Hutchens Investment Management Inc Has $1.74 Million Stake in Intercontinental Exchange Inc (ICE)
Hutchens Investment Management Inc lowered its stake in Intercontinental Exchange Inc (NYSE:ICE) by 29.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 24,619 shares of the financial services provider’s stock after selling 10,169 shares during the quarter. Hutchens Investment Management Inc’s holdings in Intercontinental Exchange were worth $1,737,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of ICE. IHT Wealth Management LLC lifted its stake in shares of Intercontinental Exchange by 10.8% in the 2nd quarter. IHT Wealth Management LLC now owns 185 shares of the financial services provider’s stock valued at $101,000 after purchasing an additional 18 shares during the period. Americafirst Capital Management LLC acquired a new stake in Intercontinental Exchange during the 3rd quarter worth $145,000. Savant Capital LLC acquired a new stake in Intercontinental Exchange during the 3rd quarter worth $206,000. Geneva Partners LLC acquired a new stake in Intercontinental Exchange during the 3rd quarter worth $206,000. Finally, HighPoint Advisor Group LLC acquired a new stake in Intercontinental Exchange during the 3rd quarter worth $214,000. 89.96% of the stock is currently owned by institutional investors.
ICE has been the topic of several research analyst reports. Zacks Investment Research downgraded Intercontinental Exchange from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Wells Fargo & Co raised their price objective on Intercontinental Exchange from $65.00 to $73.00 and gave the stock a “market perform” rating in a research note on Thursday, October 5th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $73.00 price objective on shares of Intercontinental Exchange in a research note on Sunday, October 8th. Barclays raised their price objective on Intercontinental Exchange from $72.00 to $78.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 10th. Finally, Royal Bank of Canada raised their price objective on Intercontinental Exchange from $70.00 to $76.00 and gave the stock an “outperform” rating in a research note on Monday, October 16th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Intercontinental Exchange currently has a consensus rating of “Buy” and a consensus target price of $75.40.
Intercontinental Exchange Inc (ICE) traded up $0.93 on Wednesday, hitting $74.05. The company’s stock had a trading volume of 2,413,600 shares, compared to its average volume of 2,843,400. Intercontinental Exchange Inc has a 1 year low of $55.80 and a 1 year high of $74.33. The firm has a market cap of $43,510.00, a P/E ratio of 26.93, a price-to-earnings-growth ratio of 2.29 and a beta of 0.70. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.01 and a quick ratio of 1.01.
Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings results on Thursday, November 2nd. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.02. Intercontinental Exchange had a return on equity of 11.01% and a net margin of 27.91%. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the business posted $0.64 EPS. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. research analysts expect that Intercontinental Exchange Inc will post 2.95 EPS for the current year.
Intercontinental Exchange declared that its Board of Directors has authorized a stock buyback plan on Thursday, November 2nd that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, Vice Chairman Charles A. Vice sold 7,500 shares of the firm’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $71.93, for a total value of $539,475.00. Following the completion of the transaction, the insider now owns 377,471 shares in the company, valued at approximately $27,151,489.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jean Marc Forneri sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $70.68, for a total value of $565,440.00. The disclosure for this sale can be found here. Insiders sold a total of 38,070 shares of company stock worth $2,684,849 in the last three months. Company insiders own 1.50% of the company’s stock.
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Intercontinental Exchange Company Profile
Intercontinental Exchange Inc, formerly IntercontinentalExchange Group, Inc, is a network of regulated exchanges and clearing houses for financial and commodity markets. The Company delivers transparent and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.
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