CI Investments Inc. Has $7.81 Million Stock Position in Intercontinental Exchange Inc. $ICE

CI Investments Inc. cut its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 80.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 46,353 shares of the financial services provider’s stock after selling 190,464 shares during the quarter. CI Investments Inc.’s holdings in Intercontinental Exchange were worth $7,810,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of ICE. Westside Investment Management Inc. bought a new stake in Intercontinental Exchange in the 2nd quarter valued at $29,000. Private Wealth Management Group LLC lifted its stake in shares of Intercontinental Exchange by 59.5% in the third quarter. Private Wealth Management Group LLC now owns 177 shares of the financial services provider’s stock valued at $30,000 after buying an additional 66 shares during the period. Knuff & Co LLC lifted its stake in shares of Intercontinental Exchange by 73.3% in the second quarter. Knuff & Co LLC now owns 175 shares of the financial services provider’s stock valued at $32,000 after buying an additional 74 shares during the period. Caitlin John LLC acquired a new stake in Intercontinental Exchange during the third quarter worth about $32,000. Finally, Cornerstone Planning Group LLC increased its stake in Intercontinental Exchange by 128.6% during the third quarter. Cornerstone Planning Group LLC now owns 272 shares of the financial services provider’s stock valued at $46,000 after acquiring an additional 153 shares during the period. Institutional investors and hedge funds own 89.30% of the company’s stock.

Insider Activity

In other news, insider Lynn C. Martin sold 13,456 shares of Intercontinental Exchange stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $153.86, for a total value of $2,070,340.16. Following the completion of the transaction, the insider owned 54,319 shares in the company, valued at approximately $8,357,521.34. The trade was a 19.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Christopher Scott Edmonds sold 11,303 shares of the firm’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $153.82, for a total value of $1,738,627.46. Following the sale, the insider directly owned 14,266 shares of the company’s stock, valued at $2,194,396.12. This represents a 44.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 359,063 shares of company stock valued at $55,879,604. Corporate insiders own 1.00% of the company’s stock.

Intercontinental Exchange Stock Performance

Shares of NYSE:ICE opened at $166.24 on Thursday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.02 and a quick ratio of 1.02. The business’s fifty day moving average price is $164.66 and its two-hundred day moving average price is $163.09. Intercontinental Exchange Inc. has a fifty-two week low of $143.17 and a fifty-two week high of $189.35. The stock has a market capitalization of $94.41 billion, a price-to-earnings ratio of 28.81, a price-to-earnings-growth ratio of 1.72 and a beta of 1.03.

Intercontinental Exchange (NYSE:ICE) last issued its earnings results on Thursday, February 5th. The financial services provider reported $1.71 EPS for the quarter, beating the consensus estimate of $1.67 by $0.04. Intercontinental Exchange had a net margin of 26.23% and a return on equity of 13.99%. The company had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter in the previous year, the company earned $1.52 EPS. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, analysts predict that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Intercontinental Exchange Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Wednesday, December 16th will be given a $0.52 dividend. The ex-dividend date is Wednesday, December 16th. This represents a $2.08 dividend on an annualized basis and a yield of 1.3%. Intercontinental Exchange’s payout ratio is 33.28%.

Analyst Upgrades and Downgrades

A number of analysts have commented on ICE shares. Piper Sandler reiterated an “overweight” rating and issued a $195.00 price objective (down from $202.00) on shares of Intercontinental Exchange in a research report on Wednesday, January 14th. Barclays set a $193.00 price objective on Intercontinental Exchange and gave the company an “overweight” rating in a research report on Friday, February 6th. Morgan Stanley set a $183.00 target price on Intercontinental Exchange and gave the stock an “equal weight” rating in a research report on Tuesday, February 10th. Wall Street Zen raised shares of Intercontinental Exchange from a “sell” rating to a “hold” rating in a report on Saturday, February 7th. Finally, TD Cowen restated a “buy” rating on shares of Intercontinental Exchange in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Intercontinental Exchange presently has a consensus rating of “Buy” and an average target price of $195.40.

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.