Intercontinental Exchange Inc. $ICE Stock: King Luther Capital Management Corp Reduces Position

King Luther Capital Management Corp lowered its holdings in Intercontinental Exchange Inc. (NYSE:ICE) by 29.7% during the third quarter, according to the company in 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 quarter. King Luther Capital Management Corp’s holdings in Intercontinental Exchange were worth $17,490,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in ICE. Rakuten Securities Inc. acquired a new position in Intercontinental Exchange in the second quarter valued at approximately $26,000. Gables Capital Management Inc. purchased a new position in Intercontinental Exchange in the second quarter valued at approximately $31,000. James T. Borello RIA raised its holdings in Intercontinental Exchange by 143.0% during the third quarter. James T. Borello RIA now owns 209 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 123 shares in the last quarter. Hughes Financial Services LLC raised its holdings in Intercontinental Exchange by 64.4% during the third quarter. Hughes Financial Services LLC now owns 194 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 76 shares in the last quarter. Finally, Fiduciary Financial Advisors acquired a new stake in Intercontinental Exchange during the second quarter worth approximately $33,000. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Intercontinental Exchange Trading Down 1.5%

ICE opened at $177.80 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.68. Intercontinental Exchange Inc. has a 52 week low of $121.79 and a 52 week high of $181.38. The business’s 50 day moving average is $160.03 and its two-hundred day moving average is $154.71. The firm has a market cap of $99.36 billion, a price-to-earnings ratio of 24.26, a price-to-earnings-growth ratio of 1.59 and a beta of 0.84.

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

Insiders Place Their Bets

In other Intercontinental Exchange news, President Benjamin Jackson sold 12,862 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $160.09, for a total transaction of $2,059,077.58. Following the transaction, the president directly owned 164,264 shares of the company’s stock, valued at approximately $26,297,023.76. This trade represents a 7.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Andrew J. Surdykowski sold 4,575 shares of Intercontinental Exchange stock in a transaction on Tuesday, November 10th. The shares were sold at an average price of $175.05, for a total transaction of $800,853.75. Following the completion of the transaction, the general counsel owned 40,554 shares in the company, valued at approximately $7,098,977.70. This represents a 10.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 52,000 shares of company stock worth $8,638,669. Corporate insiders own 0.84% of the company’s stock.

Key Intercontinental Exchange News

Investors following ICE have been watching these news items:

• 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
• Negative Sentiment: Two insiders reported stock sales: General Counsel Andrew Surdykowski sold 4,575 shares for about $801,000, reducing his holdings by 10.14%; Director Sharon Bowen sold 2,100 shares for about $366,000, reducing hers by 13.93%. The sales could create a modest negative sentiment signal, although both retained shares. SEC filing: Andrew Surdykowski transaction SEC filing: Sharon Bowen transaction

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Barclays upped their target price on shares of Intercontinental Exchange from $189.00 to $194.00 and gave the company an “overweight” rating in a report on Friday, October 30th. 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. Piper Sandler reiterated an “overweight” rating and set a $195.00 price target (up from $190.00) on shares of Intercontinental Exchange in a research note on Friday, October 2nd. Keefe, Bruyette & Woods boosted their price target on shares of Intercontinental Exchange from $180.00 to $190.00 and gave the company an “outperform” rating in a research report on Friday, October 30th. Finally, Wells Fargo & Company upped their price objective on shares of Intercontinental Exchange from $160.00 to $167.00 and gave the company an “underweight” rating in a research note on Friday, October 30th. One equities research 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’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $189.25.

Intercontinental Exchange Company Profile

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.