Sei Investments Co. lessened its stake in Intercontinental Exchange Inc (NYSE:ICE) by 15.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 784,489 shares of the financial services provider’s stock after selling 139,792 shares during the period. Sei Investments Co.’s holdings in Intercontinental Exchange were worth $58,779,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ICE. Piedmont Investment Advisors Inc. raised its holdings in shares of Intercontinental Exchange by 9.9% in the third quarter. Piedmont Investment Advisors Inc. now owns 27,241 shares of the financial services provider’s stock valued at $2,040,000 after buying an additional 2,451 shares during the last quarter. Hartford Investment Management Co. raised its holdings in Intercontinental Exchange by 4.9% during the third quarter. Hartford Investment Management Co. now owns 73,864 shares of the financial services provider’s stock worth $5,532,000 after purchasing an additional 3,418 shares in the last quarter. Norinchukin Bank The raised its holdings in Intercontinental Exchange by 12.4% during the third quarter. Norinchukin Bank The now owns 40,567 shares of the financial services provider’s stock worth $3,038,000 after purchasing an additional 4,491 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its holdings in Intercontinental Exchange by 5,776.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 197,618 shares of the financial services provider’s stock worth $14,800,000 after purchasing an additional 194,255 shares in the last quarter. Finally, Commonwealth Bank of Australia raised its holdings in Intercontinental Exchange by 86.1% during the third quarter. Commonwealth Bank of Australia now owns 26,797 shares of the financial services provider’s stock worth $1,999,000 after purchasing an additional 12,400 shares in the last quarter. Institutional investors own 89.31% of the company’s stock.
Shares of ICE opened at $81.22 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.38. Intercontinental Exchange Inc has a twelve month low of $65.97 and a twelve month high of $81.29. The stock has a market cap of $44.88 billion, a price-to-earnings ratio of 27.53, a P/E/G ratio of 2.27 and a beta of 0.53.
Intercontinental Exchange (NYSE:ICE) last issued its earnings results on Wednesday, October 31st. The financial services provider reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.05. Intercontinental Exchange had a net margin of 43.09% and a return on equity of 11.67%. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the business posted $0.73 earnings per share. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. Equities analysts anticipate that Intercontinental Exchange Inc will post 3.52 EPS for the current year.
Intercontinental Exchange declared that its Board of Directors has authorized a stock repurchase program on Wednesday, October 31st that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
In other Intercontinental Exchange news, CEO Jeffrey C. Sprecher sold 80,000 shares of the company’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $73.28, for a total transaction of $5,862,400.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Scott A. Hill sold 70,659 shares of the company’s stock in a transaction dated Thursday, September 6th. The stock was sold at an average price of $76.56, for a total transaction of $5,409,653.04. Following the transaction, the chief financial officer now owns 231,782 shares in the company, valued at $17,745,229.92. The disclosure for this sale can be found here. Insiders have sold 300,625 shares of company stock worth $22,834,370 over the last 90 days. 1.50% of the stock is currently owned by company insiders.
Several research analysts recently issued reports on the stock. Zacks Investment Research reissued a “buy” rating and set a $86.00 price target on shares of Intercontinental Exchange in a report on Tuesday. Deutsche Bank increased their price target on shares of Intercontinental Exchange from $85.00 to $86.00 and gave the stock a “buy” rating in a report on Friday. Raymond James increased their price target on shares of Intercontinental Exchange from $81.00 to $86.00 and gave the stock an “outperform” rating in a report on Thursday, November 1st. Barclays increased their price target on shares of Intercontinental Exchange from $82.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, November 1st. Finally, Citigroup set a $80.00 price target on shares of Intercontinental Exchange and gave the stock a “hold” rating in a report on Thursday, November 1st. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $84.50.
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About Intercontinental Exchange
Intercontinental Exchange, Inc operates regulated exchanges, clearing houses, and listings venues for financial and commodity markets in the United States, the United Kingdom, Continental Europe, Asia, Israel, and Canada. It operates through two segments, Trading and Clearing; and Data and Listings. The company operates marketplaces for listing, trading, and clearing an array of derivatives and securities contracts across various asset classes, including energy and agricultural commodities, interest rates, equities, equity and credit derivatives, exchange traded funds, bonds, and currencies.
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