Oak Ridge Investments LLC Trims Position in Intercontinental Exchange Inc. (ICE)
Oak Ridge Investments LLC decreased its holdings in Intercontinental Exchange Inc. (NYSE:ICE) by 11.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 222,065 shares of the financial services provider’s stock after selling 28,042 shares during the quarter. Oak Ridge Investments LLC’s holdings in Intercontinental Exchange were worth $15,256,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in ICE. Alerus Financial NA acquired a new position in shares of Intercontinental Exchange during the 2nd quarter worth $4,256,000. NBT Bank N A NY acquired a new position in shares of Intercontinental Exchange during the 2nd quarter worth $245,000. State of Tennessee Treasury Department grew its stake in shares of Intercontinental Exchange by 32.8% during the 2nd quarter. State of Tennessee Treasury Department now owns 216,187 shares of the financial services provider’s stock worth $14,251,000 after purchasing an additional 53,449 shares during the period. BB&T Securities LLC grew its stake in Intercontinental Exchange by 140.0% in the 2nd quarter. BB&T Securities LLC now owns 18,404 shares of the financial services provider’s stock valued at $1,213,000 after acquiring an additional 10,735 shares during the last quarter. Finally, QS Investors LLC grew its stake in Intercontinental Exchange by 10.0% in the 2nd quarter. QS Investors LLC now owns 10,381 shares of the financial services provider’s stock valued at $684,000 after acquiring an additional 946 shares during the last quarter. Hedge funds and other institutional investors own 90.21% of the company’s stock.
Shares of Intercontinental Exchange Inc. (NYSE:ICE) traded up $0.54 during midday trading on Friday, reaching $66.62. The company’s stock had a trading volume of 1,000,000 shares, compared to its average volume of 3,600,000. The firm has a market cap of $38,970.00, a PE ratio of 22.78, a PEG ratio of 2.46 and a beta of 0.68. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.01 and a quick ratio of 1.01. Intercontinental Exchange Inc. has a 52-week low of $53.91 and a 52-week high of $71.24.
Intercontinental Exchange (NYSE:ICE) last announced its earnings results on Thursday, November 2nd. The financial services provider reported $0.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.02. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.14 billion. Intercontinental Exchange had a return on equity of 11.01% and a net margin of 27.91%. The business’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.64 EPS. equities research analysts expect that Intercontinental Exchange Inc. will post 2.95 earnings per share for the current fiscal year.
Intercontinental Exchange declared that its Board of Directors has authorized a stock repurchase plan on Thursday, November 2nd that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the financial services provider to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
Several equities research analysts have issued reports on the stock. UBS AG raised their price target on shares of Intercontinental Exchange from $73.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, November 3rd. Citigroup Inc. increased their price objective on shares of Intercontinental Exchange from $67.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, October 19th. Royal Bank Of Canada reiterated a “buy” rating on shares of Intercontinental Exchange in a report on Tuesday, August 15th. Barclays PLC raised their price target on shares of Intercontinental Exchange from $72.00 to $78.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 10th. Finally, Wells Fargo & Company raised their price target on shares of Intercontinental Exchange from $65.00 to $73.00 and gave the stock a “market perform” rating in a research report on Thursday, October 5th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Intercontinental Exchange has a consensus rating of “Buy” and a consensus price target of $73.30.
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In other news, CFO Scott A. Hill sold 37,630 shares of the business’s stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of $70.03, for a total value of $2,635,228.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jeffrey C. Sprecher sold 80,420 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was 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. Insiders sold a total of 155,550 shares of company stock worth $10,414,330 over the last three months. 1.50% of the stock is owned by company insiders.
About Intercontinental Exchange
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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