Equities research analysts expect that Intercontinental Exchange Inc (NYSE:ICE) will announce sales of $1.25 billion for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Intercontinental Exchange’s earnings, with estimates ranging from $1.24 billion to $1.28 billion. Intercontinental Exchange reported sales of $1.14 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 9.6%. The company is expected to issue its next earnings results on Wednesday, February 6th.
According to Zacks, analysts expect that Intercontinental Exchange will report full-year sales of $4.92 billion for the current fiscal year, with estimates ranging from $4.90 billion to $4.95 billion. For the next year, analysts forecast that the firm will report sales of $5.24 billion, with estimates ranging from $5.17 billion to $5.29 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Intercontinental Exchange.
Intercontinental Exchange (NYSE:ICE) last issued its quarterly 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 firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period in the previous year, the firm earned $0.73 earnings per share. The company’s revenue was up 4.7% compared to the same quarter last year.
Several equities research analysts have recently commented on ICE shares. Citigroup boosted their price objective on Intercontinental Exchange from $76.00 to $80.00 and gave the company a “neutral” rating in a report on Wednesday, July 18th. FIX started coverage on Intercontinental Exchange in a report on Wednesday, September 5th. They set a “buy” rating and a $88.00 price objective for the company. Rosenblatt Securities started coverage on Intercontinental Exchange in a report on Wednesday, September 5th. They set a “buy” rating and a $88.00 price objective for the company. Zacks Investment Research downgraded Intercontinental Exchange from a “hold” rating to a “sell” rating in a report on Thursday, September 6th. Finally, ValuEngine upgraded Intercontinental Exchange from a “hold” rating to a “buy” rating in a report on Friday, September 7th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $84.07.
In related news, President Benjamin Jackson sold 2,860 shares of the company’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $77.88, for a total transaction of $222,736.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jeffrey C. Sprecher sold 80,000 shares of the company’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $73.28, for a total value of $5,862,400.00. The disclosure for this sale can be found here. Insiders have sold 288,819 shares of company stock valued at $21,896,765 in the last quarter. 1.50% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Baird Financial Group Inc. grew its holdings in Intercontinental Exchange by 11.2% during the second quarter. Baird Financial Group Inc. now owns 131,129 shares of the financial services provider’s stock worth $9,644,000 after buying an additional 13,229 shares in the last quarter. Royal London Asset Management Ltd. bought a new stake in Intercontinental Exchange during the second quarter worth $17,795,000. Stock Yards Bank & Trust Co. grew its holdings in Intercontinental Exchange by 1.2% during the third quarter. Stock Yards Bank & Trust Co. now owns 186,409 shares of the financial services provider’s stock worth $13,960,000 after buying an additional 2,130 shares in the last quarter. Clinton Group Inc. bought a new stake in Intercontinental Exchange during the third quarter worth $4,917,000. Finally, OppenheimerFunds Inc. grew its holdings in Intercontinental Exchange by 17.1% during the second quarter. OppenheimerFunds Inc. now owns 6,938,214 shares of the financial services provider’s stock worth $510,306,000 after buying an additional 1,011,626 shares in the last quarter. Institutional investors and hedge funds own 88.99% of the company’s stock.
NYSE ICE opened at $79.08 on Friday. The company has a market cap of $44.48 billion, a PE ratio of 26.81, a PEG ratio of 2.25 and a beta of 0.53. Intercontinental Exchange has a 52 week low of $65.96 and a 52 week high of $80.00. 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 announced that its Board of Directors has initiated a stock buyback program on Wednesday, October 31st that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
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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