M.D. Sass LLC Makes New $3.50 Million Investment in Intercontinental Exchange Inc. $ICE

M.D. Sass LLC acquired a new stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 28,450 shares of the financial services provider’s stock, valued at approximately $3,502,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Intercontinental Exchange by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider’s stock worth $8,770,647,000 after purchasing an additional 413,639 shares during the last quarter. J. Stern & Co. LLP raised its position in Intercontinental Exchange by 17,398.1% in the 4th quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider’s stock worth $8,763,214,000 after purchasing an additional 53,798,055 shares during the period. BlackRock Inc. purchased a new position in shares of Intercontinental Exchange in the second quarter worth about $6,245,085,000. State Street Corp increased its stake in Intercontinental Exchange by 3.4% in the 4th quarter. State Street Corp now owns 25,653,952 shares of the financial services provider’s stock worth $4,154,914,000 after purchasing an additional 837,208 shares during the period. Finally, Morgan Stanley increased its stake in shares of Intercontinental Exchange by 1.0% in the fourth quarter. Morgan Stanley now owns 15,875,593 shares of the financial services provider’s stock worth $2,571,212,000 after buying an additional 158,450 shares during the period. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Intercontinental Exchange

In related news, Director William Jefferson Hague sold 1,333 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $139.46, for a total transaction of $185,900.18. Following the completion of the transaction, the director directly owned 20,132 shares of the company’s stock, valued at approximately $2,807,608.72. This trade represents a 6.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total value of $693,083.88. Following the transaction, the general counsel owned 45,473 shares of the company’s stock, valued at $6,891,887.88. This represents a 9.14% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 18,376 shares of company stock valued at $2,746,946. 0.84% of the stock is owned by corporate insiders.

Intercontinental Exchange Price Performance

Shares of Intercontinental Exchange stock opened at $156.30 on Wednesday. The stock’s fifty day moving average is $141.20 and its 200 day moving average is $151.86. 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 Inc. has a one year low of $121.79 and a one year high of $181.72. The stock has a market cap of $87.75 billion, a P/E ratio of 22.08, a P/E/G ratio of 1.52 and a beta of 0.92.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings data 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. The company had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $2.63 billion. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The firm’s revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.81 EPS. Sell-side analysts anticipate that Intercontinental Exchange Inc. will post 8.11 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have commented on ICE. Rothschild & Co Redburn set a $177.00 price target on Intercontinental Exchange in a research report on Thursday, June 11th. Wall Street Zen cut shares of Intercontinental Exchange from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $178.00 target price on shares of Intercontinental Exchange in a report on Friday, July 31st. UBS Group reiterated a “buy” rating and issued a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Finally, Piper Sandler dropped their price objective on Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Intercontinental Exchange has an average rating of “Moderate Buy” and an average price target of $183.33.

Intercontinental Exchange Profile

Intercontinental Exchange (NYSE: ICE) is a global operator of exchanges, clearing houses and data services that provides infrastructure for the trading, clearing, settlement and information needs of financial and commodity markets. Founded in 2000 by Jeffrey C. Sprecher as an electronic energy trading platform, the company has grown through organic expansion and acquisitions to operate a broad portfolio of assets spanning listed equities, futures and options, fixed income, and over-the-counter derivatives.