West Michigan Advisors LLC Boosts Stock Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• West Michigan Advisors LLC significantly increased its stake in Intercontinental Exchange (ICE) by 144.5% during the second quarter, bringing its total holdings to 3,022 shares valued at approximately $555,000.
• Intercontinental Exchange reported a quarterly EPS of $1.81, surpassing analysts' expectations, with revenue of $3.26 billion, marking a 9.8% increase year-over-year.
• Research analysts have raised their target prices for ICE stock, with JPMorgan Chase increasing theirs from $195.00 to $203.00, reflecting a confident outlook on the company's performance.

West Michigan Advisors LLC grew its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 144.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,022 shares of the financial services provider's stock after acquiring an additional 1,786 shares during the quarter. West Michigan Advisors LLC's holdings in Intercontinental Exchange were worth $555,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of ICE. Asset Management One Co. Ltd. raised its stake in Intercontinental Exchange by 2.5% during the 2nd quarter. Asset Management One Co. Ltd. now owns 245,023 shares of the financial services provider's stock valued at $44,954,000 after acquiring an additional 6,079 shares in the last quarter. Lazard Freres Gestion S.A.S. raised its position in shares of Intercontinental Exchange by 2.4% during the 2nd quarter. Lazard Freres Gestion S.A.S. now owns 424,772 shares of the financial services provider's stock worth $77,932,000 after buying an additional 10,032 shares in the last quarter. Carnegie Investment Counsel boosted its holdings in shares of Intercontinental Exchange by 14.1% in the second quarter. Carnegie Investment Counsel now owns 22,805 shares of the financial services provider's stock valued at $4,184,000 after acquiring an additional 2,815 shares in the last quarter. Bleakley Financial Group LLC increased its stake in shares of Intercontinental Exchange by 32.3% during the second quarter. Bleakley Financial Group LLC now owns 13,978 shares of the financial services provider's stock valued at $2,564,000 after acquiring an additional 3,410 shares during the period. Finally, Rothschild Capital Partners LLC bought a new stake in Intercontinental Exchange during the second quarter worth approximately $224,000. 89.30% of the stock is owned by institutional investors and hedge funds.

Intercontinental Exchange Stock Performance

Shares of ICE opened at $157.87 on Friday. Intercontinental Exchange Inc. has a 52 week low of $142.29 and a 52 week high of $189.35. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market capitalization of $90.37 billion, a PE ratio of 30.38, a PEG ratio of 2.20 and a beta of 1.08. The company's 50 day moving average price is $168.73 and its 200 day moving average price is $173.36.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its earnings results on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, beating analysts' consensus estimates of $1.77 by $0.04. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $2.50 billion. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%.The business's quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.52 earnings per share. Research analysts expect that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on ICE shares. JPMorgan Chase & Co. raised their target price on Intercontinental Exchange from $195.00 to $203.00 and gave the company an "overweight" rating in a research note on Thursday, September 25th. Piper Sandler lifted their target price on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. UBS Group increased their price target on Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Morgan Stanley decreased their target price on shares of Intercontinental Exchange from $188.00 to $178.00 and set an "equal weight" rating for the company in a report on Tuesday. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Intercontinental Exchange in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $198.60.

Insiders Place Their Bets

In related news, COO Stuart Glen Williams sold 939 shares of the company's stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $172.04, for a total value of $161,545.56. Following the completion of the sale, the chief operating officer directly owned 16,624 shares in the company, valued at approximately $2,859,992.96. This represents a 5.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Mayur Kapani sold 10,082 shares of the firm's stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $158.88, for a total value of $1,601,828.16. Following the transaction, the chief technology officer owned 65,240 shares in the company, valued at approximately $10,365,331.20. This trade represents a 13.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 240,162 shares of company stock worth $43,642,652 in the last 90 days. 1.00% of the stock is owned by corporate insiders.

About Intercontinental Exchange

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.

Want to see what other hedge funds are holding ICE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intercontinental Exchange Inc. (NYSE:ICE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.