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

Magellan Asset Management Ltd lowered its stake in Intercontinental Exchange Inc. (NYSE:ICE) by 3.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,452,509 shares of the financial services provider’s stock after selling 54,813 shares during the period. Intercontinental Exchange makes up approximately 3.0% of Magellan Asset Management Ltd’s holdings, making the stock its 12th largest holding. Magellan Asset Management Ltd owned about 0.25% of Intercontinental Exchange worth $266,492,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of ICE. Princeton Global Asset Management LLC purchased a new position in Intercontinental Exchange in the 2nd quarter worth approximately $28,000. Activest Wealth Management grew its holdings in shares of Intercontinental Exchange by 4,050.0% in the first quarter. Activest Wealth Management now owns 166 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 162 shares during the last quarter. Westside Investment Management Inc. bought a new position in shares of Intercontinental Exchange in the second quarter worth approximately $29,000. McClarren Financial Advisors Inc. purchased a new position in shares of Intercontinental Exchange in the first quarter worth $30,000. Finally, Hilltop National Bank bought a new stake in Intercontinental Exchange during the 2nd quarter valued at $31,000. Institutional investors own 89.30% of the company’s stock.

Intercontinental Exchange Price Performance

ICE opened at $148.93 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The company has a market cap of $84.92 billion, a price-to-earnings ratio of 28.59, a price-to-earnings-growth ratio of 2.11 and a beta of 1.06. The stock has a fifty day simple moving average of $162.47 and a two-hundred day simple moving average of $173.02. Intercontinental Exchange Inc. has a 12-month low of $142.29 and a 12-month high of $189.35.

Intercontinental Exchange (NYSE:ICE) last announced its earnings results on Thursday, October 30th. The financial services provider reported $1.71 EPS for the quarter, meeting analysts’ consensus estimates of $1.71. The firm had revenue of $2.41 billion for the quarter, compared to analysts’ expectations of $2.49 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.55 EPS. Research analysts predict that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Intercontinental Exchange

In other news, CTO Mayur Kapani sold 10,082 shares of the business’s stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $158.88, for a total value of $1,601,828.16. Following the sale, the chief technology officer directly owned 65,240 shares of the company’s stock, valued at $10,365,331.20. The trade was a 13.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Duriya M. Farooqui sold 2,036 shares of the company’s stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $178.34, for a total value of $363,100.24. Following the completion of the sale, the director owned 14,299 shares in the company, valued at $2,550,083.66. The trade was a 12.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 240,162 shares of company stock valued at $43,642,652 over the last three months. 1.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ICE. Barclays set a $183.00 price target on shares of Intercontinental Exchange and gave the stock an “overweight” rating in a report on Friday, October 31st. Raymond James Financial raised Intercontinental Exchange from an “outperform” rating to a “strong-buy” rating and set a $210.00 target price on the stock in a research note on Monday, October 13th. UBS Group lowered their price target on Intercontinental Exchange from $215.00 to $200.00 and set a “buy” rating for the company in a research report on Friday, October 31st. Morgan Stanley dropped their price objective on Intercontinental Exchange from $188.00 to $178.00 and set an “equal weight” rating for the company in a report on Tuesday, October 21st. Finally, Piper Sandler boosted their target price on Intercontinental Exchange from $180.00 to $202.00 and gave the company an “overweight” rating in a research note on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Intercontinental Exchange presently has an average rating of “Moderate Buy” and a consensus target price of $191.82.

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.