Bridgewater Associates LP Purchases New Holdings in Intercontinental Exchange Inc (ICE)
Bridgewater Associates LP purchased a new position in shares of Intercontinental Exchange Inc (NYSE:ICE) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 9,638 shares of the financial services provider’s stock, valued at approximately $722,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Royal London Asset Management Ltd. acquired a new position in Intercontinental Exchange during the 2nd quarter worth about $17,795,000. Baird Financial Group Inc. lifted its stake in Intercontinental Exchange by 11.2% during the 2nd quarter. Baird Financial Group Inc. now owns 131,129 shares of the financial services provider’s stock worth $9,644,000 after acquiring an additional 13,229 shares in the last quarter. Stock Yards Bank & Trust Co. lifted its stake in Intercontinental Exchange by 1.2% during the 3rd quarter. Stock Yards Bank & Trust Co. now owns 186,409 shares of the financial services provider’s stock worth $13,960,000 after acquiring an additional 2,130 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its stake in Intercontinental Exchange by 135.7% during the 3rd quarter. Steward Partners Investment Advisory LLC now owns 17,500 shares of the financial services provider’s stock worth $1,311,000 after acquiring an additional 10,075 shares in the last quarter. Finally, Clinton Group Inc. acquired a new position in Intercontinental Exchange during the 3rd quarter worth about $4,917,000. Institutional investors and hedge funds own 89.09% of the company’s stock.
ICE stock opened at $79.12 on Thursday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $46.55 billion, a price-to-earnings ratio of 26.82, a P/E/G ratio of 2.33 and a beta of 0.50. Intercontinental Exchange Inc has a 1 year low of $66.92 and a 1 year high of $82.65.
Intercontinental Exchange announced that its Board of Directors has authorized a stock repurchase program on Wednesday, October 31st that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In other news, General Counsel Andrew J. Surdykowski sold 1,200 shares of the firm’s stock in a transaction dated Monday, November 26th. The stock was sold at an average price of $80.14, for a total transaction of $96,168.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Scott A. Hill sold 403 shares of the firm’s stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $80.00, for a total value of $32,240.00. Following the sale, the chief financial officer now directly owns 161,526 shares in the company, valued at approximately $12,922,080. The disclosure for this sale can be found here. Insiders sold a total of 110,166 shares of company stock worth $8,498,035 in the last ninety days. 1.50% of the stock is owned by corporate insiders.
Several research firms recently issued reports on ICE. Zacks Investment Research raised Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $91.00 target price on the stock in a research note on Friday, November 30th. Berenberg Bank lowered Intercontinental Exchange from a “buy” rating to a “hold” rating and set a $87.00 price target on the stock. in a research report on Tuesday, November 20th. Atlantic Securities began coverage on Intercontinental Exchange in a research report on Wednesday, November 28th. They issued an “overweight” rating on the stock. Deutsche Bank increased their price target on Intercontinental Exchange from $85.00 to $86.00 and gave the company a “buy” rating in a research report on Friday, November 16th. Finally, ValuEngine raised Intercontinental Exchange from a “hold” rating to a “buy” rating in a research report on Friday, September 7th. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $84.50.
Intercontinental Exchange Company Profile
Intercontinental Exchange, Inc operates regulated exchanges, clearing houses, and listings venues for financial and commodity markets in the United States, the United Kingdom, Continental Europe, Asia, Israel, and Canada. It operates through two segments, Trading and Clearing; and Data and Listings. The company operates marketplaces for listing, trading, and clearing an array of derivatives and securities contracts across various asset classes, including energy and agricultural commodities, interest rates, equities, equity and credit derivatives, exchange traded funds, bonds, and currencies.
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