Intercontinental Exchange Inc. $ICE Stock Sold by King Luther Capital Management Corp

King Luther Capital Management Corp lessened its stake in Intercontinental Exchange Inc. (NYSE:ICE) by 29.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 115,040 shares of the financial services provider’s stock after selling 48,690 shares during the period. King Luther Capital Management Corp’s holdings in Intercontinental Exchange were worth $17,490,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Intercontinental Exchange during the second quarter worth $6,245,085,000. State Street Corp grew its stake in shares of Intercontinental Exchange by 1.6% in the second quarter. State Street Corp now owns 25,966,680 shares of the financial services provider’s stock valued at $3,196,758,000 after buying an additional 415,490 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Intercontinental Exchange by 16.1% in the 2nd quarter. Wellington Management Group LLP now owns 11,812,273 shares of the financial services provider’s stock valued at $1,454,209,000 after buying an additional 1,634,385 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Intercontinental Exchange in the 2nd quarter valued at $714,869,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Intercontinental Exchange by 1.0% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,298,162 shares of the financial services provider’s stock worth $652,257,000 after acquiring an additional 52,910 shares in the last quarter. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Analyst Upgrades and Downgrades

ICE has been the subject of a number of research analyst reports. Weiss Ratings upgraded Intercontinental Exchange from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, October 21st. Morgan Stanley lifted their target price on Intercontinental Exchange from $163.00 to $173.00 and gave the company an “equal weight” rating in a research report on Friday, October 9th. Deutsche Bank reiterated a “buy” rating and set a $178.00 price target (up from $169.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Bank of America increased their price target on shares of Intercontinental Exchange from $232.00 to $236.00 and gave the stock a “buy” rating in a research report on Friday, October 2nd. Finally, Wall Street Zen raised shares of Intercontinental Exchange from a “sell” rating to a “hold” rating in a research note on Saturday, October 10th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Intercontinental Exchange has an average rating of “Moderate Buy” and an average target price of $189.25.

Intercontinental Exchange News Roundup

Here’s some of the latest news about ICE:

• Positive Sentiment: ICE and OKX plan to launch OKXICE, a 24/7 venue for eligible U.S. customers to trade tokenized versions of more than 70 assets starting Nov. 23. The initiative could open a new trading channel and broaden ICE’s reach, though adoption and execution remain to be seen. Article: NYSE Affiliate to Launch 24/7 Tokenized Stock Trading This Month
• Positive Sentiment: ICE plans to introduce wind futures covering seven European countries, expanding its derivatives offerings and potentially creating additional trading activity. Article: ICE Plans to Launch Wind Futures
• Positive Sentiment: Analysts’ consensus price target is $189.25, above the quoted share price of $177.80, indicating potential upside in their forecasts. Article: ICE Stock Has Consensus Price Target of $189.25

Intercontinental Exchange Price Performance

ICE stock opened at $177.80 on Friday. The business’s 50-day moving average is $160.03 and its two-hundred day moving average is $154.71. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market capitalization of $99.36 billion, a P/E ratio of 24.26, a P/E/G ratio of 1.59 and a beta of 0.84. Intercontinental Exchange Inc. has a 1 year low of $121.79 and a 1 year high of $181.38.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings data on Thursday, October 29th. The financial services provider reported $2.02 EPS for the quarter, topping analysts’ consensus estimates of $1.97 by $0.05. Intercontinental Exchange had a return on equity of 15.32% and a net margin of 29.62%. The business had revenue of $3.63 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same period in the previous year, the company posted $1.71 earnings per share. The business’s revenue for the quarter was up 14.7% on a year-over-year basis. Analysts anticipate that Intercontinental Exchange Inc. will post 8.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Benjamin Jackson sold 12,862 shares of Intercontinental Exchange stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $160.09, for a total value of $2,059,077.58. Following the completion of the transaction, the president owned 164,264 shares in the company, valued at $26,297,023.76. The trade was a 7.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Andrew Surdykowski sold 4,575 shares of the business’s stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $175.05, for a total transaction of $800,853.75. Following the transaction, the general counsel owned 40,554 shares of the company’s stock, valued at $7,098,977.70. This trade represents a 10.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 52,000 shares of company stock valued at $8,638,669 over the last ninety days. 0.84% of the stock is currently owned by corporate insiders.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) operates exchanges, clearing houses and technology businesses serving financial and commodity markets. Its platforms support the trading and clearing of futures, options and other products across areas such as energy, agriculture, interest rates and equities. The company also provides market data, analytics and connectivity services to financial institutions and other market participants. Intercontinental Exchange owns the New York Stock Exchange and operates exchanges and clearing houses in multiple markets around the world.