Community Trust & Investment Co. Buys 33,943 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Community Trust & Investment Co. increased its Intercontinental Exchange stake by 30.3% in the second quarter, buying 33,943 shares for a total holding of 145,983 shares valued at approximately $18.0 million.
• Institutional investors own 89.3% of ICE’s outstanding shares, with several major funds—including J. Stern & Co., Norges Bank and Viking Global Investors—building significant positions.
• ICE exceeded quarterly earnings expectations, reporting $1.90 EPS and $3.61 billion in revenue; analysts maintain a “Moderate Buy” consensus with an average price target of $183.33, despite recent insider selling.

Community Trust & Investment Co. increased its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 30.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 145,983 shares of the financial services provider's stock after buying an additional 33,943 shares during the period. Community Trust & Investment Co.'s holdings in Intercontinental Exchange were worth $17,972,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. J. Stern & Co. LLP increased its stake 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 worth $8,763,214,000 after purchasing an additional 53,798,055 shares during the last quarter. Norges Bank bought a new position in Intercontinental Exchange during the fourth quarter valued at $1,418,228,000. Viking Global Investors LP bought a new position in Intercontinental Exchange during the fourth quarter valued at $777,926,000. Boston Partners increased its position in Intercontinental Exchange by 148.6% in the fourth quarter. Boston Partners now owns 3,203,845 shares of the financial services provider's stock worth $519,701,000 after buying an additional 1,914,851 shares during the last quarter. Finally, Focus Partners Wealth raised its stake in shares of Intercontinental Exchange by 569.8% in the fourth quarter. Focus Partners Wealth now owns 2,210,948 shares of the financial services provider's stock valued at $358,142,000 after buying an additional 1,880,835 shares during the period. Institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Price Performance

Intercontinental Exchange stock opened at $150.35 on Friday. The firm has a market capitalization of $84.40 billion, a P/E ratio of 21.24, a PEG ratio of 1.48 and a beta of 0.92. Intercontinental Exchange Inc. has a one year low of $121.79 and a one year high of $189.35. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. The business has a fifty day moving average price of $139.52 and a 200-day moving average price of $152.97.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released 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 for the quarter, compared to analyst estimates 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 for the quarter was up 4.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.81 EPS. As a group, equities research analysts forecast that Intercontinental Exchange Inc. will post 8.08 EPS for the current year.

Insider Buying and Selling at Intercontinental Exchange

In other news, Director William Jefferson Hague sold 1,333 shares of the company's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $139.46, for a total transaction of $185,900.18. Following the sale, the director directly owned 20,132 shares in the company, valued at $2,807,608.72. This represents a 6.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of the stock in a transaction dated Tuesday, May 26th. The stock was 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 in the company, valued at approximately $6,891,887.88. The trade was a 9.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 20,725 shares of company stock worth $3,133,148. 0.84% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. The Goldman Sachs Group cut their price target on Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. TD Cowen reaffirmed a "buy" rating and set a $177.00 price objective (up from $159.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. UBS Group reiterated a "buy" rating and set a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Wall Street Zen downgraded shares of Intercontinental Exchange from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $178.00 target price on shares of Intercontinental Exchange in a research note on Friday, July 31st. One 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, the company has a consensus 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.

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