Sawgrass Asset Management LLC Sells 549 Shares of Intercontinental Exchange, Inc. (NYSE:ICE)

Sawgrass Asset Management LLC trimmed its stake in shares of Intercontinental Exchange, Inc. (NYSE:ICE) by 4.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,804 shares of the financial services provider’s stock after selling 549 shares during the period. Sawgrass Asset Management LLC’s holdings in Intercontinental Exchange were worth $1,388,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. OFI Invest Asset Management bought a new stake in shares of Intercontinental Exchange during the 3rd quarter valued at about $25,000. Jones Financial Companies Lllp bought a new position in Intercontinental Exchange in the third quarter worth approximately $26,000. Fortitude Family Office LLC purchased a new position in shares of Intercontinental Exchange during the 4th quarter worth $28,000. Stuart Chaussee & Associates Inc. bought a new stake in shares of Intercontinental Exchange during the 4th quarter valued at $28,000. Finally, BKM Wealth Management LLC purchased a new stake in shares of Intercontinental Exchange in the 4th quarter worth $31,000. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on ICE. Citigroup raised their price objective on Intercontinental Exchange from $155.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. UBS Group raised their price objective on shares of Intercontinental Exchange from $145.00 to $160.00 and gave the company a “buy” rating in a research report on Monday, February 12th. StockNews.com downgraded shares of Intercontinental Exchange from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. Rosenblatt Securities restated a “buy” rating and issued a $164.00 price objective on shares of Intercontinental Exchange in a research report on Friday, May 3rd. Finally, Piper Sandler increased their target price on Intercontinental Exchange from $135.00 to $149.00 and gave the stock an “overweight” rating in a research report on Monday, February 12th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $147.92.

Intercontinental Exchange Price Performance

ICE traded down $0.33 during trading hours on Wednesday, hitting $133.39. The company’s stock had a trading volume of 1,397,428 shares, compared to its average volume of 2,406,588. Intercontinental Exchange, Inc. has a 12 month low of $103.81 and a 12 month high of $140.43. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.76. The business’s 50-day moving average price is $134.78 and its 200-day moving average price is $126.35. The stock has a market cap of $76.51 billion, a price-to-earnings ratio of 30.59, a P/E/G ratio of 2.14 and a beta of 1.02.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings data on Thursday, May 2nd. The financial services provider reported $1.48 earnings per share for the quarter, hitting the consensus estimate of $1.48. Intercontinental Exchange had a return on equity of 12.76% and a net margin of 24.24%. The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same period in the previous year, the firm posted $1.41 earnings per share. The firm’s revenue for the quarter was up 20.8% on a year-over-year basis. Sell-side analysts expect that Intercontinental Exchange, Inc. will post 5.95 earnings per share for the current fiscal year.

Intercontinental Exchange Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Thursday, June 13th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $1.80 annualized dividend and a yield of 1.35%. Intercontinental Exchange’s payout ratio is 41.28%.

Insider Buying and Selling

In other Intercontinental Exchange news, major shareholder Intercontinental Exchange, Inc bought 2,762,009 shares of the company’s stock in a transaction on Monday, March 4th. The stock was acquired at an average price of $0.87 per share, for a total transaction of $2,402,947.83. Following the completion of the transaction, the insider now directly owns 7,476,345 shares of the company’s stock, valued at $6,504,420.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, major shareholder Intercontinental Exchange, Inc purchased 2,762,009 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were purchased at an average cost of $0.87 per share, for a total transaction of $2,402,947.83. Following the completion of the acquisition, the insider now owns 7,476,345 shares in the company, valued at approximately $6,504,420.15. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Douglas Foley sold 7,070 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $136.09, for a total transaction of $962,156.30. Following the completion of the sale, the senior vice president now directly owns 18,383 shares of the company’s stock, valued at $2,501,742.47. The disclosure for this sale can be found here. Insiders have sold 157,832 shares of company stock valued at $21,499,127 in the last ninety days. 1.10% of the stock is owned by company insiders.

Intercontinental Exchange Company Profile

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.