CBOE Holdings Inc. (NASDAQ:CBOE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday.

According to Zacks, “CBOE Holdings is engaged in the expansion of its proprietary product offering, while extending its global customer reach. The company’s diversified product portfolio and core competencies fuel growth prospects. Absence of long-term debt limits, and balance sheet risks have been facilitating the company’s effective capital deployment along with its strong capital position. With respect to expanding its operations, the company has opened its first international business development office in London. However, the company’s exposure to industry volatility and sluggish credit quality amid intense competition and challenging regulations remain concerns. Recently CBOE announced its August results where average daily volume declined 31% to 4.1 million despite trading days being two days more from year ago period. The Zacks Consensus Estimate has also been witnessing downward revisions over the last 60 days as most estimates moved south.”

CBOE has been the subject of a number of other reports. Deutsche Bank AG reiterated a “hold” rating on shares of CBOE Holdings in a report on Sunday, July 10th. Barclays PLC upped their price target on CBOE Holdings from $53.00 to $54.00 and gave the stock an “underweight” rating in a report on Tuesday, August 9th. Sterne Agee CRT assumed coverage on CBOE Holdings in a report on Thursday, May 19th. They set an “underperform” rating and a $56.00 price target for the company. JPMorgan Chase & Co. reiterated a “hold” rating and set a $61.00 price target on shares of CBOE Holdings in a report on Wednesday, August 3rd. Finally, Bank of America Corp. lowered CBOE Holdings from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $68.29 to $65.00 in a report on Thursday, August 11th. They noted that the move was a valuation call. Five research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $64.73.

Shares of CBOE Holdings (NASDAQ:CBOE) opened at 69.40 on Friday. CBOE Holdings has a 52-week low of $58.43 and a 52-week high of $72.53. The firm has a market cap of $5.64 billion, a P/E ratio of 26.25 and a beta of 0.54. The stock’s 50 day moving average is $68.45 and its 200-day moving average is $65.90.

CBOE Holdings (NASDAQ:CBOE) last posted its earnings results on Friday, July 29th. The company reported $0.60 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.60. CBOE Holdings had a return on equity of 81.50% and a net margin of 32.55%. The firm earned $163.30 million during the quarter, compared to analyst estimates of $159.22 million. During the same period in the previous year, the company earned $0.54 EPS. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. Equities analysts anticipate that CBOE Holdings will post $2.40 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Friday, September 2nd were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend was Wednesday, August 31st. CBOE Holdings’s payout ratio is presently 37.88%.

In other news, CEO Edward T. Tilly sold 6,250 shares of the stock in a transaction on Monday, September 12th. The stock was sold at an average price of $67.86, for a total transaction of $424,125.00. Following the sale, the chief executive officer now owns 73,611 shares in the company, valued at $4,995,242.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.96% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Steinberg Global Asset Management acquired a new stake in shares of CBOE Holdings during the second quarter valued at approximately $203,000. Tower Research Capital LLC TRC boosted its stake in shares of CBOE Holdings by 53.4% in the second quarter. Tower Research Capital LLC TRC now owns 3,204 shares of the company’s stock valued at $213,000 after buying an additional 1,115 shares during the last quarter. Raymond James & Associates boosted its stake in shares of CBOE Holdings by 2.2% in the second quarter. Raymond James & Associates now owns 3,609 shares of the company’s stock valued at $240,000 after buying an additional 76 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of CBOE Holdings during the second quarter valued at approximately $246,000. Finally, DRW Securities LLC boosted its stake in shares of CBOE Holdings by 2.3% in the second quarter. DRW Securities LLC now owns 4,431 shares of the company’s stock valued at $295,000 after buying an additional 100 shares during the last quarter. Institutional investors own 74.18% of the company’s stock.

About CBOE Holdings

CBOE Holdings, Inc is a holding company. The Company’s principal business is operating markets that offer for trading options on various market indexes (index options), on an exclusive basis and futures contracts, as well as on non-exclusive multiply listed options, such as options on the stocks of individual corporations (equity options), and options on other exchange-traded products (ETP options), such as exchange-traded funds (ETF options) and exchange-traded notes (ETN options).

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