Corundum Group Inc. Trims Stock Holdings in Intercontinental Exchange Inc. $ICE

Corundum Group Inc. reduced its stake in Intercontinental Exchange Inc. (NYSE:ICE) by 7.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,533 shares of the financial services provider’s stock after selling 131 shares during the period. Corundum Group Inc.’s holdings in Intercontinental Exchange were worth $281,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Tsfg LLC increased its stake in Intercontinental Exchange by 187.3% during the first quarter. Tsfg LLC now owns 158 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 103 shares during the period. Rakuten Securities Inc. increased its stake in Intercontinental Exchange by 595.8% during the first quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 143 shares during the period. Activest Wealth Management increased its stake in Intercontinental Exchange by 4,050.0% during the first quarter. Activest Wealth Management now owns 166 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 162 shares during the period. McClarren Financial Advisors Inc. purchased a new stake in Intercontinental Exchange during the first quarter worth about $30,000. Finally, Global Trust Asset Management LLC purchased a new stake in Intercontinental Exchange during the first quarter worth about $31,000. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on ICE shares. Barclays boosted their price target on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Weiss Ratings restated a “buy (b)” rating on shares of Intercontinental Exchange in a research note on Saturday, September 27th. Morgan Stanley cut their target price on shares of Intercontinental Exchange from $192.00 to $188.00 and set an “equal weight” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. upped their target price on shares of Intercontinental Exchange from $195.00 to $203.00 and gave the stock an “overweight” rating in a research note on Thursday, September 25th. Finally, Piper Sandler upped their target price on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 15th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Intercontinental Exchange has an average rating of “Moderate Buy” and a consensus target price of $198.20.

Insider Transactions at Intercontinental Exchange

In related news, Director Judith A. Sprieser sold 2,900 shares of the company’s stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $174.51, for a total value of $506,079.00. Following the completion of the transaction, the director directly owned 18,169 shares of the company’s stock, valued at $3,170,672.19. This represents a 13.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Douglas Foley sold 1,600 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $175.62, for a total value of $280,992.00. Following the completion of the transaction, the senior vice president directly owned 25,796 shares of the company’s stock, valued at $4,530,293.52. This trade represents a 5.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 230,874 shares of company stock valued at $42,187,714 over the last three months. 1.00% of the stock is owned by corporate insiders.

Intercontinental Exchange Stock Performance

Shares of ICE opened at $162.47 on Friday. The stock has a 50 day moving average price of $176.53 and a 200 day moving average price of $174.67. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $93.00 billion, a price-to-earnings ratio of 31.18, a price-to-earnings-growth ratio of 1.96 and a beta of 1.08. Intercontinental Exchange Inc. has a 52-week low of $142.29 and a 52-week high of $189.35.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.04. The firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $2.50 billion. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%.The firm’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.52 earnings per share. Research analysts predict that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Intercontinental Exchange Profile

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.