Marex Group plc Ordinary Shares (NASDAQ:MRX) Hits New 12-Month High After Better-Than-Expected Earnings

Marex Group plc Ordinary Shares (NASDAQ:MRX)’s share price hit a new 52-week high on Thursday following a better than expected earnings announcement. The company traded as high as $71.62 and last traded at $71.13, with a volume of 1343653 shares traded. The stock had previously closed at $59.93.

The company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.28. The company had revenue of $695.80 million during the quarter. Marex Group plc Ordinary Shares had a return on equity of 27.94% and a net margin of 17.43%.Marex Group plc Ordinary Shares’s revenue for the quarter was up 39.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.98 earnings per share.

Marex Group plc Ordinary Shares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Monday, August 24th will be paid a $0.16 dividend. The ex-dividend date is Monday, August 24th. This represents a $0.64 annualized dividend and a yield of 0.9%. Marex Group plc Ordinary Shares’s dividend payout ratio (DPR) is currently 14.55%.

Analyst Ratings Changes

Several brokerages have recently weighed in on MRX. Weiss Ratings upgraded Marex Group plc Ordinary Shares from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, May 27th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $80.00 price objective on shares of Marex Group plc Ordinary Shares in a research note on Friday. Zacks Research raised shares of Marex Group plc Ordinary Shares from a “hold” rating to a “strong-buy” rating in a report on Wednesday, June 10th. UBS Group increased their target price on shares of Marex Group plc Ordinary Shares from $82.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, TD Cowen raised their price target on shares of Marex Group plc Ordinary Shares from $67.00 to $75.00 and gave the company a “buy” rating in a report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $82.00.

Insider Transactions at Marex Group plc Ordinary Shares

In other Marex Group plc Ordinary Shares news, insider Thomas Texier sold 1,572 shares of Marex Group plc Ordinary Shares stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $53.35, for a total transaction of $83,866.20. Following the completion of the sale, the insider owned 207,019 shares of the company’s stock, valued at $11,044,463.65. The trade was a 0.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.79% of the stock is currently owned by company insiders.

Institutional Trading of Marex Group plc Ordinary Shares

A number of hedge funds have recently bought and sold shares of MRX. Vestor Capital LLC bought a new stake in Marex Group plc Ordinary Shares in the 1st quarter worth $45,000. Fifth Third Bancorp raised its stake in shares of Marex Group plc Ordinary Shares by 89.5% during the first quarter. Fifth Third Bancorp now owns 1,209 shares of the company’s stock valued at $54,000 after acquiring an additional 571 shares during the last quarter. Great Lakes Advisors LLC bought a new position in shares of Marex Group plc Ordinary Shares during the second quarter valued at about $191,000. Abel Hall LLC purchased a new stake in shares of Marex Group plc Ordinary Shares during the first quarter worth about $214,000. Finally, Pale Fire Capital SE purchased a new stake in shares of Marex Group plc Ordinary Shares during the first quarter worth about $239,000.

Marex Group plc Ordinary Shares Price Performance

The firm has a market capitalization of $5.18 billion, a P/E ratio of 12.76 and a beta of -0.10. The company has a quick ratio of 1.07, a current ratio of 1.09 and a debt-to-equity ratio of 1.53. The firm has a 50 day moving average price of $64.16.

About Marex Group plc Ordinary Shares

Marex Group PLC is a financial services platform, providing liquidity, market access, and infrastructure services to clients in the energy, commodities, and financial markets. The Group’s operating segments are: Clearing, Agency and Execution, Market Making, Hedging and Investment Solutions, and Corporate. Maximum revenue is generated from the Agency and Execution segment, which offers liquidity and execution services to clients mainly in the energy and financial securities markets by connecting buyers and sellers in the energy markets, offering liquidity and risk management solutions for financial markets, and providing clearing, custody, capital introduction, portfolio financing, and outsourced trading services.