State of Michigan Retirement System Lowers Stock Holdings in Intercontinental Exchange, Inc. (NYSE:ICE)

State of Michigan Retirement System reduced its position in Intercontinental Exchange, Inc. (NYSE:ICE) by 7.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 239,442 shares of the financial services provider’s stock after selling 20,400 shares during the quarter. State of Michigan Retirement System’s holdings in Intercontinental Exchange were worth $35,679,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Sierra Ocean LLC acquired a new position in shares of Intercontinental Exchange in the fourth quarter valued at approximately $25,000. Capital Performance Advisors LLP purchased a new position in Intercontinental Exchange in the 3rd quarter valued at approximately $29,000. FSA Wealth Management LLC acquired a new position in shares of Intercontinental Exchange in the third quarter worth $31,000. BankPlus Trust Department acquired a new position in shares of Intercontinental Exchange in the fourth quarter worth $40,000. Finally, Planning Capital Management Corp increased its position in shares of Intercontinental Exchange by 96.7% during the third quarter. Planning Capital Management Corp now owns 299 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 147 shares during the period. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Intercontinental Exchange Trading Down 0.1 %

NYSE ICE opened at $173.14 on Tuesday. Intercontinental Exchange, Inc. has a 12 month low of $124.34 and a 12 month high of $175.41. The company has a market capitalization of $99.48 billion, a price-to-earnings ratio of 36.22, a price-to-earnings-growth ratio of 2.10 and a beta of 1.11. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.99 and a quick ratio of 0.99. The firm’s fifty day moving average price is $157.87 and its 200 day moving average price is $158.93.

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

Intercontinental Exchange Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Tuesday, December 16th will be given a $0.48 dividend. The ex-dividend date of this dividend is Tuesday, December 16th. This represents a $1.92 annualized dividend and a yield of 1.11%. Intercontinental Exchange’s dividend payout ratio (DPR) is 40.17%.

Insider Buying and Selling

In other news, General Counsel Andrew J. Surdykowski sold 955 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $156.08, for a total value of $149,056.40. Following the completion of the sale, the general counsel now directly owns 44,702 shares of the company’s stock, valued at approximately $6,977,088.16. This represents a 2.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Douglas Foley sold 10,580 shares of the firm’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $166.47, for a total value of $1,761,252.60. Following the transaction, the senior vice president now directly owns 21,992 shares in the company, valued at approximately $3,661,008.24. This represents a 32.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 68,268 shares of company stock worth $11,262,789 in the last 90 days. Company insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

ICE has been the subject of several analyst reports. JPMorgan Chase & Co. lowered their target price on Intercontinental Exchange from $190.00 to $189.00 and set an “overweight” rating for the company in a research note on Friday, January 17th. StockNews.com upgraded Intercontinental Exchange from a “sell” rating to a “hold” rating in a research note on Monday, February 10th. Keefe, Bruyette & Woods raised their target price on shares of Intercontinental Exchange from $178.00 to $186.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Barclays lifted their price target on shares of Intercontinental Exchange from $179.00 to $189.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $200.00 price objective on shares of Intercontinental Exchange in a research report on Tuesday, January 7th. Three investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $178.80.

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.