. Keefe, Bruyette & Woods upped their target price on Miami International from $46.00 to $48.00 and gave the company a “market perform” rating in a research report on Friday, August 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Miami International in a research note on Friday, August 7th. JPMorgan Chase & Co. raised their price objective on shares of Miami International from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Zacks Research lowered shares of Miami International from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Finally, Wall Street Zen downgraded shares of Miami International from a “buy” rating to a “hold” rating in a research report on Sunday, August 23rd. Three analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $51.40.

Miami International Trading Down 0.4%

NYSE:MIAX opened at $42.81 on Tuesday. The stock’s 50-day moving average is $42.38 and its 200-day moving average is $43.04. Miami International has a 1-year low of $34.02 and a 1-year high of $57.14. The stock has a market cap of $4.25 billion and a P/E ratio of 55.60.

Miami International (NYSE:MIAX) last announced its earnings results 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. Miami International had a return on equity of 16.95% and a net margin of 9.70%.The business had revenue of $387.63 million during the quarter. During the same period in the prior year, the business earned $0.48 earnings per share. The firm’s revenue for the quarter was up 34.8% on a year-over-year basis. As a group, equities analysts forecast that Miami International will post 1.69 EPS for the current year.

Insider Activity

In related news, EVP Barbara J. Comly sold 44,445 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $45.69, for a total transaction of $2,030,692.05. Following the completion of the transaction, the executive vice president owned 882,984 shares in the company, valued at approximately $40,343,538.96. This represents a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Thomas P. Gallagher sold 149,700 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $41.13, for a total transaction of $6,157,161.00. Following the sale, the chief executive officer owned 1,423,275 shares of the company’s stock, valued at approximately $58,539,300.75. The trade was a 9.52% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 615,958 shares of company stock valued at $26,146,369 in the last three months. 15.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Miami International

A number of hedge funds and other institutional investors have recently bought and sold shares of MIAX. State of Wyoming bought a new position in Miami International in the 4th quarter worth about $26,000. National Bank of Canada FI bought a new stake in shares of Miami International during the third quarter valued at about $29,000. Comerica Bank increased its position in shares of Miami International by 295.6% during the fourth quarter. Comerica Bank now owns 1,254 shares of the company’s stock valued at $56,000 after buying an additional 937 shares during the period. Fifth Third Bancorp purchased a new stake in shares of Miami International in the first quarter worth about $61,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Miami International in the fourth quarter valued at approximately $66,000.

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.