Advisors Preferred LLC Purchases New Position in Intercontinental Exchange Inc. $ICE

Key Points

• Advisors Preferred LLC acquired 11,350 shares of Intercontinental Exchange during the second quarter, valued at approximately $1.51 million. Institutional investors collectively own 89.30% of ICE’s outstanding stock.
• ICE reported quarterly earnings of $1.90 per share, exceeding analyst expectations of $1.84, while revenue reached $3.61 billion and increased 4.8% year over year.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $183.33, compared with the stock’s reported price of $158.68.

Advisors Preferred LLC acquired a new position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,350 shares of the financial services provider's stock, valued at approximately $1,509,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. J. Stern & Co. LLP raised its holdings in shares of Intercontinental Exchange by 17,398.1% during the 4th quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider's stock valued at $8,763,214,000 after purchasing an additional 53,798,055 shares in the last quarter. BlackRock Inc. bought a new stake in Intercontinental Exchange in the second quarter worth $6,245,085,000. Norges Bank acquired a new position in Intercontinental Exchange during the fourth quarter worth $1,418,228,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Intercontinental Exchange during the second quarter worth $714,869,000. Finally, Flossbach Von Storch SE bought a new position in Intercontinental Exchange during the second quarter valued at about $649,900,000. Institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Stock Up 0.9%

ICE stock opened at $158.68 on Friday. The stock has a market capitalization of $89.08 billion, a price-to-earnings ratio of 22.41, a price-to-earnings-growth ratio of 1.55 and a beta of 0.92. The company has a 50-day moving average of $141.92 and a two-hundred day moving average of $151.63. Intercontinental Exchange Inc. has a 52-week low of $121.79 and a 52-week high of $181.65. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, topping analysts' consensus estimates of $1.84 by $0.06. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The business had revenue of $3.61 billion for the quarter, compared to analyst estimates of $2.63 billion. During the same period in the previous year, the company posted $1.81 earnings per share. The firm's revenue for the quarter was up 4.8% on a year-over-year basis. As a group, equities research analysts anticipate that Intercontinental Exchange Inc. will post 8.11 EPS for the current year.

Insiders Place Their Bets

In related news, CTO Mayur Kapani sold 4,271 shares of the company's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $151.20, for a total transaction of $645,775.20. Following the completion of the transaction, the chief technology officer directly owned 67,988 shares in the company, valued at $10,279,785.60. This represents a 5.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total transaction of $693,083.88. Following the completion of the sale, the general counsel directly owned 45,473 shares of the company's stock, valued at approximately $6,891,887.88. This trade represents a 9.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 17,709 shares of company stock valued at $2,646,042 over the last ninety days. 0.84% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

ICE has been the subject of a number of analyst reports. Morgan Stanley reduced their price target 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. Raymond James Financial set a $208.00 price objective on Intercontinental Exchange in a research note on Monday, July 6th. Wall Street Zen lowered Intercontinental Exchange from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Weiss Ratings cut Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Finally, TD Cowen reiterated a "buy" rating and set a $177.00 price target (up from $159.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. 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. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target 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.

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