Intercontinental Exchange Inc. $ICE Shares Sold by Corundum Group Inc.

Corundum Group Inc. reduced its position in Intercontinental Exchange Inc. (NYSE:ICE) by 7.9% in the 2nd quarter, Holdings Channel.com reports. The fund owned 1,533 shares of the financial services provider’s stock after selling 131 shares during the quarter. Corundum Group Inc.’s holdings in Intercontinental Exchange were worth $281,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Advisors Capital Management LLC lifted its holdings in shares of Intercontinental Exchange by 25.0% during the first quarter. Advisors Capital Management LLC now owns 1,978 shares of the financial services provider’s stock worth $341,000 after purchasing an additional 396 shares during the period. Capital Investment Advisory Services LLC acquired a new stake in shares of Intercontinental Exchange during the first quarter worth $349,000. Sequoia Financial Advisors LLC lifted its holdings in shares of Intercontinental Exchange by 18.3% during the first quarter. Sequoia Financial Advisors LLC now owns 12,168 shares of the financial services provider’s stock worth $2,099,000 after purchasing an additional 1,879 shares during the period. Ritholtz Wealth Management lifted its holdings in shares of Intercontinental Exchange by 52.3% during the first quarter. Ritholtz Wealth Management now owns 7,953 shares of the financial services provider’s stock worth $1,372,000 after purchasing an additional 2,732 shares during the period. Finally, First American Bank lifted its holdings in shares of Intercontinental Exchange by 2.1% during the first quarter. First American Bank now owns 76,332 shares of the financial services provider’s stock worth $13,167,000 after purchasing an additional 1,580 shares during the period. 89.30% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Duriya M. Farooqui sold 2,036 shares of the firm’s stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $178.34, for a total value of $363,100.24. Following the completion of the transaction, the director owned 14,299 shares in the company, valued at $2,550,083.66. This trade represents a 12.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Douglas Foley sold 1,600 shares of the firm’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $175.62, for a total value of $280,992.00. Following the completion of the transaction, the senior vice president owned 25,796 shares of the company’s stock, valued at approximately $4,530,293.52. This represents a 5.84% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 230,874 shares of company stock valued at $42,187,714. Company insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ICE shares. JPMorgan Chase & Co. increased their price target on Intercontinental Exchange from $195.00 to $203.00 and gave the stock an “overweight” rating in a report on Thursday, September 25th. UBS Group increased their price target on Intercontinental Exchange from $195.00 to $210.00 and gave the stock a “buy” rating in a report on Tuesday, July 8th. Barclays increased their price target on Intercontinental Exchange from $206.00 to $212.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Intercontinental Exchange in a report on Saturday, September 27th. Finally, Piper Sandler raised their target price on Intercontinental Exchange from $180.00 to $202.00 and gave the company an “overweight” rating in a report on Tuesday, July 15th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $198.20.

Intercontinental Exchange Price Performance

Intercontinental Exchange stock opened at $162.47 on Friday. Intercontinental Exchange Inc. has a one year low of $142.29 and a one year high of $189.35. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01. The business has a fifty day moving average of $176.53 and a two-hundred day moving average of $174.67. The company has a market cap of $93.00 billion, a P/E ratio of 31.18, a price-to-earnings-growth ratio of 1.96 and a beta of 1.08.

Intercontinental Exchange (NYSE:ICE) last released its earnings results on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.77 by $0.04. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%.The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter last year, the company earned $1.52 earnings per share. Intercontinental Exchange’s quarterly revenue was up 9.8% compared to the same quarter last year. As a group, analysts predict that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Company Profile

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.