SummitTX Capital L.P. Boosts Position in Intercontinental Exchange Inc. $ICE

SummitTX Capital L.P. raised its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 388.7% during the first quarter, HoldingsChannel reports. The institutional investor owned 23,725 shares of the financial services provider’s stock after acquiring an additional 18,870 shares during the quarter. SummitTX Capital L.P.’s holdings in Intercontinental Exchange were worth $3,731,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Family Manage LLC acquired a new position in shares of Intercontinental Exchange during the 1st quarter valued at $3,333,000. Gateway Wealth Partners LLC acquired a new stake in Intercontinental Exchange in the 1st quarter valued at $279,000. Blue Chip Partners LLC increased its holdings in Intercontinental Exchange by 5.3% in the 1st quarter. Blue Chip Partners LLC now owns 151,049 shares of the financial services provider’s stock valued at $23,757,000 after purchasing an additional 7,585 shares in the last quarter. Delta Global Management LP raised its position in Intercontinental Exchange by 48.1% in the first quarter. Delta Global Management LP now owns 325,500 shares of the financial services provider’s stock valued at $51,195,000 after purchasing an additional 105,661 shares during the period. Finally, OMERS ADMINISTRATION Corp lifted its stake in shares of Intercontinental Exchange by 29.6% during the first quarter. OMERS ADMINISTRATION Corp now owns 26,538 shares of the financial services provider’s stock worth $4,174,000 after purchasing an additional 6,059 shares in the last quarter. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ICE. The Goldman Sachs Group lowered their target price on Intercontinental Exchange from $208.00 to $180.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. TD Cowen decreased their price target on Intercontinental Exchange from $193.00 to $153.00 and set a “buy” rating for the company in a report on Monday, June 22nd. Rothschild & Co Redburn set a $177.00 price objective on shares of Intercontinental Exchange in a research report on Thursday, June 11th. Weiss Ratings lowered shares of Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, June 17th. Finally, Keefe, Bruyette & Woods started coverage on shares of Intercontinental Exchange in a research note on Wednesday, April 8th. They set an “outperform” rating and a $190.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $181.58.

Intercontinental Exchange Trading Up 1.8%

NYSE:ICE opened at $148.48 on Tuesday. The stock has a market cap of $83.97 billion, a price-to-earnings ratio of 21.61, a price-to-earnings-growth ratio of 1.51 and a beta of 0.94. Intercontinental Exchange Inc. has a one year low of $121.79 and a one year high of $189.35. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01. The business’s 50-day simple moving average is $139.35 and its 200 day simple moving average is $153.88.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings data on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $2.88 billion. During the same quarter last year, the firm earned $1.72 EPS. Intercontinental Exchange’s quarterly revenue was up 20.4% on a year-over-year basis. As a group, sell-side analysts predict that Intercontinental Exchange Inc. will post 8.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Intercontinental Exchange

In related news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total value of $693,083.88. Following the sale, the general counsel directly owned 45,473 shares of the company’s stock, valued at $6,891,887.88. This represents a 9.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William Jefferson Hague sold 1,333 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $139.46, for a total transaction of $185,900.18. Following the transaction, the director owned 20,132 shares in the company, valued at $2,807,608.72. This trade represents a 6.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 13,425 shares of company stock valued at $2,046,324. Corporate insiders own 0.84% of the company’s stock.

About Intercontinental Exchange

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.