Financial Enhancement Group LLC Increases Stock Position in Intercontinental Exchange Inc. $ICE

Key Points

• Financial Enhancement Group increased its Intercontinental Exchange stake by 17.6% in the second quarter to 85,169 shares valued at approximately $10.5 million. Institutional investors collectively own 89.3% of ICE’s outstanding stock.
• ICE reported quarterly earnings of $1.90 per share, beating estimates of $1.84, while revenue rose 4.8% year over year to $3.61 billion. Shares opened at $149.11, down 1.8%.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $183.33, implying upside from the reported share price. Company insiders, however, sold 13,425 shares worth roughly $2.05 million during the last quarter.

Financial Enhancement Group LLC raised its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 17.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 85,169 shares of the financial services provider's stock after purchasing an additional 12,723 shares during the quarter. Intercontinental Exchange accounts for about 1.3% of Financial Enhancement Group LLC's holdings, making the stock its 28th biggest holding. Financial Enhancement Group LLC's holdings in Intercontinental Exchange were worth $10,485,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of ICE. J. Stern & Co. LLP lifted 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 worth $8,763,214,000 after acquiring an additional 53,798,055 shares during the last quarter. Norges Bank bought a new position in Intercontinental Exchange in the fourth quarter valued at $1,418,228,000. Viking Global Investors LP bought a new position in Intercontinental Exchange in the fourth quarter valued at $777,926,000. Boston Partners lifted its stake in Intercontinental Exchange by 148.6% during the fourth quarter. Boston Partners now owns 3,203,845 shares of the financial services provider's stock worth $519,701,000 after purchasing an additional 1,914,851 shares during the last quarter. Finally, Focus Partners Wealth boosted its holdings in shares of Intercontinental Exchange by 569.8% in the 4th quarter. Focus Partners Wealth now owns 2,210,948 shares of the financial services provider's stock worth $358,142,000 after purchasing an additional 1,880,835 shares in the last quarter. Hedge funds and other institutional investors own 89.30% of the company's stock.

Insider Buying and Selling at Intercontinental Exchange

In other Intercontinental Exchange news, CFO Warren Gardiner sold 2,490 shares of Intercontinental Exchange stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $156.64, for a total value of $390,033.60. Following the transaction, the chief financial officer directly owned 25,189 shares of the company's stock, valued at $3,945,604.96. The trade was a 9.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sharon Bowen sold 667 shares of the business's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $151.28, for a total value of $100,903.76. Following the completion of the sale, the director owned 15,077 shares of the company's stock, valued at $2,280,848.56. The trade was a 4.24% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 13,425 shares of company stock worth $2,046,324 over the last quarter. Company insiders own 0.84% of the company's stock.

Intercontinental Exchange Stock Down 1.8%

Shares of NYSE:ICE opened at $149.11 on Wednesday. The stock's 50-day moving average price is $139.42 and its 200-day moving average price is $153.33. Intercontinental Exchange Inc. has a 12-month low of $121.79 and a 12-month high of $189.35. The stock has a market capitalization of $83.71 billion, a P/E ratio of 21.06, a price-to-earnings-growth ratio of 1.85 and a beta of 0.92. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.84 by $0.06. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The firm had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter in the previous year, the business earned $1.81 earnings per share. The company's quarterly revenue was up 4.8% on a year-over-year basis. On average, equities analysts anticipate that Intercontinental Exchange Inc. will post 7.99 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on ICE shares. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $178.00 price objective on shares of Intercontinental Exchange in a research report on Friday. Barclays restated an "overweight" rating and issued a $182.00 target price (up from $180.00) on shares of Intercontinental Exchange in a research report on Friday. UBS Group reaffirmed 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. Piper Sandler reduced their price target on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods began coverage on shares of Intercontinental Exchange in a research note on Wednesday, April 8th. They set an "outperform" rating and a $190.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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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