Investors Buy Intercontinental Exchange Inc. (ICE) on Weakness
Traders bought shares of Intercontinental Exchange Inc. (NYSE:ICE) on weakness during trading hours on Thursday. $33.12 million flowed into the stock on the tick-up and $10.21 million flowed out of the stock on the tick-down, for a money net flow of $22.91 million into the stock. Of all equities tracked, Intercontinental Exchange had the 24th highest net in-flow for the day. Intercontinental Exchange traded down ($0.16) for the day and closed at $64.67
ICE has been the topic of several recent research reports. Citigroup Inc. initiated coverage on Intercontinental Exchange in a research report on Wednesday, July 12th. They set a “neutral” rating and a $67.00 price objective on the stock. Deutsche Bank AG reiterated a “buy” rating and set a $66.00 price objective (down previously from $67.00) on shares of Intercontinental Exchange in a research report on Monday, May 15th. Jefferies Group LLC reiterated a “buy” rating and set a $70.00 price objective on shares of Intercontinental Exchange in a research report on Monday, June 26th. Royal Bank Of Canada set a $65.00 price objective on Intercontinental Exchange and gave the stock a “hold” rating in a research report on Tuesday, June 6th. Finally, BidaskClub upgraded Intercontinental Exchange from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $68.36.
The company has a market cap of $7.49 billion, a P/E ratio of 24.12 and a beta of 0.72. The company has a 50-day moving average price of $65.55 and a 200 day moving average price of $62.22.
Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings data on Thursday, August 3rd. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.75. Intercontinental Exchange had a return on equity of 10.80% and a net margin of 27.56%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the company posted $0.69 EPS. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, equities analysts expect that Intercontinental Exchange Inc. will post $2.95 EPS for the current fiscal year.
In related news, CFO Scott A. Hill sold 17,000 shares of the business’s stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $65.00, for a total transaction of $1,105,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jeffrey C. Sprecher sold 80,420 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $65.24, for a total value of $5,246,600.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 147,920 shares of company stock worth $9,608,806. 1.50% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the company. Thompson Davis & CO. Inc. raised its position in shares of Intercontinental Exchange by 2.2% in the second quarter. Thompson Davis & CO. Inc. now owns 1,517 shares of the financial services provider’s stock worth $100,000 after buying an additional 32 shares in the last quarter. IHT Wealth Management LLC raised its position in shares of Intercontinental Exchange by 10.8% in the second quarter. IHT Wealth Management LLC now owns 185 shares of the financial services provider’s stock worth $101,000 after buying an additional 18 shares in the last quarter. Norway Savings Bank raised its position in shares of Intercontinental Exchange by 16.7% in the second quarter. Norway Savings Bank now owns 1,640 shares of the financial services provider’s stock worth $108,000 after buying an additional 235 shares in the last quarter. Bessemer Group Inc. raised its position in shares of Intercontinental Exchange by 186.5% in the second quarter. Bessemer Group Inc. now owns 1,905 shares of the financial services provider’s stock worth $126,000 after buying an additional 1,240 shares in the last quarter. Finally, Shine Investment Advisory Services Inc. acquired a new position in shares of Intercontinental Exchange during the second quarter worth $128,000. Institutional investors and hedge funds own 89.74% of the company’s stock.
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Intercontinental Exchange Company Profile
Intercontinental Exchange Inc, formerly IntercontinentalExchange Group, Inc, is a network of regulated exchanges and clearing houses for financial and commodity markets. The Company delivers transparent and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.
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