Markit Ltd. (INFO) Sees Large Volume Increase After Strong Earnings

Markit Ltd. (NASDAQ:INFO) saw unusually-strong trading volume on Wednesday following a better than expected earnings announcement. Approximately 1,598,834 shares traded hands during trading, a decline of 10% from the previous session’s volume of 1,780,438 shares.The stock last traded at $36.14 and had previously closed at $35.64.

The company reported $0.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.01. Markit had a net margin of 9.00% and a return on equity of 8.65%. The firm had revenue of $724.60 million for the quarter, compared to analysts’ expectations of $557.90 million. During the same quarter last year, the firm earned $0.36 EPS. The company’s quarterly revenue was up 29.9% compared to the same quarter last year.

A number of equities research analysts recently commented on the stock. TheStreet raised shares of Markit from a “hold” rating to a “buy” rating in a report on Monday, June 20th. Deutsche Bank AG raised shares of Markit to a “buy” rating in a report on Sunday, July 17th. BMO Capital Markets reaffirmed a “buy” rating and issued a $41.00 price target on shares of Markit in a report on Monday, July 18th. Bank of America Corp. assumed coverage on shares of Markit in a report on Friday, July 15th. They issued a “buy” rating and a $40.00 price target on the stock. Finally, Barclays PLC lifted their price target on shares of Markit from $35.00 to $38.00 and gave the stock an “equal weight” rating in a report on Monday, July 25th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $39.08.

In related news, Director William E. Ford sold 3,000,000 shares of the company’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $35.05, for a total value of $105,150,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Shane Akeroyd sold 50,000 shares of the company’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $35.28, for a total transaction of $1,764,000.00. Following the completion of the transaction, the executive vice president now owns 90,706 shares of the company’s stock, valued at $3,200,107.68. The disclosure for this sale can be found here.

The stock has a 50-day moving average of $36.58 and a 200 day moving average of $34.59. The company has a market capitalization of $6.46 billion, a P/E ratio of 57.56 and a beta of 0.94.

Markit Company Profile

Markit Ltd. is a global diversified provider of financial information services. The Company provides pricing and reference data, indices, valuation and trading services, trade processing, enterprise software and managed services. The Company’s business is organized in three segments: Information, Processing and Solutions.

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