Intercontinental Exchange Inc. $ICE Shares Sold by Summit Global Investments

Summit Global Investments decreased its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 87.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,828 shares of the financial services provider’s stock after selling 26,297 shares during the quarter. Summit Global Investments’ holdings in Intercontinental Exchange were worth $645,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dynasty Wealth Management LLC acquired a new position in Intercontinental Exchange during the third quarter worth $897,000. Fifth Third Wealth Advisors LLC increased its position in Intercontinental Exchange by 37.7% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 11,920 shares of the financial services provider’s stock worth $2,008,000 after buying an additional 3,261 shares during the period. Eastern Bank raised its stake in Intercontinental Exchange by 14.6% during the 3rd quarter. Eastern Bank now owns 203,731 shares of the financial services provider’s stock valued at $34,325,000 after purchasing an additional 25,980 shares during the last quarter. Horizon Kinetics Asset Management LLC lifted its stake in shares of Intercontinental Exchange by 1.6% in the second quarter. Horizon Kinetics Asset Management LLC now owns 831,758 shares of the financial services provider’s stock valued at $152,603,000 after buying an additional 13,497 shares during the period. Finally, Gateway Investment Advisers LLC lifted its position in shares of Intercontinental Exchange by 3.0% in the 3rd quarter. Gateway Investment Advisers LLC now owns 273,010 shares of the financial services provider’s stock worth $45,997,000 after acquiring an additional 8,006 shares during the period. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Barclays set a $182.00 price objective on Intercontinental Exchange and gave the company an “overweight” rating in a report on Thursday, January 8th. Morgan Stanley set a $180.00 target price on shares of Intercontinental Exchange and gave the stock an “equal weight” rating in a research note on Thursday, January 15th. UBS Group reiterated a “buy” rating on shares of Intercontinental Exchange in a report on Wednesday, January 7th. TD Cowen reaffirmed a “buy” rating on shares of Intercontinental Exchange in a report on Wednesday, January 14th. Finally, Raymond James Financial reiterated a “strong-buy” rating and issued a $211.00 price target on shares of Intercontinental Exchange in a research report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Intercontinental Exchange presently has an average rating of “Buy” and a consensus target price of $193.50.

Insider Activity at Intercontinental Exchange

In related news, CTO Mayur Kapani sold 5,345 shares of the stock in a transaction on Monday, December 8th. The stock was sold at an average price of $156.67, for a total value of $837,401.15. Following the transaction, the chief technology officer directly owned 65,240 shares in the company, valued at $10,221,150.80. This trade represents a 7.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Douglas Foley sold 1,600 shares of Intercontinental Exchange stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $163.20, for a total value of $261,120.00. Following the transaction, the senior vice president directly owned 24,196 shares in the company, valued at approximately $3,948,787.20. The trade was a 6.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 166,068 shares of company stock valued at $25,470,702 over the last 90 days. 1.00% of the stock is owned by company insiders.

Intercontinental Exchange Stock Performance

Shares of NYSE ICE opened at $173.66 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. The stock’s fifty day moving average price is $164.03 and its two-hundred day moving average price is $166.88. Intercontinental Exchange Inc. has a one year low of $143.17 and a one year high of $189.35. The firm has a market cap of $99.02 billion, a price-to-earnings ratio of 31.63, a P/E/G ratio of 2.16 and a beta of 1.03.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings data on Thursday, October 30th. The financial services provider reported $1.71 EPS for the quarter, meeting the consensus estimate of $1.71. The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.49 billion. Intercontinental Exchange had a net margin of 25.24% and a return on equity of 13.79%. The company’s revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.55 earnings per share. On average, equities analysts forecast that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

About Intercontinental Exchange

Intercontinental Exchange (NYSE: ICE) is a global operator of exchanges, clearing houses and data services that provides infrastructure for the trading, clearing, settlement and information needs of financial and commodity markets. Founded in 2000 by Jeffrey C. Sprecher as an electronic energy trading platform, the company has grown through organic expansion and acquisitions to operate a broad portfolio of assets spanning listed equities, futures and options, fixed income, and over-the-counter derivatives.