Private Advisor Group LLC Has $839,000 Holdings in Intercontinental Exchange Inc (ICE)
Private Advisor Group LLC reduced its stake in shares of Intercontinental Exchange Inc (NYSE:ICE) by 36.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,199 shares of the financial services provider’s stock after selling 6,563 shares during the quarter. Private Advisor Group LLC’s holdings in Intercontinental Exchange were worth $839,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of ICE. Kaizen Advisory LLC increased its stake in Intercontinental Exchange by 143.4% during the second quarter. Kaizen Advisory LLC now owns 1,356 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 799 shares during the last quarter. Quad Cities Investment Group LLC bought a new position in shares of Intercontinental Exchange during the second quarter valued at approximately $104,000. Sun Life Financial INC grew its stake in shares of Intercontinental Exchange by 717.7% during the second quarter. Sun Life Financial INC now owns 1,570 shares of the financial services provider’s stock valued at $115,000 after buying an additional 1,378 shares during the last quarter. LeJeune Puetz Investment Counsel LLC bought a new position in shares of Intercontinental Exchange during the second quarter valued at approximately $165,000. Finally, Flagship Harbor Advisors LLC bought a new position in shares of Intercontinental Exchange during the second quarter valued at approximately $183,000. 88.92% of the stock is currently owned by institutional investors.
ICE opened at $81.39 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.38. The company has a market cap of $46.26 billion, a PE ratio of 27.59, a price-to-earnings-growth ratio of 2.34 and a beta of 0.53. Intercontinental Exchange Inc has a one year low of $66.51 and a one year high of $81.95.
Intercontinental Exchange announced that its Board of Directors has initiated a share repurchase plan on Wednesday, October 31st that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
A number of research analysts have recently commented on the company. Zacks Investment Research raised Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $91.00 target price on the stock in a research note on Monday. Deutsche Bank upped their target price on Intercontinental Exchange from $85.00 to $86.00 and gave the company a “buy” rating in a research note on Friday. JPMorgan Chase & Co. set a $92.00 target price on Intercontinental Exchange and gave the company a “buy” rating in a research note on Friday, November 2nd. Wells Fargo & Co upped their target price on Intercontinental Exchange from $80.00 to $81.00 and gave the company a “market perform” rating in a research note on Thursday, November 1st. Finally, Citigroup set a $80.00 target price on Intercontinental Exchange and gave the company a “hold” rating in a research note on Thursday, November 1st. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $84.86.
In related news, General Counsel Andrew J. Surdykowski sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $80.00, for a total value of $80,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Scott A. Hill sold 70,659 shares of the business’s stock in a transaction that occurred on Thursday, September 6th. The shares were sold at an average price of $76.56, for a total value of $5,409,653.04. Following the completion of the sale, the chief financial officer now owns 231,782 shares of the company’s stock, valued at approximately $17,745,229.92. The disclosure for this sale can be found here. Insiders sold 300,625 shares of company stock valued at $22,834,370 in the last quarter. 1.50% of the stock is owned by company insiders.
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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.
Further Reading: Understanding Compound Annual Growth Rate (CAGR)
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