M.D. Sass LLC Invests $3.50 Million in Intercontinental Exchange Inc. $ICE

M.D. Sass LLC acquired a new position in Intercontinental Exchange Inc. (NYSE:ICE) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 28,450 shares of the financial services provider’s stock, valued at approximately $3,502,000.

Several other hedge funds have also modified their holdings of the stock. Brighton Jones LLC increased its stake in shares of Intercontinental Exchange by 51.3% in the 4th quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider’s stock valued at $514,000 after buying an additional 1,169 shares during the period. Empowered Funds LLC raised its position in shares of Intercontinental Exchange by 9.0% in the 1st quarter. Empowered Funds LLC now owns 14,396 shares of the financial services provider’s stock valued at $2,483,000 after acquiring an additional 1,189 shares during the period. Sivia Capital Partners LLC raised its stake in Intercontinental Exchange by 16.2% during the 2nd quarter. Sivia Capital Partners LLC now owns 2,078 shares of the financial services provider’s stock worth $381,000 after buying an additional 289 shares during the period. NewEdge Advisors LLC raised its position in shares of Intercontinental Exchange by 27.9% during the second quarter. NewEdge Advisors LLC now owns 21,213 shares of the financial services provider’s stock worth $3,892,000 after purchasing an additional 4,628 shares during the period. Finally, Treasurer of the State of North Carolina lifted its stake in Intercontinental Exchange by 2.4% in the second quarter. Treasurer of the State of North Carolina now owns 266,496 shares of the financial services provider’s stock valued at $48,894,000 after buying an additional 6,373 shares in the last quarter. 89.30% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ICE has been the subject of several recent research reports. Rothschild & Co Redburn set a $177.00 price objective on Intercontinental Exchange in a research report on Thursday, June 11th. Raymond James Financial set a $208.00 target price on shares of Intercontinental Exchange in a report on Monday, July 6th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $178.00 target price on shares of Intercontinental Exchange in a research report on Friday, July 31st. UBS Group restated a “buy” rating and issued a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Finally, TD Cowen reissued a “buy” rating and set a $177.00 target price (up from $159.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Intercontinental Exchange has a consensus rating of “Moderate Buy” and a consensus target price of $183.33.

Insider Activity

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $151.56, for a total value of $693,083.88. Following the sale, the general counsel directly owned 45,473 shares in the company, valued at $6,891,887.88. The trade was a 9.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Mayur Kapani sold 4,271 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $151.20, for a total value of $645,775.20. Following the transaction, the chief technology officer owned 67,988 shares of the company’s stock, valued at $10,279,785.60. The trade was a 5.91% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 18,376 shares of company stock worth $2,746,946. 0.84% of the stock is owned by insiders.

Intercontinental Exchange Stock Up 1.3%

Shares of NYSE:ICE opened at $156.30 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. The stock has a market cap of $87.75 billion, a price-to-earnings ratio of 22.08, a PEG ratio of 1.52 and a beta of 0.92. The business’s 50 day moving average is $141.20 and its 200 day moving average is $151.86. Intercontinental Exchange Inc. has a 12-month low of $121.79 and a 12-month high of $181.72.

Intercontinental Exchange (NYSE:ICE) last announced its earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.84 by $0.06. The company had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.81 earnings per share. On average, sell-side analysts forecast that Intercontinental Exchange Inc. will post 8.11 earnings per share for the current fiscal year.

Intercontinental Exchange Profile

Intercontinental Exchange (NYSE: ICE) is a global operator of exchanges, clearing houses and data services that provides infrastructure for the trading, clearing, settlement and information needs of financial and commodity markets. Founded in 2000 by Jeffrey C. Sprecher as an electronic energy trading platform, the company has grown through organic expansion and acquisitions to operate a broad portfolio of assets spanning listed equities, futures and options, fixed income, and over-the-counter derivatives.