State of Michigan Retirement System Boosts Position in Intercontinental Exchange, Inc. (NYSE:ICE)

State of Michigan Retirement System raised its position in Intercontinental Exchange, Inc. (NYSE:ICE) by 0.1% during the first quarter, Holdings Channel reports. The fund owned 260,442 shares of the financial services provider’s stock after acquiring an additional 200 shares during the period. State of Michigan Retirement System’s holdings in Intercontinental Exchange were worth $35,793,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Nordea Investment Management AB increased its stake in shares of Intercontinental Exchange by 27.3% in the 4th quarter. Nordea Investment Management AB now owns 56,870 shares of the financial services provider’s stock worth $7,311,000 after purchasing an additional 12,208 shares in the last quarter. Wellington Management Group LLP increased its position in Intercontinental Exchange by 35.0% in the fourth quarter. Wellington Management Group LLP now owns 16,397,991 shares of the financial services provider’s stock worth $2,105,994,000 after buying an additional 4,251,371 shares in the last quarter. D.A. Davidson & CO. lifted its position in shares of Intercontinental Exchange by 8.5% during the 4th quarter. D.A. Davidson & CO. now owns 25,328 shares of the financial services provider’s stock valued at $3,253,000 after buying an additional 1,991 shares in the last quarter. Point72 Europe London LLP lifted its position in shares of Intercontinental Exchange by 10.9% during the 4th quarter. Point72 Europe London LLP now owns 66,300 shares of the financial services provider’s stock valued at $8,515,000 after buying an additional 6,500 shares in the last quarter. Finally, Perpetual Ltd grew its stake in shares of Intercontinental Exchange by 0.4% during the 1st quarter. Perpetual Ltd now owns 1,487,993 shares of the financial services provider’s stock valued at $204,495,000 after acquiring an additional 6,272 shares during the period. 89.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ICE has been the topic of several analyst reports. Morgan Stanley lifted their price target on shares of Intercontinental Exchange from $139.00 to $142.00 and gave the company an “equal weight” rating in a report on Tuesday, April 9th. Citigroup lifted their target price on shares of Intercontinental Exchange from $155.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. Bank of America decreased their price target on Intercontinental Exchange from $156.00 to $153.00 and set a “buy” rating on the stock in a report on Friday, April 19th. Barclays lowered their price objective on Intercontinental Exchange from $155.00 to $150.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Finally, The Goldman Sachs Group raised Intercontinental Exchange from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $143.00 to $167.00 in a research note on Monday. One investment analyst has rated the stock with a sell rating, one has given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $151.29.

Insiders Place Their Bets

In other news, General Counsel Andrew J. Surdykowski sold 341 shares of the firm’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $131.74, for a total value of $44,923.34. Following the completion of the sale, the general counsel now directly owns 48,713 shares of the company’s stock, valued at approximately $6,417,450.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Jeffrey C. Sprecher sold 58,388 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $137.21, for a total transaction of $8,011,417.48. Following the transaction, the chief executive officer now directly owns 1,179,895 shares in the company, valued at approximately $161,893,392.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Andrew J. Surdykowski sold 341 shares of the stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $131.74, for a total transaction of $44,923.34. Following the completion of the sale, the general counsel now directly owns 48,713 shares in the company, valued at $6,417,450.62. The disclosure for this sale can be found here. Insiders have sold 62,894 shares of company stock valued at $8,620,792 over the last ninety days. 1.10% of the stock is owned by insiders.

Intercontinental Exchange Price Performance

ICE traded up $3.89 during trading hours on Tuesday, hitting $140.82. The company’s stock had a trading volume of 3,303,060 shares, compared to its average volume of 2,356,674. The stock has a market cap of $80.77 billion, a price-to-earnings ratio of 32.26, a P/E/G ratio of 2.55 and a beta of 1.06. The business’s 50-day moving average price is $134.62 and its 200-day moving average price is $133.00. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.76. Intercontinental Exchange, Inc. has a 12 month low of $104.49 and a 12 month high of $140.98.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings data on Thursday, May 2nd. The financial services provider reported $1.48 EPS for the quarter, hitting analysts’ consensus estimates of $1.48. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Intercontinental Exchange had a net margin of 24.24% and a return on equity of 12.76%. The business’s revenue was up 20.8% on a year-over-year basis. During the same period last year, the company posted $1.41 EPS. Sell-side analysts expect that Intercontinental Exchange, Inc. will post 5.96 earnings per share for the current fiscal year.

Intercontinental Exchange Company Profile

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.