Connor Clark & Lunn Investment Management Ltd. Invests $36.78 Million in Intercontinental Exchange Inc. $ICE

Key Points

• Connor Clark & Lunn Investment Management purchased 298,771 Intercontinental Exchange shares worth approximately $36.78 million, giving it a 0.05% stake. Institutional investors and hedge funds collectively own 89.30% of ICE.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $183.33; UBS and TD Cowen recently raised their targets.
• ICE recently beat quarterly earnings expectations, reporting $1.90 in EPS versus $1.84 expected and $3.61 billion in revenue, up 4.8% year over year. Insiders, however, sold 17,227 shares worth about $2.6 million over the past 90 days.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 298,771 shares of the financial services provider's stock, valued at approximately $36,782,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.05% of Intercontinental Exchange at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Ares Financial Consulting LLC bought a new stake in Intercontinental Exchange in the fourth quarter worth approximately $25,000. Rakuten Securities Inc. bought a new position in shares of Intercontinental Exchange during the 2nd quarter valued at $26,000. Brooklands Fund Management Ltd acquired a new stake in shares of Intercontinental Exchange in the 4th quarter valued at $28,000. Swiss RE Ltd. acquired a new stake in shares of Intercontinental Exchange in the 4th quarter valued at $28,000. Finally, Lloyd Advisory Services LLC. bought a new stake in Intercontinental Exchange in the fourth quarter worth $30,000. Institutional investors and hedge funds own 89.30% of the company's stock.

Insiders Place Their Bets

In related news, SVP Douglas Foley sold 1,600 shares of the company's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $160.00, for a total transaction of $256,000.00. Following the completion of the transaction, the senior vice president directly owned 17,463 shares in the company, valued at $2,794,080. This represents a 8.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William Jefferson Hague sold 1,333 shares of the 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 sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 17,227 shares of company stock valued at $2,598,301 over the last ninety days. 0.84% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

ICE has been the topic of several analyst reports. UBS Group reissued 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 raised Intercontinental Exchange from a "sell" rating to a "hold" rating in a research report on Saturday. TD Cowen reiterated a "buy" rating and set a $177.00 price target (up from $159.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Rothschild & Co Redburn set a $177.00 price objective on Intercontinental Exchange in a report on Thursday, June 11th. Finally, Weiss Ratings lowered Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. One research 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. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $183.33.

Intercontinental Exchange Stock Up 1.0%

ICE stock opened at $162.89 on Tuesday. The stock has a market capitalization of $91.45 billion, a price-to-earnings ratio of 23.01, a price-to-earnings-growth ratio of 1.57 and a beta of 0.92. The company has a 50-day moving average of $142.80 and a two-hundred day moving average of $151.54. 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 announced its earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.84 by $0.06. The firm 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 for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.81 EPS. As a group, equities research analysts anticipate that Intercontinental Exchange Inc. will post 8.1 EPS for the current year.

Intercontinental Exchange Company 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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