Harbor Spring Capital LLC reduced its position in Intercontinental Exchange Inc (NYSE:ICE) by 6.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 565,995 shares of the financial services provider’s stock after selling 42,005 shares during the period. Intercontinental Exchange comprises 4.6% of Harbor Spring Capital LLC’s investment portfolio, making the stock its 9th biggest position. Harbor Spring Capital LLC’s holdings in Intercontinental Exchange were worth $42,387,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ICE. Kaizen Advisory LLC grew its holdings in Intercontinental Exchange by 143.4% during the 2nd quarter. Kaizen Advisory LLC now owns 1,356 shares of the financial services provider’s stock valued at $100,000 after buying an additional 799 shares during the last quarter. Quad Cities Investment Group LLC acquired a new stake in Intercontinental Exchange during the 2nd quarter valued at $104,000. Sun Life Financial INC grew its holdings in Intercontinental Exchange by 717.7% during the 2nd quarter. Sun Life Financial INC now owns 1,570 shares of the financial services provider’s stock valued at $115,000 after buying an additional 1,378 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new stake in Intercontinental Exchange during the 2nd quarter valued at $183,000. Finally, Opera Trading Capital acquired a new stake in Intercontinental Exchange during the 3rd quarter valued at $195,000. 88.92% of the stock is owned by hedge funds and other institutional investors.
In other news, General Counsel Andrew J. Surdykowski sold 1,000 shares of the firm’s stock in a transaction on Thursday, November 15th. The stock was sold at an average price of $80.00, for a total transaction of $80,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Scott A. Hill sold 70,659 shares of the firm’s stock in a transaction on Thursday, September 6th. The stock was sold at an average price of $76.56, for a total value of $5,409,653.04. Following the sale, the chief financial officer now owns 231,782 shares in the company, valued at approximately $17,745,229.92. The disclosure for this sale can be found here. Insiders have sold 220,625 shares of company stock worth $16,971,970 in the last 90 days. Insiders own 1.50% of the company’s stock.
Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings data on Wednesday, October 31st. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.05. Intercontinental Exchange had a return on equity of 11.67% and a net margin of 43.09%. The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter last year, the firm earned $0.73 earnings per share. The business’s revenue was up 4.7% on a year-over-year basis. As a group, equities research analysts predict that Intercontinental Exchange Inc will post 3.52 EPS for the current fiscal year.
Intercontinental Exchange announced that its board has initiated a stock repurchase program on Wednesday, October 31st that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
A number of equities research analysts have commented on the company. Raymond James increased their target price on Intercontinental Exchange from $81.00 to $86.00 and gave the company an “outperform” rating in a report on Thursday, November 1st. Zacks Investment Research upgraded Intercontinental Exchange from a “sell” rating to a “hold” rating in a report on Wednesday, September 12th. Citigroup set a $80.00 target price on Intercontinental Exchange and gave the company a “hold” rating in a report on Thursday, November 1st. Rosenblatt Securities assumed coverage on Intercontinental Exchange in a report on Wednesday, September 5th. They set a “buy” rating and a $88.00 target price on the stock. Finally, Berenberg Bank cut Intercontinental Exchange from a “buy” rating to a “hold” rating and set a $87.00 target price on the stock. in a report on Tuesday, November 20th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $84.50.
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Intercontinental Exchange Company Profile
Intercontinental Exchange, Inc operates regulated exchanges, clearing houses, and listings venues for financial and commodity markets in the United States, the United Kingdom, Continental Europe, Asia, Israel, and Canada. It operates through two segments, Trading and Clearing; and Data and Listings. The company operates marketplaces for listing, trading, and clearing an array of derivatives and securities contracts across various asset classes, including energy and agricultural commodities, interest rates, equities, equity and credit derivatives, exchange traded funds, bonds, and currencies.
Further Reading: Fiduciary
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