Resources Management Corp CT ADV Sells 15,813 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Resources Management Corp CT ADV reduced its Intercontinental Exchange stake by 56.2% in the fourth quarter, selling 15,813 shares and ending with 12,319 shares valued at about $1.995 million.
• Insider selling has picked up, with CTO Mayur Kapani and CFO Warren Gardiner both selling shares recently; insiders have sold 12,092 shares worth about $1.86 million over the last three months.
• ICE beat earnings expectations in its latest quarter, posting EPS of $2.35 versus $2.23 expected and revenue of $3.67 billion, while analysts maintain a consensus Moderate Buy rating with a $193 average price target.

Resources Management Corp CT ADV cut its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 56.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,319 shares of the financial services provider's stock after selling 15,813 shares during the quarter. Resources Management Corp CT ADV's holdings in Intercontinental Exchange were worth $1,995,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ICE. Brighton Jones LLC raised its holdings in Intercontinental Exchange by 51.3% in the 4th quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider's stock valued at $514,000 after acquiring an additional 1,169 shares during the period. Empowered Funds LLC raised its holdings in Intercontinental Exchange by 9.0% in the 1st quarter. Empowered Funds LLC now owns 14,396 shares of the financial services provider's stock valued at $2,483,000 after acquiring an additional 1,189 shares during the period. Sivia Capital Partners LLC raised its holdings in Intercontinental Exchange by 16.2% in the 2nd quarter. Sivia Capital Partners LLC now owns 2,078 shares of the financial services provider's stock valued at $381,000 after acquiring an additional 289 shares during the period. NewEdge Advisors LLC raised its holdings in Intercontinental Exchange by 27.9% in the 2nd quarter. NewEdge Advisors LLC now owns 21,213 shares of the financial services provider's stock valued at $3,892,000 after acquiring an additional 4,628 shares during the period. Finally, Treasurer of the State of North Carolina raised its holdings in Intercontinental Exchange by 2.4% in the 2nd quarter. Treasurer of the State of North Carolina now owns 266,496 shares of the financial services provider's stock valued at $48,894,000 after acquiring an additional 6,373 shares during the period. 89.30% of the stock is owned by institutional investors.

Insider Buying and Selling at Intercontinental Exchange

In other news, CTO Mayur Kapani sold 4,271 shares of Intercontinental Exchange stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $155.42, for a total transaction of $663,798.82. Following the transaction, the chief technology officer owned 64,869 shares in the company, valued at approximately $10,081,939.98. The trade was a 6.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Warren Gardiner sold 2,490 shares of the business's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $156.64, for a total transaction of $390,033.60. Following the completion of the transaction, the chief financial officer owned 25,189 shares in the company, valued at approximately $3,945,604.96. The trade was a 9.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 12,092 shares of company stock worth $1,860,424 in the last three months. 0.84% of the stock is currently owned by company insiders.

Intercontinental Exchange Stock Performance

NYSE ICE opened at $140.26 on Monday. 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 firm has a market capitalization of $79.32 billion, a price-to-earnings ratio of 20.42, a P/E/G ratio of 1.35 and a beta of 0.92. The firm's 50 day simple moving average is $154.22 and its 200 day simple moving average is $159.32. Intercontinental Exchange Inc. has a 1 year low of $136.67 and a 1 year high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its 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 firm had revenue of $3.67 billion for the quarter, compared to analysts' expectations of $2.88 billion. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. The company's revenue was up 20.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.72 earnings per share. As a group, research analysts expect that Intercontinental Exchange Inc. will post 8.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ICE has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft raised shares of Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $188.00 target price on the stock in a report on Friday, March 6th. Morgan Stanley raised their target price on shares of Intercontinental Exchange from $183.00 to $187.00 and gave the stock an "equal weight" rating in a report on Friday, April 10th. UBS Group reaffirmed a "buy" rating and set a $205.00 target price on shares of Intercontinental Exchange in a report on Wednesday, May 20th. Keefe, Bruyette & Woods initiated coverage on shares of Intercontinental Exchange in a report on Wednesday, April 8th. They set an "outperform" rating and a $190.00 target price on the stock. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $211.00 target price (up from $195.00) on shares of Intercontinental Exchange in a report on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $193.00.

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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