HighTower Advisors LLC Has $19.77 Million Holdings in Intercontinental Exchange Inc. $ICE

HighTower Advisors LLC cut its stake in Intercontinental Exchange Inc. (NYSE:ICE) by 8.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 160,589 shares of the financial services provider’s stock after selling 14,435 shares during the period. HighTower Advisors LLC’s holdings in Intercontinental Exchange were worth $19,770,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. California State Teachers Retirement System boosted its holdings in Intercontinental Exchange by 11,968.7% during the second quarter. California State Teachers Retirement System now owns 108,380,996 shares of the financial services provider’s stock valued at $13,342,784,000 after purchasing an additional 107,482,962 shares in the last quarter. Saudi Central Bank grew its position in Intercontinental Exchange by 88.4% in the second quarter. Saudi Central Bank now owns 39,650 shares of the financial services provider’s stock valued at $4,881,000 after acquiring an additional 18,604 shares during the period. NBH Bank bought a new stake in Intercontinental Exchange in the second quarter valued at $751,000. AlphaGrep UK Ltd acquired a new position in Intercontinental Exchange during the second quarter worth $889,000. Finally, Munich Reinsurance Co Stock Corp in Munich raised its stake in Intercontinental Exchange by 35.5% during the second quarter. Munich Reinsurance Co Stock Corp in Munich now owns 331,547 shares of the financial services provider’s stock worth $40,817,000 after acquiring an additional 86,897 shares in the last quarter. Institutional investors and hedge funds own 89.30% of the company’s stock.

Intercontinental Exchange Stock Down 2.2%

NYSE ICE opened at $157.67 on Wednesday. The stock has a fifty day moving average of $149.58 and a 200-day moving average of $151.68. The stock has a market capitalization of $88.51 billion, a P/E ratio of 22.27, a price-to-earnings-growth ratio of 1.57 and a beta of 0.93. Intercontinental Exchange Inc. has a 52 week low of $121.79 and a 52 week high of $176.59. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01.

Intercontinental Exchange (NYSE:ICE) last released its earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.84 by $0.06. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The company had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same period in the prior year, the company posted $1.81 EPS. The company’s revenue was up 4.8% compared to the same quarter last year. On average, equities research analysts forecast that Intercontinental Exchange Inc. will post 8.1 EPS for the current year.

Insider Transactions at Intercontinental Exchange

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 4,574 shares of the company’s stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $161.77, for a total value of $739,935.98. Following the completion of the sale, the general counsel owned 43,065 shares of the company’s stock, valued at approximately $6,966,625.05. This represents a 9.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Benjamin Jackson sold 12,862 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $160.09, for a total transaction of $2,059,077.58. Following the completion of the sale, the president owned 164,264 shares in the company, valued at approximately $26,297,023.76. This trade represents a 7.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 40,912 shares of company stock valued at $6,403,616. Corporate insiders own 0.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ICE. Weiss Ratings upgraded shares of Intercontinental Exchange from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 25th. Barclays reiterated an “overweight” rating and issued a $182.00 target price (up from $180.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. UBS Group reissued a “buy” rating and issued a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. The Goldman Sachs Group reduced their price objective on Intercontinental Exchange from $208.00 to $180.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Finally, Piper Sandler lowered their target price on Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating for the company in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $184.17.

Intercontinental Exchange Company Profile

Intercontinental Exchange, Inc (NYSE: ICE) operates global exchanges, clearinghouses, data services and technology platforms. The company provides marketplaces for trading and clearing a range of financial and commodity products, including energy, agricultural commodities, interest rates, credit and equities.

ICE owns and operates the New York Stock Exchange and related equity markets, as well as futures and options exchanges in North America and Europe. Its businesses also include ICE Data Services, which provides market data, analytics, connectivity and other information services to financial institutions and corporations.

Through ICE Mortgage Technology, the company offers software and digital platforms designed to support residential mortgage origination, processing, servicing and related workflows.