King Luther Capital Management Corp Boosts Stock Position in Intercontinental Exchange Inc. $ICE

Key Points

• King Luther Capital Management increased its Intercontinental Exchange stake by 8.3% in the fourth quarter, adding 25,933 shares and bringing its total holding to 337,468 shares valued at about $54.7 million.
• Several other institutional investors also boosted positions in ICE, and overall hedge funds and other institutions own 89.3% of the company’s stock.
• Analysts remain broadly positive on Intercontinental Exchange, with a consensus Buy rating and an average price target of $194.60, while the company also recently beat quarterly earnings and revenue expectations.

King Luther Capital Management Corp raised its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 8.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 337,468 shares of the financial services provider's stock after purchasing an additional 25,933 shares during the quarter. King Luther Capital Management Corp owned 0.06% of Intercontinental Exchange worth $54,656,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in ICE. Bleakley Financial Group LLC boosted its stake in shares of Intercontinental Exchange by 3.6% in the fourth quarter. Bleakley Financial Group LLC now owns 14,081 shares of the financial services provider's stock worth $2,281,000 after buying an additional 487 shares during the last quarter. Kestra Investment Management LLC purchased a new stake in shares of Intercontinental Exchange in the fourth quarter worth about $215,000. Allstate Corp boosted its stake in shares of Intercontinental Exchange by 105.9% in the fourth quarter. Allstate Corp now owns 43,145 shares of the financial services provider's stock worth $6,988,000 after buying an additional 22,193 shares during the last quarter. 44 Wealth Management LLC boosted its stake in shares of Intercontinental Exchange by 40.1% in the fourth quarter. 44 Wealth Management LLC now owns 14,608 shares of the financial services provider's stock worth $2,366,000 after buying an additional 4,178 shares during the last quarter. Finally, CYBER HORNET ETFs LLC boosted its stake in shares of Intercontinental Exchange by 5.9% in the fourth quarter. CYBER HORNET ETFs LLC now owns 1,658 shares of the financial services provider's stock worth $269,000 after buying an additional 93 shares during the last quarter. Hedge funds and other institutional investors own 89.30% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ICE. Deutsche Bank Aktiengesellschaft upgraded Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $188.00 target price on the stock in a research note on Friday, March 6th. UBS Group restated a "buy" rating and issued a $205.00 target price on shares of Intercontinental Exchange in a research note on Wednesday, May 20th. Wall Street Zen upgraded Intercontinental Exchange from a "sell" rating to a "hold" rating in a research note on Saturday, February 7th. Weiss Ratings downgraded Intercontinental Exchange from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, April 24th. Finally, Morgan Stanley upped their target price on Intercontinental Exchange from $183.00 to $187.00 and gave the stock an "equal weight" rating in a research note on Friday, April 10th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Intercontinental Exchange presently has a consensus rating of "Buy" and an average price target of $194.60.

Insider Buying and Selling

In related news, General Counsel Andrew J. Surdykowski sold 4,571 shares of the company's stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $162.00, for a total value of $740,502.00. Following the completion of the transaction, the general counsel owned 48,181 shares of the company's stock, valued at approximately $7,805,322. This represents a 8.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Mayur Kapani sold 4,271 shares of the company's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $155.42, for a total value of $663,798.82. Following the completion of the transaction, the chief technology officer directly owned 64,869 shares of the company's stock, valued at $10,081,939.98. The trade was a 6.18% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 11,332 shares of company stock valued at $1,794,334. 0.84% of the stock is owned by company insiders.

Intercontinental Exchange Stock Performance

NYSE ICE opened at $150.94 on Wednesday. The stock has a market capitalization of $85.36 billion, a price-to-earnings ratio of 21.97, a PEG ratio of 1.42 and a beta of 0.96. Intercontinental Exchange Inc. has a twelve month low of $143.17 and a twelve month high of $189.35. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63. The stock has a 50-day moving average of $158.06 and a 200 day moving average of $160.15.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, topping analysts' consensus estimates of $2.23 by $0.12. The company had revenue of $3.67 billion during the quarter, compared to analysts' expectations of $2.88 billion. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.Intercontinental Exchange's quarterly revenue was up 20.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.72 EPS. Sell-side analysts anticipate that Intercontinental Exchange Inc. will post 8.15 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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