Third Point LLC Trims Stock Holdings in Intercontinental Exchange Inc. $ICE

Third Point LLC decreased its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 13.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 950,000 shares of the financial services provider’s stock after selling 150,000 shares during the quarter. Intercontinental Exchange comprises approximately 2.3% of Third Point LLC’s portfolio, making the stock its 21st biggest holding. Third Point LLC owned approximately 0.17% of Intercontinental Exchange worth $174,296,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Princeton Global Asset Management LLC bought a new stake in shares of Intercontinental Exchange during the 2nd quarter valued at $28,000. Activest Wealth Management boosted its stake in Intercontinental Exchange by 4,050.0% in the 1st quarter. Activest Wealth Management now owns 166 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 162 shares during the period. Westside Investment Management Inc. purchased a new position in Intercontinental Exchange during the 2nd quarter valued at about $29,000. Hilltop National Bank bought a new stake in shares of Intercontinental Exchange during the second quarter valued at about $31,000. Finally, Knuff & Co LLC increased its position in shares of Intercontinental Exchange by 73.3% during the second quarter. Knuff & Co LLC now owns 175 shares of the financial services provider’s stock valued at $32,000 after buying an additional 74 shares during the period. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Intercontinental Exchange Stock Performance

NYSE ICE opened at $163.01 on Friday. Intercontinental Exchange Inc. has a 52-week low of $142.29 and a 52-week high of $189.35. The company has a fifty day moving average of $154.97 and a 200-day moving average of $170.31. The company has a market capitalization of $92.95 billion, a P/E ratio of 29.69, a P/E/G ratio of 2.43 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01.

Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings results on Thursday, October 30th. The financial services provider reported $1.71 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.71. Intercontinental Exchange had a return on equity of 13.79% and a net margin of 25.24%.The business had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.49 billion. During the same quarter last year, the business posted $1.55 earnings per share. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, equities research analysts predict that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Insider Activity at Intercontinental Exchange

In other Intercontinental Exchange news, CTO Mayur Kapani sold 10,082 shares of the stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $158.88, for a total transaction of $1,601,828.16. Following the transaction, the chief technology officer directly owned 65,240 shares in the company, valued at $10,365,331.20. This trade represents a 13.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Andrew J. Surdykowski sold 2,081 shares of Intercontinental Exchange stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $151.00, for a total transaction of $314,231.00. Following the transaction, the general counsel directly owned 44,212 shares in the company, valued at $6,676,012. This trade represents a 4.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 175,489 shares of company stock worth $26,972,956 in the last quarter. 1.00% of the stock is owned by company insiders.

Analyst Ratings Changes

ICE has been the subject of a number of analyst reports. TD Cowen cut their price objective on shares of Intercontinental Exchange from $199.00 to $175.00 and set a “buy” rating for the company in a research report on Friday, October 31st. Barclays set a $183.00 target price on shares of Intercontinental Exchange and gave the stock an “overweight” rating in a research note on Friday, October 31st. Weiss Ratings restated a “buy (b)” rating on shares of Intercontinental Exchange in a research report on Wednesday, October 8th. JPMorgan Chase & Co. decreased their price target on shares of Intercontinental Exchange from $202.00 to $180.00 and set an “overweight” rating on the stock in a report on Friday, October 31st. Finally, Wall Street Zen upgraded Intercontinental Exchange from a “sell” rating to a “hold” rating in a research report on Saturday, December 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $194.70.

About Intercontinental Exchange

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.