Kornitzer Capital Management Inc. KS Sells 11,907 Shares of Intercontinental Exchange Inc. $ICE

Kornitzer Capital Management Inc. KS cut its position in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 18.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 51,967 shares of the financial services provider’s stock after selling 11,907 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Intercontinental Exchange were worth $8,173,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. PNC Financial Services Group Inc. raised its position in shares of Intercontinental Exchange by 5.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 191,658 shares of the financial services provider’s stock worth $31,041,000 after purchasing an additional 10,742 shares during the period. USS Investment Management Ltd grew its position in Intercontinental Exchange by 37.2% in the 1st quarter. USS Investment Management Ltd now owns 946,920 shares of the financial services provider’s stock valued at $148,960,000 after purchasing an additional 256,851 shares during the period. Walter Public Investments Inc. increased its stake in Intercontinental Exchange by 13.8% during the 4th quarter. Walter Public Investments Inc. now owns 124,993 shares of the financial services provider’s stock valued at $20,244,000 after purchasing an additional 15,129 shares in the last quarter. Vanguard Group Inc. increased its stake in Intercontinental Exchange by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider’s stock valued at $8,770,647,000 after purchasing an additional 413,639 shares in the last quarter. Finally, OFI Invest Asset Management raised its holdings in Intercontinental Exchange by 51,986.3% during the fourth quarter. OFI Invest Asset Management now owns 400,544 shares of the financial services provider’s stock worth $64,872,000 after buying an additional 399,775 shares during the last quarter. Institutional investors own 89.30% of the company’s stock.

Insider Transactions at Intercontinental Exchange

In related news, CFO Warren Gardiner sold 2,490 shares of Intercontinental Exchange stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $156.64, for a total transaction of $390,033.60. Following the sale, the chief financial officer directly owned 25,189 shares in the company, valued at approximately $3,945,604.96. This trade represents a 9.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total value of $693,083.88. Following the completion of the transaction, the general counsel owned 45,473 shares of the company’s stock, valued at $6,891,887.88. This trade represents a 9.14% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 13,425 shares of company stock worth $2,046,324. 0.84% of the stock is owned by insiders.

Key Stories Impacting Intercontinental Exchange

Here are the key news stories impacting Intercontinental Exchange this week:

• Positive Sentiment: Barclays reiterated an Overweight view and raised its price target to $180, while UBS and Goldman Sachs recently also issued bullish targets, signaling Wall Street still sees upside in ICE’s core exchange and data businesses.
• Positive Sentiment: Social-media and market commentary continue to highlight ICE’s strong earnings growth, relatively low valuation versus peers, and expansion initiatives in futures and tokenized equities, which support the long-term bull case.
• Neutral Sentiment: ICE’s coffee futures market is in the spotlight after the company raised margin requirements for coffee trading, contributing to sharp swings in arabica and robusta coffee prices. That move is boosting attention on ICE’s role in commodities markets, though the direct stock impact is less clear.
• Neutral Sentiment: Recent commentary also notes ICE’s Q1 revenue grew 13.5% year over year to about $3.7 billion, showing the business remains fundamentally healthy ahead of its next earnings update.
• Negative Sentiment: Morgan Stanley cut its price target to $163 from $187 and kept an Equal Weight rating, reflecting more cautious near-term expectations for the stock.
• Negative Sentiment: Analysts have also pointed to softer June volume trends and weaker trading activity in some futures segments, which has led to estimate cuts and is weighing on investor sentiment before ICE’s late-July earnings report.
• Negative Sentiment: Insider selling remains a mild overhang, with ICE executives and directors having made no open-market purchases over the past six months.

Intercontinental Exchange Stock Down 0.1%

ICE traded down $0.20 during mid-day trading on Friday, reaching $134.91. 3,013,578 shares of the stock were exchanged, compared to its average volume of 4,842,965. Intercontinental Exchange Inc. has a 1 year low of $121.79 and a 1 year high of $189.35. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market capitalization of $76.29 billion, a PE ratio of 19.64, a price-to-earnings-growth ratio of 1.27 and a beta of 0.94. The company has a 50 day moving average price of $142.48 and a two-hundred day moving average price of $155.59.

Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.12. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. The business had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $2.88 billion. During the same period in the previous year, the company earned $1.72 earnings per share. The firm’s revenue for the quarter was up 20.4% compared to the same quarter last year. As a group, research analysts anticipate that Intercontinental Exchange Inc. will post 8.35 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ICE. Barclays dropped their price objective on shares of Intercontinental Exchange from $201.00 to $180.00 and set an “overweight” rating on the stock in a research note on Thursday. TD Cowen lowered their target price on shares of Intercontinental Exchange from $193.00 to $153.00 and set a “buy” rating on the stock in a report on Monday, June 22nd. Weiss Ratings cut shares of Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, June 17th. Piper Sandler reiterated an “overweight” rating and set a $211.00 price target (up from $195.00) on shares of Intercontinental Exchange in a research note on Wednesday, April 15th. Finally, UBS Group decreased their price objective on Intercontinental Exchange from $205.00 to $190.00 and set a “buy” rating for the company in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Intercontinental Exchange presently has a consensus rating of “Moderate Buy” and a consensus target price of $183.33.

Intercontinental Exchange Profile

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.