ARK Investment Management LLC Cuts Stock Position in Intercontinental Exchange, Inc. (NYSE:ICE)

ARK Investment Management LLC cut its holdings in Intercontinental Exchange, Inc. (NYSE:ICE) by 1.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 66,923 shares of the financial services provider’s stock after selling 1,026 shares during the quarter. ARK Investment Management LLC’s holdings in Intercontinental Exchange were worth $9,972,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ICE. Sierra Ocean LLC acquired a new position in Intercontinental Exchange in the 4th quarter valued at $25,000. Capital Performance Advisors LLP acquired a new position in Intercontinental Exchange in the 3rd quarter valued at $29,000. FSA Wealth Management LLC acquired a new position in Intercontinental Exchange in the 3rd quarter valued at $31,000. BankPlus Trust Department acquired a new position in Intercontinental Exchange in the 4th quarter valued at $40,000. Finally, Planning Capital Management Corp raised its stake in Intercontinental Exchange by 96.7% in the 3rd quarter. Planning Capital Management Corp now owns 299 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 147 shares during the last quarter. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Intercontinental Exchange Stock Performance

NYSE ICE opened at $171.25 on Wednesday. The stock has a market cap of $98.40 billion, a PE ratio of 35.83, a P/E/G ratio of 2.10 and a beta of 1.11. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.63. Intercontinental Exchange, Inc. has a twelve month low of $124.34 and a twelve month high of $171.61. The stock has a fifty day simple moving average of $156.07 and a 200-day simple moving average of $158.46.

Intercontinental Exchange (NYSE:ICE) last posted its earnings results on Thursday, February 6th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.53 by ($0.01). Intercontinental Exchange had a return on equity of 12.95% and a net margin of 23.42%. Equities analysts anticipate that Intercontinental Exchange, Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Tuesday, December 16th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.12%. The ex-dividend date is Tuesday, December 16th. Intercontinental Exchange’s payout ratio is 40.17%.

Wall Street Analyst Weigh In

Several research firms recently commented on ICE. Deutsche Bank Aktiengesellschaft increased their price objective on Intercontinental Exchange from $160.00 to $163.00 and gave the company a “hold” rating in a research note on Monday, November 11th. UBS Group upped their target price on Intercontinental Exchange from $185.00 to $195.00 and gave the company a “buy” rating in a report on Friday, February 7th. Royal Bank of Canada restated an “outperform” rating and issued a $200.00 target price on shares of Intercontinental Exchange in a report on Tuesday, January 7th. Barclays upped their target price on Intercontinental Exchange from $179.00 to $189.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Finally, Keefe, Bruyette & Woods upped their target price on Intercontinental Exchange from $178.00 to $186.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $178.80.

Insider Buying and Selling

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 955 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $156.08, for a total value of $149,056.40. Following the sale, the general counsel now owns 44,702 shares of the company’s stock, valued at $6,977,088.16. This trade represents a 2.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher Scott Edmonds sold 6,834 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $166.99, for a total value of $1,141,209.66. Following the completion of the sale, the insider now directly owns 17,972 shares in the company, valued at $3,001,144.28. This represents a 27.55 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,368 shares of company stock valued at $9,908,492. Corporate insiders own 1.10% of the company’s stock.

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.