HighTower Advisors LLC Has $19.77 Million Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• HighTower Advisors reduced its Intercontinental Exchange position by 8.2% in the second quarter, selling 14,435 shares and retaining 160,589 shares valued at approximately $19.77 million. Institutional investors and hedge funds collectively own 89.3% of ICE.
• ICE reported quarterly earnings of $1.90 per share, exceeding estimates of $1.84, while revenue rose 4.8% year over year to $3.61 billion. The stock opened at $157.67, with a 12-month range of $121.79 to $176.59.
• Analysts maintain a generally positive outlook, giving ICE a consensus “Moderate Buy” rating and an average price target of $184.17. However, insiders sold 40,912 shares worth roughly $6.4 million over the past 90 days.

HighTower Advisors LLC cut its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 8.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 160,589 shares of the financial services provider's stock after selling 14,435 shares during the quarter. HighTower Advisors LLC's holdings in Intercontinental Exchange were worth $19,770,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. California State Teachers Retirement System lifted its holdings in shares of Intercontinental Exchange by 11,968.7% in the second quarter. California State Teachers Retirement System now owns 108,380,996 shares of the financial services provider's stock valued at $13,342,784,000 after purchasing an additional 107,482,962 shares in the last quarter. Saudi Central Bank boosted its position in Intercontinental Exchange by 88.4% during the 2nd quarter. Saudi Central Bank now owns 39,650 shares of the financial services provider's stock worth $4,881,000 after acquiring an additional 18,604 shares during the period. NBH Bank purchased a new position in Intercontinental Exchange during the 2nd quarter valued at about $751,000. AlphaGrep UK Ltd purchased a new position in Intercontinental Exchange during the 2nd quarter valued at about $889,000. Finally, Munich Reinsurance Co Stock Corp in Munich increased its holdings in shares of Intercontinental Exchange by 35.5% in the 2nd quarter. Munich Reinsurance Co Stock Corp in Munich now owns 331,547 shares of the financial services provider's stock valued at $40,817,000 after purchasing an additional 86,897 shares during the period. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, President Benjamin Jackson sold 12,862 shares of the company's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $160.09, for a total transaction of $2,059,077.58. Following the completion of the sale, the president owned 164,264 shares in the company, valued at approximately $26,297,023.76. This represents a 7.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Martha Tirinnanzi sold 1,340 shares of the business's stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $161.16, for a total value of $215,954.40. Following the completion of the sale, the director owned 3,747 shares of the company's stock, valued at approximately $603,866.52. This trade represents a 26.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 40,912 shares of company stock valued at $6,403,616. 0.84% of the stock is owned by corporate insiders.

Intercontinental Exchange Stock Performance

ICE stock opened at $157.67 on Wednesday. The firm has a 50 day moving average of $149.58 and a two-hundred day moving average of $151.68. Intercontinental Exchange Inc. has a 12 month low of $121.79 and a 12 month high of $176.59. The company has a market capitalization of $88.51 billion, a price-to-earnings ratio of 22.27, a P/E/G ratio of 1.57 and a beta of 0.93. The company has a quick ratio of 1.01, a current 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 results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts' consensus estimates of $1.84 by $0.06. The business had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. Intercontinental Exchange's revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.81 EPS. As a group, equities analysts anticipate that Intercontinental Exchange Inc. will post 8.1 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ICE has been the subject of a number of research analyst reports. Weiss Ratings raised shares of Intercontinental Exchange from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 25th. Rothschild & Co Redburn set a $177.00 target price on shares of Intercontinental Exchange in a research report on Thursday, June 11th. TD Cowen reissued a "buy" rating and set a $177.00 target price (up from $159.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Barclays restated an "overweight" rating and set a $182.00 price target (up from $180.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Finally, Wall Street Zen downgraded shares of Intercontinental Exchange from a "hold" rating to a "sell" rating in a research note on Saturday. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $184.17.

Intercontinental Exchange Profile

Intercontinental Exchange, Inc NYSE: ICE operates global exchanges, clearinghouses, data services and technology platforms. The company provides marketplaces for trading and clearing a range of financial and commodity products, including energy, agricultural commodities, interest rates, credit and equities.

ICE owns and operates the New York Stock Exchange and related equity markets, as well as futures and options exchanges in North America and Europe. Its businesses also include ICE Data Services, which provides market data, analytics, connectivity and other information services to financial institutions and corporations.

Through ICE Mortgage Technology, the company offers software and digital platforms designed to support residential mortgage origination, processing, servicing and related workflows.

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