Intercontinental Exchange Inc. (ICE) Upgraded by Zacks Investment Research to Hold
Intercontinental Exchange Inc. (NYSE:ICE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Shares of Intercontinental Exchange have outerperformed the industry in a year’s time. Successful integration of acquisitions, achievement of cost synergies and reduced debt level well poise Intercontinental Exchange for long term growth. Also, continued strength in its energy franchise, increasing recurring market data revenues and ongoing initiatives should keep growth on track. For 2017, management expects data services revenues to increase at least 6% in constant currency.However, the company saw its 2017 and 2018 estimates moving south over the last 60 days. Foreign currency fluctuations and stricter regulations raise concerns. Also, the company estimates third-quarter expenses in the range of $480–$490 million with interest expense to be $47 million in the third quarter and $49 million for fourth- quarter 2017, respectively.”
ICE has been the subject of several other reports. Citigroup Inc. started coverage on Intercontinental Exchange in a report on Wednesday, July 12th. They issued a “neutral” rating and a $67.00 target price for the company. Jefferies Group LLC reaffirmed a “buy” rating and issued a $70.00 target price on shares of Intercontinental Exchange in a report on Monday, June 26th. Barclays PLC started coverage on Intercontinental Exchange in a report on Friday, September 8th. They issued an “overweight” rating and a $72.00 target price for the company. BidaskClub raised Intercontinental Exchange from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating on shares of Intercontinental Exchange in a report on Tuesday, August 15th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $68.81.
Shares of Intercontinental Exchange (NYSE ICE) traded up 0.20% on Thursday, hitting $70.60. The stock had a trading volume of 353,585 shares. The company has a 50-day moving average of $66.22 and a 200 day moving average of $63.48. Intercontinental Exchange has a 52 week low of $52.27 and a 52 week high of $70.96. The company has a market capitalization of $8.12 billion, a price-to-earnings ratio of 26.16 and a beta of 0.74.
Intercontinental Exchange (NYSE:ICE) last released its earnings results on Thursday, August 3rd. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.75. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.17 billion. Intercontinental Exchange had a return on equity of 10.80% and a net margin of 27.56%. Intercontinental Exchange’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.69 earnings per share. On average, equities research analysts predict that Intercontinental Exchange will post $2.94 EPS for the current year.
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In other Intercontinental Exchange news, CEO Jeffrey C. Sprecher sold 80,420 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $65.24, for a total transaction of $5,246,600.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charles A. Vice sold 12,500 shares of the stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $64.32, for a total value of $804,000.00. Following the transaction, the insider now directly owns 382,471 shares of the company’s stock, valued at $24,600,534.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 105,420 shares of company stock valued at $6,887,226. 1.50% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Park National Corp OH grew its holdings in Intercontinental Exchange by 48.1% during the third quarter. Park National Corp OH now owns 95,016 shares of the financial services provider’s stock valued at $6,527,000 after purchasing an additional 30,843 shares during the period. WFG Advisors LP boosted its holdings in shares of Intercontinental Exchange by 10.1% in the second quarter. WFG Advisors LP now owns 11,699 shares of the financial services provider’s stock worth $771,000 after acquiring an additional 1,075 shares during the period. Toronto Dominion Bank boosted its holdings in shares of Intercontinental Exchange by 25.4% in the second quarter. Toronto Dominion Bank now owns 201,609 shares of the financial services provider’s stock worth $13,287,000 after acquiring an additional 40,863 shares during the period. Cetera Investment Advisers bought a new position in shares of Intercontinental Exchange in the second quarter worth $219,000. Finally, Advisory Services Network LLC boosted its holdings in shares of Intercontinental Exchange by 0.5% in the second quarter. Advisory Services Network LLC now owns 15,419 shares of the financial services provider’s stock worth $1,016,000 after acquiring an additional 76 shares during the period. 89.75% of the stock is owned by institutional investors and hedge funds.
About Intercontinental Exchange
Intercontinental Exchange Inc, formerly IntercontinentalExchange Group, Inc, is a network of regulated exchanges and clearing houses for financial and commodity markets. The Company delivers transparent and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.
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