Intercontinental Exchange (ICE) Upgraded to Hold at Zacks Investment Research
Intercontinental Exchange (NYSE:ICE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Intercontinental Exchange’s successful integration of acquisitions, achievement of cost synergies and a reduced debt level well poise ICE for long-term growth. Moreover, a continued strength in its energy franchise, improving recurring market data revenues (2018 revenues to grow 5-6%) and ongoing initiatives should keep growth on track. However, rising expenses, foreign currency fluctuations and stricter regulations raise concerns. The company estimates 2018 operating expenses in the range of $2.04-$2.05 billion and adjusted operating expense in the band of $2-$2.04 billion. Interest expenses are anticipated at $97 million for the third quarter and at $73 million for fourth-quarter 2018. Shares of Intercontinental Exchange have underperformed the industry year to date.”
Several other research analysts also recently issued reports on ICE. Compass Point began coverage on Intercontinental Exchange in a research note on Friday, June 22nd. They issued a “buy” rating and a $85.00 price objective for the company. ValuEngine raised Intercontinental Exchange from a “hold” rating to a “buy” rating in a research note on Friday, September 7th. Wells Fargo & Co reaffirmed a “market perform” rating and issued a $80.00 price objective (up previously from $74.00) on shares of Intercontinental Exchange in a research note on Monday, July 9th. Rosenblatt Securities began coverage on Intercontinental Exchange in a research note on Wednesday, September 5th. They issued a “buy” rating and a $88.00 price objective for the company. Finally, Barclays upped their price objective on Intercontinental Exchange from $80.00 to $82.00 and gave the company an “overweight” rating in a research note on Thursday, July 12th. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $81.44.
Intercontinental Exchange (NYSE:ICE) last issued its earnings results on Thursday, August 2nd. The financial services provider reported $0.90 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.01. Intercontinental Exchange had a return on equity of 11.45% and a net margin of 41.83%. The firm had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the firm earned $0.75 earnings per share. The business’s quarterly revenue was up 5.6% on a year-over-year basis. sell-side analysts predict that Intercontinental Exchange will post 3.48 earnings per share for the current year.
In other Intercontinental Exchange news, Vice Chairman Charles A. Vice sold 35,000 shares of the stock in a transaction that occurred on Friday, July 6th. The shares were sold at an average price of $73.17, for a total transaction of $2,560,950.00. Following the completion of the sale, the insider now owns 384,017 shares of the company’s stock, valued at approximately $28,098,523.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David S. Goone sold 10,402 shares of the stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $78.01, for a total transaction of $811,460.02. The disclosure for this sale can be found here. Insiders have sold a total of 291,654 shares of company stock valued at $21,805,629 in the last three months. Insiders own 1.50% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in ICE. Dupont Capital Management Corp increased its position in Intercontinental Exchange by 35.3% during the 1st quarter. Dupont Capital Management Corp now owns 4,216 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 1,101 shares during the period. Synovus Financial Corp boosted its holdings in shares of Intercontinental Exchange by 17.8% during the 1st quarter. Synovus Financial Corp now owns 16,927 shares of the financial services provider’s stock worth $1,232,000 after buying an additional 2,558 shares in the last quarter. Fiduciary Trust Co. bought a new position in shares of Intercontinental Exchange during the 1st quarter worth approximately $336,000. Aperio Group LLC boosted its holdings in shares of Intercontinental Exchange by 2.6% during the 1st quarter. Aperio Group LLC now owns 290,711 shares of the financial services provider’s stock worth $21,082,000 after buying an additional 7,404 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D bought a new position in shares of Intercontinental Exchange during the 1st quarter worth approximately $6,889,000. 88.55% of the stock is owned by institutional investors and hedge funds.
Intercontinental Exchange Company Profile
Intercontinental Exchange, Inc operates regulated exchanges, clearing houses, and listings venues for financial and commodity markets in the United States, the United Kingdom, Continental Europe, Asia, Israel, and Canada. It operates through two segments, Trading and Clearing; and Data and Listings. The company operates marketplaces for listing, trading, and clearing an array of derivatives and securities contracts across various asset classes, including energy and agricultural commodities, interest rates, equities, equity and credit derivatives, exchange traded funds, bonds, and currencies.
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