Goodnow Investment Group LLC Acquires New Position in Intercontinental Exchange Inc. $ICE

Key Points

• Goodnow Investment Group acquired 58,450 shares of Intercontinental Exchange worth approximately $7.2 million, making ICE its 22nd-largest holding. Institutional investors collectively own 89.3% of the company.
• Analysts maintain a favorable outlook, with a consensus rating of “Moderate Buy” and an average price target of $183.33, above ICE’s reported price of $162.89.
• ICE exceeded quarterly earnings expectations, reporting $1.90 in EPS versus the $1.84 consensus and $3.61 billion in revenue, up 4.8% year over year. However, company insiders sold 17,227 shares worth about $2.6 million during the last quarter.

Goodnow Investment Group LLC bought a new position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 58,450 shares of the financial services provider's stock, valued at approximately $7,196,000. Intercontinental Exchange comprises approximately 0.7% of Goodnow Investment Group LLC's holdings, making the stock its 22nd largest holding.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Intercontinental Exchange by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider's stock valued at $8,770,647,000 after purchasing an additional 413,639 shares in the last quarter. 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 valued at $8,763,214,000 after buying an additional 53,798,055 shares during the period. BlackRock Inc. purchased a new stake in Intercontinental Exchange during the second quarter valued at $6,245,085,000. State Street Corp lifted its holdings in Intercontinental Exchange by 3.4% in the fourth quarter. State Street Corp now owns 25,653,952 shares of the financial services provider's stock valued at $4,154,914,000 after acquiring an additional 837,208 shares during the period. Finally, Morgan Stanley lifted its holdings in Intercontinental Exchange by 1.0% in the fourth quarter. Morgan Stanley now owns 15,875,593 shares of the financial services provider's stock valued at $2,571,212,000 after acquiring an additional 158,450 shares during the period. Institutional investors own 89.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Barclays reissued an "overweight" rating and issued a $182.00 price objective (up from $180.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. The Goldman Sachs Group reduced their price objective 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 issued a $177.00 target price (up from $159.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. UBS Group reissued a "buy" rating and set a $195.00 price target (up from $190.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Finally, Rothschild & Co Redburn set a $177.00 price objective on Intercontinental Exchange in a research note on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Intercontinental Exchange currently has a consensus rating of "Moderate Buy" and an average price target of $183.33.

Insider Activity at Intercontinental Exchange

In other news, CFO Warren Gardiner sold 2,491 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $156.30, for a total transaction of $389,343.30. Following the sale, the chief financial officer directly owned 22,698 shares of the company's stock, valued at $3,547,697.40. This represents a 9.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Douglas Foley sold 1,600 shares of the firm'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 of the company's stock, valued at approximately $2,794,080. This trade represents a 8.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 17,227 shares of company stock worth $2,598,301 in the last quarter. 0.84% of the stock is owned by company insiders.

Intercontinental Exchange Stock Performance

NYSE:ICE opened at $162.89 on Tuesday. The stock has a 50-day moving average price of $142.80 and a 200 day moving average price of $151.54. The stock has a market capitalization of $91.45 billion, a P/E ratio of 23.01, a P/E/G ratio of 1.57 and a beta of 0.92. Intercontinental Exchange Inc. has a 12-month low of $121.79 and a 12-month high of $181.65. 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 announced 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. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The business had revenue of $3.61 billion during the quarter, compared to analyst estimates of $2.63 billion. During the same period last year, the firm posted $1.81 EPS. The company's revenue was up 4.8% on a year-over-year basis. Equities research analysts forecast that Intercontinental Exchange Inc. will post 8.1 EPS for the current fiscal year.

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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