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

Magellan Asset Management Ltd lessened its position in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 7.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,259,320 shares of the financial services provider’s stock after selling 99,826 shares during the period. Intercontinental Exchange accounts for 2.5% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 11th largest position. Magellan Asset Management Ltd owned about 0.22% of Intercontinental Exchange worth $203,959,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Ares Financial Consulting LLC purchased a new position in shares of Intercontinental Exchange during the 4th quarter valued at $25,000. Dorato Capital Management purchased a new position in shares of Intercontinental Exchange during the 4th quarter valued at $29,000. Steph & Co. lifted its position in shares of Intercontinental Exchange by 104.7% during the 4th quarter. Steph & Co. now owns 174 shares of the financial services provider’s stock valued at $28,000 after buying an additional 89 shares during the last quarter. Holos Integrated Wealth LLC purchased a new position in shares of Intercontinental Exchange during the 4th quarter valued at $28,000. Finally, Lloyd Advisory Services LLC. purchased a new position in shares of Intercontinental Exchange during the 4th quarter valued at $30,000. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ICE. Morgan Stanley increased their price objective on Intercontinental Exchange from $183.00 to $187.00 and gave the stock an “equal weight” rating in a report on Friday, April 10th. UBS Group reissued a “buy” rating and set a $205.00 price objective on shares of Intercontinental Exchange in a report on Wednesday, May 20th. TD Cowen reissued a “buy” rating on shares of Intercontinental Exchange in a report on Friday, February 6th. Deutsche Bank Aktiengesellschaft raised Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $188.00 price objective on the stock in a report on Friday, March 6th. Finally, Keefe, Bruyette & Woods began coverage on Intercontinental Exchange in a report on Wednesday, April 8th. They set an “outperform” rating and a $190.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $194.60.

Intercontinental Exchange Stock Performance

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

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 firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $2.88 billion. During the same quarter last year, the firm posted $1.72 EPS. The company’s revenue was up 20.4% compared to the same quarter last year. As a group, equities analysts predict that Intercontinental Exchange Inc. will post 8.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other Intercontinental Exchange news, CFO Warren Gardiner sold 2,490 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $156.64, for a total value of $390,033.60. Following the sale, the chief financial officer owned 25,189 shares of the company’s stock, valued at $3,945,604.96. This trade represents a 9.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total value of $693,083.88. Following the completion of the sale, the general counsel directly owned 45,473 shares in the company, valued at approximately $6,891,887.88. The trade was a 9.14% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 12,001 shares of company stock worth $1,847,820. 0.84% of the stock is currently owned by insiders.

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.