Longboard Asset Management LP Invests $229,000 in CME Group Inc. (NASDAQ:CME)

Longboard Asset Management LP bought a new stake in CME Group Inc. (NASDAQ:CME) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 984 shares of the financial services provider’s stock, valued at approximately $229,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Truvestments Capital LLC acquired a new stake in CME Group in the 3rd quarter valued at about $26,000. SJS Investment Consulting Inc. grew its stake in shares of CME Group by 570.6% during the fourth quarter. SJS Investment Consulting Inc. now owns 114 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 97 shares during the last quarter. Dunhill Financial LLC increased its holdings in shares of CME Group by 188.4% in the third quarter. Dunhill Financial LLC now owns 124 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 81 shares in the last quarter. Financial Life Planners bought a new position in CME Group in the 4th quarter worth approximately $32,000. Finally, Fortitude Family Office LLC lifted its holdings in CME Group by 120.3% during the 4th quarter. Fortitude Family Office LLC now owns 152 shares of the financial services provider’s stock worth $35,000 after buying an additional 83 shares in the last quarter. 87.75% of the stock is owned by institutional investors and hedge funds.

CME Group Stock Up 1.7 %

CME Group stock opened at $240.65 on Tuesday. CME Group Inc. has a twelve month low of $190.70 and a twelve month high of $249.02. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.09. The company has a 50 day moving average of $234.73 and a 200-day moving average of $222.78. The stock has a market capitalization of $86.72 billion, a PE ratio of 25.30, a price-to-earnings-growth ratio of 5.37 and a beta of 0.57.

CME Group announced that its board has approved a stock buyback plan on Thursday, December 5th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 3.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

CME Group Increases Dividend

The company also recently announced a dividend, which was paid on Thursday, January 16th. Shareholders of record on Friday, December 27th were issued a dividend of $5.80 per share. The ex-dividend date of this dividend was Friday, December 27th. This is a boost from CME Group’s previous dividend of $2.50. CME Group’s dividend payout ratio is 48.37%.

Analyst Ratings Changes

Several brokerages have recently issued reports on CME. Barclays upped their price target on CME Group from $231.00 to $257.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. Keefe, Bruyette & Woods reduced their target price on shares of CME Group from $260.00 to $256.00 and set a “market perform” rating on the stock in a research note on Monday, January 13th. Oppenheimer boosted their price target on shares of CME Group from $245.00 to $258.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Morgan Stanley upped their target price on shares of CME Group from $210.00 to $233.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Finally, Piper Sandler raised their price target on CME Group from $250.00 to $258.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 7th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $229.27.

CME Group Profile

CME Group Inc, together with its subsidiaries, operates contract markets for the trading of futures and options on futures contracts worldwide. It offers futures and options products based on interest rates, equity indexes, foreign exchange, agricultural commodities, energy, and metals, as well as fixed income and foreign currency trading services.