Traders Sell Intercontinental Exchange (ICE) on Strength (ICE)

Investors sold shares of Intercontinental Exchange Inc (NYSE:ICE) on strength during trading hours on Tuesday. $36.85 million flowed into the stock on the tick-up and $61.93 million flowed out of the stock on the tick-down, for a money net flow of $25.08 million out of the stock. Of all equities tracked, Intercontinental Exchange had the 30th highest net out-flow for the day. Intercontinental Exchange traded up $0.24 for the day and closed at $75.87

Several brokerages recently commented on ICE. Raymond James upped their target price on Intercontinental Exchange from $81.00 to $86.00 and gave the company an “outperform” rating in a report on Thursday, November 1st. Citigroup set a $80.00 target price on Intercontinental Exchange and gave the company a “hold” rating in a report on Thursday, November 1st. Zacks Investment Research upgraded Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $91.00 price target on the stock in a report on Monday, November 19th. Berenberg Bank cut Intercontinental Exchange from a “buy” rating to a “hold” rating and set a $87.00 price target on the stock. in a report on Tuesday, November 20th. Finally, JPMorgan Chase & Co. restated an “overweight” rating and set a $91.00 price target on shares of Intercontinental Exchange in a report on Friday, October 12th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $84.19.

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $43.08 billion, a price-to-earnings ratio of 25.72, a P/E/G ratio of 2.01 and a beta of 0.55.

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 analysts’ consensus estimates of $0.80 by $0.05. Intercontinental Exchange had a return on equity of 11.67% and a net margin of 43.09%. 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 firm earned $0.73 earnings per share. Intercontinental Exchange’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, equities research analysts predict that Intercontinental Exchange Inc will post 3.56 EPS for the current fiscal year.

Intercontinental Exchange declared that its Board of Directors has authorized a share repurchase program on Wednesday, October 31st that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

In other news, Vice Chairman Charles A. Vice sold 35,000 shares of the company’s stock in a transaction that occurred on Friday, January 4th. The stock was sold at an average price of $75.26, for a total transaction of $2,634,100.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Mark Wassersug sold 7,903 shares of the company’s stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $79.13, for a total value of $625,364.39. Following the transaction, the chief operating officer now directly owns 36,982 shares in the company, valued at $2,926,385.66. The disclosure for this sale can be found here. Insiders have sold 118,006 shares of company stock worth $9,193,322 over the last ninety days. 1.50% of the stock is owned by insiders.

Large investors have recently modified their holdings of the company. Capital World Investors raised its position in Intercontinental Exchange by 464.9% in the 3rd quarter. Capital World Investors now owns 15,031,546 shares of the financial services provider’s stock valued at $1,125,712,000 after buying an additional 12,370,546 shares during the last quarter. Swedbank purchased a new stake in Intercontinental Exchange in the 3rd quarter valued at $106,185,000. TIAA CREF Investment Management LLC raised its position in Intercontinental Exchange by 112.2% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 2,661,565 shares of the financial services provider’s stock valued at $199,325,000 after buying an additional 1,407,479 shares during the last quarter. Senator Investment Group LP raised its position in Intercontinental Exchange by 54.2% in the 3rd quarter. Senator Investment Group LP now owns 3,700,000 shares of the financial services provider’s stock valued at $277,093,000 after buying an additional 1,300,000 shares during the last quarter. Finally, Clearbridge Investments LLC raised its position in Intercontinental Exchange by 9,165.9% in the 3rd quarter. Clearbridge Investments LLC now owns 823,278 shares of the financial services provider’s stock valued at $61,655,000 after buying an additional 814,393 shares during the last quarter. 88.97% of the stock is currently owned by institutional investors.

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About Intercontinental Exchange (NYSE:ICE)

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.

See Also: Balanced Fund

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