Goodnow Investment Group LLC Takes Position in Intercontinental Exchange Inc. $ICE

Goodnow Investment Group LLC acquired a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 58,450 shares of the financial services provider’s stock, valued at approximately $7,196,000. Intercontinental Exchange makes up 0.7% of Goodnow Investment Group LLC’s holdings, making the stock its 22nd biggest position.

A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Intercontinental Exchange by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider’s stock worth $8,770,647,000 after purchasing an additional 413,639 shares during the period. J. Stern & Co. LLP lifted its stake in Intercontinental Exchange by 17,398.1% in the fourth quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider’s stock worth $8,763,214,000 after purchasing an additional 53,798,055 shares during the last quarter. BlackRock Inc. bought a new stake in Intercontinental Exchange in the second quarter worth about $6,245,085,000. State Street Corp boosted its position in shares of Intercontinental Exchange by 3.4% during the fourth quarter. State Street Corp now owns 25,653,952 shares of the financial services provider’s stock valued at $4,154,914,000 after buying an additional 837,208 shares during the period. Finally, Morgan Stanley grew its stake in shares of Intercontinental Exchange by 1.0% during the fourth quarter. Morgan Stanley now owns 15,875,593 shares of the financial services provider’s stock valued at $2,571,212,000 after buying an additional 158,450 shares during the last quarter. Institutional investors own 89.30% of the company’s stock.

Intercontinental Exchange Stock Up 1.0%

Shares of Intercontinental Exchange stock opened at $162.89 on Tuesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a market cap of $91.45 billion, a price-to-earnings ratio of 23.01, a PEG ratio of 1.57 and a beta of 0.92. The firm’s 50-day moving average is $142.80 and its two-hundred day moving average is $151.54. Intercontinental Exchange Inc. has a 1 year low of $121.79 and a 1 year high of $181.65.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.06. The firm had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The company’s revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.81 EPS. As a group, research analysts expect that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Intercontinental Exchange news, Director William Jefferson Hague sold 1,333 shares of Intercontinental Exchange stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $139.46, for a total value of $185,900.18. Following the transaction, the director owned 20,132 shares in the company, valued at $2,807,608.72. The trade was a 6.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Warren Gardiner sold 2,491 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $156.30, for a total transaction of $389,343.30. Following the sale, the chief financial officer directly owned 22,698 shares of the company’s stock, valued at approximately $3,547,697.40. The trade was a 9.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 17,227 shares of company stock valued at $2,598,301. Company insiders own 0.84% of the company’s stock.

Wall Street Analysts Forecast Growth

ICE has been the subject of a number of research analyst reports. Barclays reissued an “overweight” rating and set a $182.00 price target (up from $180.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Piper Sandler decreased their target price on Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating for the company in a research report on Wednesday, July 15th. Rothschild & Co Redburn set a $177.00 target price on shares of Intercontinental Exchange in a research note on Thursday, June 11th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $178.00 price target on shares of Intercontinental Exchange in a research note on Friday, July 31st. Finally, Raymond James Financial set a $208.00 price objective on shares of Intercontinental Exchange in a research report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Intercontinental Exchange has a consensus rating of “Moderate Buy” and a consensus price target of $183.33.

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.