Odyssean LLC Boosts Stake in Intercontinental Exchange Inc. $ICE

Key Points

• Odyssean LLC increased its Intercontinental Exchange stake by 131.7% during the second quarter, ending with 21,154 shares valued at approximately $2.6 million. Institutional investors 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. Analysts expect full-year earnings of approximately $8.10 per share.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $183.33, compared with the reported share price of $161.93. Meanwhile, company insiders sold 17,227 shares worth about $2.6 million during the quarter.

Odyssean LLC grew its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 131.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,154 shares of the financial services provider's stock after acquiring an additional 12,024 shares during the quarter. Odyssean LLC's holdings in Intercontinental Exchange were worth $2,604,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Ares Financial Consulting LLC acquired a new position in Intercontinental Exchange during the fourth quarter valued at approximately $25,000. Brooklands Fund Management Ltd purchased a new stake in Intercontinental Exchange during the fourth quarter worth approximately $28,000. Swiss RE Ltd. acquired a new stake in shares of Intercontinental Exchange in the fourth quarter worth $28,000. Lloyd Advisory Services LLC. acquired a new stake in shares of Intercontinental Exchange in the fourth quarter worth $30,000. Finally, Rakuten Securities Inc. purchased a new position in shares of Intercontinental Exchange in the 2nd quarter valued at $26,000. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Intercontinental Exchange Price Performance

ICE opened at $161.93 on Wednesday. Intercontinental Exchange Inc. has a twelve month low of $121.79 and a twelve month high of $179.20. The firm has a market cap of $90.90 billion, a price-to-earnings ratio of 22.87, a PEG ratio of 1.58 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. The company has a fifty day simple moving average of $143.22 and a 200 day simple moving average of $151.53.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $3.61 billion during the quarter, compared to analysts' expectations of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The firm's revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.81 EPS. Equities research analysts expect that Intercontinental Exchange Inc. will post 8.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Warren Gardiner sold 2,491 shares of the 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 completion of the transaction, the chief financial officer directly owned 22,698 shares in the company, valued at approximately $3,547,697.40. This represents a 9.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Douglas Foley sold 7,300 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $148.88, for a total transaction of $1,086,824.00. Following the sale, the senior vice president directly owned 19,063 shares of the company's stock, valued at $2,838,099.44. The trade was a 27.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 17,227 shares of company stock valued at $2,598,301. Company insiders own 0.84% of the company's stock.

Analysts Set New Price Targets

ICE has been the topic of several recent research reports. UBS Group restated a "buy" rating and set a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Weiss Ratings downgraded Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Raymond James Financial set a $208.00 price objective on Intercontinental Exchange in a research report on Monday, July 6th. The Goldman Sachs Group reduced their price objective on Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Finally, Rothschild & Co Redburn set a $177.00 target price on Intercontinental Exchange in a research note on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Intercontinental Exchange has a consensus rating of "Moderate Buy" and a consensus price target of $183.33.

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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