Highbridge Capital Management LLC Invests $2.74 Million in Intercontinental Exchange Inc (ICE) Stock

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Highbridge Capital Management LLC purchased a new position in Intercontinental Exchange Inc (NYSE:ICE) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 36,556 shares of the financial services provider’s stock, valued at approximately $2,738,000.

Other institutional investors have also bought and sold shares of the company. Quad Cities Investment Group LLC acquired a new position in Intercontinental Exchange in the second quarter worth approximately $104,000. Sun Life Financial INC boosted its stake in Intercontinental Exchange by 717.7% in the 2nd quarter. Sun Life Financial INC now owns 1,570 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 1,378 shares during the period. Flagship Harbor Advisors LLC acquired a new position in Intercontinental Exchange in the 2nd quarter worth approximately $183,000. Opera Trading Capital acquired a new position in Intercontinental Exchange in the 3rd quarter worth approximately $195,000. Finally, Park Avenue Securities LLC acquired a new position in Intercontinental Exchange in the 3rd quarter worth approximately $216,000. Hedge funds and other institutional investors own 89.09% of the company’s stock.

ICE has been the subject of a number of recent analyst reports. FIX initiated coverage on shares of Intercontinental Exchange in a research note on Wednesday, September 5th. They issued a “buy” rating and a $88.00 price objective for the company. Rosenblatt Securities initiated coverage on shares of Intercontinental Exchange in a research note on Wednesday, September 5th. They issued a “buy” rating and a $88.00 price objective for the company. Zacks Investment Research lowered shares of Intercontinental Exchange from a “hold” rating to a “sell” rating in a research note on Thursday, September 6th. ValuEngine raised shares of Intercontinental Exchange from a “hold” rating to a “buy” rating in a research note on Friday, September 7th. Finally, Berenberg Bank set a $92.00 price objective on shares of Intercontinental Exchange and gave the stock a “buy” rating in a research note on Thursday, September 20th. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $84.50.

In other Intercontinental Exchange news, CFO Scott A. Hill sold 403 shares of Intercontinental Exchange stock in a transaction on Thursday, November 15th. The shares were sold at an average price of $80.00, for a total transaction of $32,240.00. Following the completion of the sale, the chief financial officer now owns 161,526 shares of the company’s stock, valued at approximately $12,922,080. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider David S. Goone sold 10,402 shares of Intercontinental Exchange stock in a transaction on Monday, September 10th. The shares were sold at an average price of $78.01, for a total transaction of $811,460.02. The disclosure for this sale can be found here. Insiders have sold a total of 145,166 shares of company stock valued at $11,289,285 in the last three months. Company insiders own 1.50% of the company’s stock.

Intercontinental Exchange stock opened at $79.26 on Friday. The company has a market capitalization of $45.07 billion, a P/E ratio of 26.87, a PEG ratio of 2.27 and a beta of 0.50. Intercontinental Exchange Inc has a 52 week low of $66.92 and a 52 week high of $82.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 1.00.

Intercontinental Exchange (NYSE:ICE) last issued its earnings results on Wednesday, October 31st. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.05. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.19 billion. Intercontinental Exchange had a net margin of 43.09% and a return on equity of 11.67%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the business posted $0.73 EPS. Equities analysts forecast that Intercontinental Exchange Inc will post 3.53 EPS for the current year.

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

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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.

Further Reading: Hedge Funds – Risk or Reward?

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

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