Magellan Asset Management Ltd Decreases Holdings in Intercontinental Exchange Inc. $ICE

Magellan Asset Management Ltd trimmed its position in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 7.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,259,320 shares of the financial services provider’s stock after selling 99,826 shares during the period. Intercontinental Exchange comprises 2.5% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 11th largest position. Magellan Asset Management Ltd’s holdings in Intercontinental Exchange were worth $203,959,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. ICONIQ Capital LLC raised its holdings in shares of Intercontinental Exchange by 2.2% during the 2nd quarter. ICONIQ Capital LLC now owns 2,621 shares of the financial services provider’s stock valued at $481,000 after buying an additional 56 shares in the last quarter. Mechanics Financial Corp increased its stake in Intercontinental Exchange by 1.0% in the 4th quarter. Mechanics Financial Corp now owns 6,138 shares of the financial services provider’s stock worth $994,000 after purchasing an additional 60 shares during the period. Mission Wealth Management LP increased its stake in Intercontinental Exchange by 2.4% in the 4th quarter. Mission Wealth Management LP now owns 2,611 shares of the financial services provider’s stock worth $423,000 after purchasing an additional 62 shares during the period. Aaron Wealth Advisors LLC increased its stake in Intercontinental Exchange by 1.9% in the 4th quarter. Aaron Wealth Advisors LLC now owns 3,384 shares of the financial services provider’s stock worth $548,000 after purchasing an additional 63 shares during the period. Finally, Evergreen Capital Management LLC increased its stake in Intercontinental Exchange by 1.5% in the 4th quarter. Evergreen Capital Management LLC now owns 4,207 shares of the financial services provider’s stock worth $681,000 after purchasing an additional 63 shares during the period. 89.30% of the stock is owned by hedge funds and other institutional investors.

Intercontinental Exchange Price Performance

Shares of ICE stock opened at $141.72 on Friday. The firm has a market cap of $80.15 billion, a P/E ratio of 20.63, a P/E/G ratio of 1.33 and a beta of 0.92. Intercontinental Exchange Inc. has a fifty-two week low of $136.67 and a fifty-two week high of $189.35. The business’s 50 day moving average price is $156.14 and its 200-day moving average price is $159.84. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01.

Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.23 by $0.12. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $2.88 billion. During the same period in the previous year, the company posted $1.72 earnings per share. The firm’s revenue was up 20.4% on a year-over-year basis. On average, equities research analysts anticipate that Intercontinental Exchange Inc. will post 8.16 earnings per share for the current year.

Insider Transactions at Intercontinental Exchange

In related news, Director Sharon Bowen sold 667 shares of Intercontinental Exchange stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $151.28, for a total transaction of $100,903.76. Following the sale, the director directly owned 15,077 shares in the company, valued at $2,280,848.56. The trade was a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of Intercontinental Exchange stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total value of $693,083.88. Following the sale, the general counsel owned 45,473 shares in the company, valued at $6,891,887.88. This represents a 9.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 12,001 shares of company stock valued at $1,847,820. Company insiders own 0.84% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on ICE shares. Keefe, Bruyette & Woods started coverage on Intercontinental Exchange in a research note on Wednesday, April 8th. They issued an “outperform” rating and a $190.00 price target on the stock. Morgan Stanley lifted their price target on Intercontinental Exchange from $183.00 to $187.00 and gave the stock an “equal weight” rating in a research note on Friday, April 10th. Barclays reaffirmed an “overweight” rating and issued a $201.00 price target (up from $198.00) on shares of Intercontinental Exchange in a research note on Friday, May 1st. TD Cowen reaffirmed a “buy” rating on shares of Intercontinental Exchange in a research note on Friday, February 6th. Finally, UBS Group reaffirmed a “buy” rating and issued a $205.00 price target on shares of Intercontinental Exchange in a research note on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $194.60.

Intercontinental Exchange Company Profile

Intercontinental Exchange (NYSE: ICE) is a global operator of exchanges, clearing houses and data services that provides infrastructure for the trading, clearing, settlement and information needs of financial and commodity markets. Founded in 2000 by Jeffrey C. Sprecher as an electronic energy trading platform, the company has grown through organic expansion and acquisitions to operate a broad portfolio of assets spanning listed equities, futures and options, fixed income, and over-the-counter derivatives.