PCM Encore LLC Acquires New Position in Intercontinental Exchange Inc. $ICE

PCM Encore LLC purchased a new stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,466 shares of the financial services provider’s stock, valued at approximately $427,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Ares Financial Consulting LLC acquired a new position in shares of Intercontinental Exchange in the 4th quarter valued at about $25,000. Brooklands Fund Management Ltd bought a new stake in shares of Intercontinental Exchange during the 4th quarter valued at about $28,000. Swiss RE Ltd. acquired a new stake in Intercontinental Exchange during the fourth quarter worth about $28,000. Lloyd Advisory Services LLC. acquired a new stake in Intercontinental Exchange during the fourth quarter worth about $30,000. Finally, Gables Capital Management Inc. bought a new position in Intercontinental Exchange in the second quarter worth about $31,000. Institutional investors and hedge funds own 89.30% of the company’s stock.

Insider Buying and Selling

In related news, Director William Jefferson Hague sold 1,333 shares of the firm’s stock in a transaction that occurred 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 transaction, the director owned 20,132 shares in the company, valued at $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 Securities & Exchange Commission, which is available through the SEC website. Also, SVP Douglas Foley sold 7,300 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $148.88, for a total value of $1,086,824.00. Following the sale, the senior vice president directly owned 19,063 shares in the company, valued at approximately $2,838,099.44. The trade was a 27.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 20,200 shares of company stock worth $3,035,385. Company insiders own 0.84% of the company’s stock.

Intercontinental Exchange Price Performance

Shares of ICE opened at $161.29 on Friday. Intercontinental Exchange Inc. has a one year low of $121.79 and a one year high of $181.65. The stock’s fifty day moving average is $142.34 and its 200-day moving average is $151.69. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market capitalization of $90.55 billion, a price-to-earnings ratio of 22.78, a price-to-earnings-growth ratio of 1.56 and a beta of 0.92.

Intercontinental Exchange (NYSE:ICE) last announced 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. The firm had revenue of $3.61 billion during the quarter, compared to analyst estimates of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. Intercontinental Exchange’s revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.81 EPS. Equities analysts anticipate that Intercontinental Exchange Inc. will post 8.11 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on the company. UBS Group restated 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. Raymond James Financial set a $208.00 price target on Intercontinental Exchange in a report on Monday, July 6th. Morgan Stanley reduced their price objective on Intercontinental Exchange from $187.00 to $163.00 and set an “equal weight” rating for the company in a research report on Friday, July 10th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $178.00 price objective on shares of Intercontinental Exchange in a research note on Friday, July 31st. Finally, Piper Sandler dropped their target price 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 investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $183.33.

About Intercontinental Exchange

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.