Cullen Investment Group LTD. Cuts Stake in Intercontinental Exchange Inc. $ICE

Cullen Investment Group LTD. decreased its holdings in Intercontinental Exchange Inc. (NYSE:ICE) by 84.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 1,133 shares of the financial services provider’s stock after selling 6,191 shares during the period. Cullen Investment Group LTD.’s holdings in Intercontinental Exchange were worth $208,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. REAP Financial Group LLC raised its stake in shares of Intercontinental Exchange by 116.7% during the fourth quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 91 shares during the period. Tsfg LLC grew its position in shares of Intercontinental Exchange by 187.3% during the first quarter. Tsfg LLC now owns 158 shares of the financial services provider’s stock worth $27,000 after buying an additional 103 shares in the last quarter. Menard Financial Group LLC acquired a new stake in shares of Intercontinental Exchange during the fourth quarter worth approximately $29,000. Rakuten Securities Inc. grew its position in shares of Intercontinental Exchange by 595.8% during the first quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider’s stock worth $29,000 after buying an additional 143 shares in the last quarter. Finally, Activest Wealth Management grew its position in shares of Intercontinental Exchange by 4,050.0% during the first quarter. Activest Wealth Management now owns 166 shares of the financial services provider’s stock worth $29,000 after buying an additional 162 shares in the last quarter. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Insider Buying and Selling

In related news, Director Martha A. Tirinnanzi sold 610 shares of Intercontinental Exchange stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $179.76, for a total transaction of $109,653.60. Following the sale, the director directly owned 3,519 shares in the company, valued at $632,575.44. The trade was a 14.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Judith A. Sprieser sold 2,900 shares of Intercontinental Exchange stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $174.51, for a total transaction of $506,079.00. Following the sale, the director owned 18,169 shares in the company, valued at approximately $3,170,672.19. This represents a 13.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 230,730 shares of company stock valued at $42,171,892 in the last three months. 1.00% of the stock is owned by corporate insiders.

Intercontinental Exchange Stock Performance

ICE stock opened at $174.02 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market capitalization of $99.61 billion, a price-to-earnings ratio of 33.40, a PEG ratio of 2.10 and a beta of 1.10. Intercontinental Exchange Inc. has a 1 year low of $142.29 and a 1 year high of $189.35. The stock’s fifty day moving average is $180.62 and its two-hundred day moving average is $174.99.

Intercontinental Exchange (NYSE:ICE) last posted its earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.04. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%.The firm’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period last year, the business posted $1.52 earnings per share. On average, research analysts predict that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ICE shares. UBS Group raised their price target on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a “buy” rating in a research report on Tuesday, July 8th. Piper Sandler raised their price target on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 15th. Finally, Barclays raised their price target on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Ten analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $194.92.

About Intercontinental Exchange

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.