Royal London Asset Management Ltd. Trims Stake in Intercontinental Exchange Inc (ICE)

Royal London Asset Management Ltd. trimmed its position in Intercontinental Exchange Inc (NYSE:ICE) by 4.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 232,275 shares of the financial services provider’s stock after selling 9,622 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Intercontinental Exchange were worth $17,396,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of ICE. Arcadia Investment Management Corp MI increased its stake in Intercontinental Exchange by 4.2% during the third quarter. Arcadia Investment Management Corp MI now owns 129,735 shares of the financial services provider’s stock worth $9,716,000 after acquiring an additional 5,225 shares during the last quarter. Mitchell Capital Management Co. bought a new stake in Intercontinental Exchange during the third quarter worth approximately $2,275,000. Piedmont Investment Advisors Inc. increased its stake in Intercontinental Exchange by 9.9% during the third quarter. Piedmont Investment Advisors Inc. now owns 27,241 shares of the financial services provider’s stock worth $2,040,000 after acquiring an additional 2,451 shares during the last quarter. Hartford Investment Management Co. increased its stake in Intercontinental Exchange by 4.9% during the third quarter. Hartford Investment Management Co. now owns 73,864 shares of the financial services provider’s stock worth $5,532,000 after acquiring an additional 3,418 shares during the last quarter. Finally, Norinchukin Bank The increased its stake in Intercontinental Exchange by 12.4% during the third quarter. Norinchukin Bank The now owns 40,567 shares of the financial services provider’s stock worth $3,038,000 after acquiring an additional 4,491 shares during the last quarter. 88.92% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:ICE opened at $81.63 on Monday. Intercontinental Exchange Inc has a 1 year low of $65.97 and a 1 year high of $81.29. The company has a market cap of $46.26 billion, a price-to-earnings ratio of 27.67, a price-to-earnings-growth ratio of 2.34 and a beta of 0.53. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.38.

Intercontinental Exchange (NYSE:ICE) last announced its earnings results on Wednesday, October 31st. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 during the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the previous year, the business earned $0.73 earnings per share. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. Analysts anticipate that Intercontinental Exchange Inc will post 3.52 EPS for the current fiscal year.

Intercontinental Exchange announced that its Board of Directors has initiated a share repurchase plan on Wednesday, October 31st that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Several equities research analysts have weighed in on ICE shares. JPMorgan Chase & Co. reissued an “overweight” rating and set a $91.00 price objective on shares of Intercontinental Exchange in a research note on Friday, October 12th. They noted that the move was a valuation call. ValuEngine raised Intercontinental Exchange from a “hold” rating to a “buy” rating in a research note on Friday, October 19th. FIX assumed coverage on Intercontinental Exchange in a research report on Wednesday, September 5th. They set a “buy” rating and a $88.00 target price for the company. Zacks Investment Research lowered Intercontinental Exchange from a “hold” rating to a “sell” rating in a research report on Thursday, September 6th. Finally, Rosenblatt Securities assumed coverage on Intercontinental Exchange in a research report on Wednesday, September 5th. They set a “buy” rating and a $88.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $84.50.

In related news, CFO Scott A. Hill sold 70,659 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 231,782 shares in the company, valued at $17,745,229.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Andrew J. Surdykowski sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $80.00, for a total value of $80,000.00. The disclosure for this sale can be found here. Insiders sold 300,625 shares of company stock valued at $22,834,370 in the last quarter. 1.50% of the stock is owned by company insiders.

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About Intercontinental Exchange

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.

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Institutional Ownership by Quarter for Intercontinental Exchange (NYSE:ICE)

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