Cortland Advisers LLC decreased its stake in shares of Intercontinental Exchange Inc (NYSE:ICE) by 7.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 939,395 shares of the financial services provider’s stock after selling 73,486 shares during the period. Intercontinental Exchange makes up about 3.6% of Cortland Advisers LLC’s investment portfolio, making the stock its 11th largest holding. Cortland Advisers LLC owned about 0.16% of Intercontinental Exchange worth $70,352,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Quad Cities Investment Group LLC bought a new stake in shares of Intercontinental Exchange during the second quarter worth $104,000. Sun Life Financial INC increased its position in shares of Intercontinental Exchange by 717.7% during the second quarter. Sun Life Financial INC now owns 1,570 shares of the financial services provider’s stock worth $115,000 after acquiring an additional 1,378 shares in the last quarter. Flagship Harbor Advisors LLC bought a new stake in shares of Intercontinental Exchange during the second quarter worth $183,000. Opera Trading Capital bought a new stake in shares of Intercontinental Exchange during the third quarter worth $195,000. Finally, Park Avenue Securities LLC bought a new stake in shares of Intercontinental Exchange during the third quarter worth $216,000. 89.09% of the stock is owned by institutional investors.
Several equities research analysts have recently issued reports on ICE shares. JPMorgan Chase & Co. reissued an “overweight” rating and set a $91.00 price objective on shares of Intercontinental Exchange in a research report on Friday, October 12th. They noted that the move was a valuation call. Atlantic Securities started coverage on shares of Intercontinental Exchange in a research report on Wednesday, November 28th. They set an “overweight” rating for the company. Citigroup set a $80.00 price objective on shares of Intercontinental Exchange and gave the stock a “hold” rating in a research report on Thursday, November 1st. Zacks Investment Research downgraded shares of Intercontinental Exchange from a “buy” rating to a “hold” rating in a research report on Wednesday, November 14th. Finally, Barclays increased their price objective on shares of Intercontinental Exchange from $82.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, November 1st. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Intercontinental Exchange presently has a consensus rating of “Buy” and an average target price of $84.50.
Intercontinental Exchange (NYSE:ICE) last released its earnings results on Wednesday, October 31st. The financial services provider reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.05. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.19 billion. Intercontinental Exchange had a net margin of 43.09% and a return on equity of 11.67%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.73 earnings per share. On average, research analysts anticipate that Intercontinental Exchange Inc will post 3.53 earnings per share for the current year.
Intercontinental Exchange announced that its Board of Directors has approved a share repurchase plan on Wednesday, October 31st that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In related news, General Counsel Andrew J. Surdykowski sold 1,200 shares of the firm’s stock in a transaction on Monday, November 26th. The shares were sold at an average price of $80.14, for a total value of $96,168.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Charles A. Vice sold 35,000 shares of the stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $77.09, for a total transaction of $2,698,150.00. Following the completion of the sale, the insider now owns 419,907 shares of the company’s stock, valued at approximately $32,370,630.63. The disclosure for this sale can be found here. In the last ninety days, insiders sold 221,825 shares of company stock valued at $17,068,138. 1.50% of the stock is owned by insiders.
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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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