Chemung Canal Trust Co. Grows Stock Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• Chemung Canal Trust Co. increased its stake in Intercontinental Exchange Inc. (NYSE:ICE) by 15.2%, owning 18,071 shares valued at approximately $3.32 million after acquiring an additional 2,380 shares in the second quarter.
• Intercontinental Exchange's recent quarterly earnings reported an EPS of $1.81, exceeding the consensus estimate by $0.04, with a revenue of $3.26 billion, significantly above analyst predictions.
• Notable insider sales include CEO Jeffrey C. Sprecher, who sold 150,000 shares for over $27 million, indicating a 7.14% decrease in his ownership.

Chemung Canal Trust Co. increased its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 15.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,071 shares of the financial services provider's stock after buying an additional 2,380 shares during the quarter. Chemung Canal Trust Co.'s holdings in Intercontinental Exchange were worth $3,315,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Tsfg LLC grew its holdings in shares of 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 buying an additional 103 shares during the last quarter. Rakuten Securities Inc. grew its holdings in shares of 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 buying an additional 143 shares during the last quarter. Activest Wealth Management boosted its holdings in Intercontinental Exchange by 4,050.0% in the 1st quarter. Activest Wealth Management now owns 166 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 162 shares in the last quarter. McClarren Financial Advisors Inc. purchased a new stake in Intercontinental Exchange in the 1st quarter valued at approximately $30,000. Finally, Global Trust Asset Management LLC purchased a new stake in Intercontinental Exchange in the 1st quarter valued at approximately $31,000. Hedge funds and other institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Price Performance

Shares of NYSE:ICE opened at $162.47 on Friday. The business's 50 day simple moving average is $176.53 and its 200-day simple moving average is $174.68. The firm has a market capitalization of $93.00 billion, a price-to-earnings ratio of 31.18, a price-to-earnings-growth ratio of 1.98 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. Intercontinental Exchange Inc. has a 12 month low of $142.29 and a 12 month high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, topping the consensus estimate of $1.77 by $0.04. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.50 billion. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%.The company's quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.52 EPS. As a group, equities analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Insider Activity

In related news, General Counsel Andrew J. Surdykowski sold 3,850 shares of Intercontinental Exchange stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $178.33, for a total transaction of $686,570.50. Following the completion of the transaction, the general counsel directly owned 46,293 shares in the company, valued at $8,255,430.69. The trade was a 7.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of Intercontinental Exchange stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $183.09, for a total value of $27,463,500.00. Following the transaction, the chief executive officer owned 1,951,705 shares of the company's stock, valued at $357,337,668.45. This represents a 7.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 230,874 shares of company stock worth $42,187,714. 1.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

ICE has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Intercontinental Exchange in a report on Saturday, September 27th. JPMorgan Chase & Co. lifted their price objective on Intercontinental Exchange from $195.00 to $203.00 and gave the company an "overweight" rating in a report on Thursday, September 25th. Piper Sandler lifted their price objective on Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. Barclays lifted their price objective on Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, UBS Group lifted their price objective on Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $198.20.

About Intercontinental Exchange

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.

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