Geode Capital Management LLC Cuts Stock Position in Intercontinental Exchange Inc. $ICE

Geode Capital Management LLC cut its holdings in Intercontinental Exchange Inc. (NYSE:ICE) by 0.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,501,742 shares of the financial services provider’s stock after selling 68,735 shares during the quarter. Geode Capital Management LLC’s holdings in Intercontinental Exchange were worth $2,015,379,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. King Luther Capital Management Corp increased its position in shares of Intercontinental Exchange by 8.3% in the fourth quarter. King Luther Capital Management Corp now owns 337,468 shares of the financial services provider’s stock valued at $54,656,000 after buying an additional 25,933 shares in the last quarter. Bleakley Financial Group LLC increased its position 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 valued at $2,281,000 after buying an additional 487 shares in the last quarter. Kestra Investment Management LLC purchased a new stake in shares of Intercontinental Exchange in the fourth quarter valued at approximately $215,000. Allstate Corp increased its position 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 valued at $6,988,000 after buying an additional 22,193 shares in the last quarter. Finally, 44 Wealth Management LLC increased its position 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 valued at $2,366,000 after buying an additional 4,178 shares in the last quarter. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Intercontinental Exchange Stock Down 1.2%

Shares of ICE opened at $147.93 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01. Intercontinental Exchange Inc. has a one year low of $143.17 and a one year high of $189.35. The stock has a market capitalization of $83.66 billion, a price-to-earnings ratio of 21.53, a PEG ratio of 1.39 and a beta of 0.96. The stock has a 50 day moving average price of $157.56 and a 200 day moving average price of $160.16.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.23 by $0.12. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $2.88 billion. During the same period in the previous year, the business earned $1.72 earnings per share. The firm’s revenue for the quarter was up 20.4% on a year-over-year basis. Equities research analysts forecast that Intercontinental Exchange Inc. will post 8.15 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ICE shares. Barclays reiterated an “overweight” rating and set a $201.00 price target (up from $198.00) on shares of Intercontinental Exchange in a research report on Friday, May 1st. Keefe, Bruyette & Woods started coverage on Intercontinental Exchange in a research report on Wednesday, April 8th. They set an “outperform” rating and a $190.00 price target for the company. TD Cowen reiterated a “buy” rating on shares of Intercontinental Exchange in a research report on Friday, February 6th. Deutsche Bank Aktiengesellschaft upgraded Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $188.00 price target for the company in a research report on Friday, March 6th. Finally, Wall Street Zen upgraded Intercontinental Exchange from a “sell” rating to a “hold” rating in a research report on Saturday, February 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Intercontinental Exchange currently has an average rating of “Buy” and a consensus target price of $194.60.

Insider Buying and Selling

In other Intercontinental Exchange news, CFO Warren Gardiner sold 2,490 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $156.64, for a total value of $390,033.60. Following the completion of the sale, the chief financial officer directly owned 25,189 shares in the company, valued at $3,945,604.96. This represents a 9.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sharon Bowen sold 667 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $151.28, for a total value of $100,903.76. Following the completion of the sale, the director owned 15,077 shares of the company’s stock, valued at approximately $2,280,848.56. The trade was a 4.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 12,001 shares of company stock valued at $1,847,820 in the last quarter. Corporate insiders own 0.84% of the company’s stock.

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.