Mitsubishi UFJ Asset Management Co. Ltd. Trims Stock Holdings in Intercontinental Exchange Inc. $ICE

Mitsubishi UFJ Asset Management Co. Ltd. reduced its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 2.0% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 4,818,148 shares of the financial services provider’s stock after selling 97,142 shares during the quarter. Intercontinental Exchange accounts for about 0.7% of Mitsubishi UFJ Asset Management Co. Ltd.’s investment portfolio, making the stock its 27th largest holding. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Intercontinental Exchange were worth $883,986,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Advisors Capital Management LLC raised its holdings in shares of Intercontinental Exchange by 25.0% during the 1st quarter. Advisors Capital Management LLC now owns 1,978 shares of the financial services provider’s stock valued at $341,000 after buying an additional 396 shares in the last quarter. Trillium Asset Management LLC boosted its stake in Intercontinental Exchange by 12.0% in the second quarter. Trillium Asset Management LLC now owns 272,010 shares of the financial services provider’s stock worth $49,907,000 after buying an additional 29,250 shares in the last quarter. Lecap Asset Management Ltd. bought a new position in Intercontinental Exchange during the second quarter valued at approximately $1,075,000. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in Intercontinental Exchange by 18.5% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 103,206 shares of the financial services provider’s stock valued at $18,935,000 after acquiring an additional 16,100 shares during the last quarter. Finally, LPL Financial LLC raised its stake in shares of Intercontinental Exchange by 6.0% during the first quarter. LPL Financial LLC now owns 482,151 shares of the financial services provider’s stock worth $83,171,000 after acquiring an additional 27,443 shares in the last quarter. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ICE shares. Piper Sandler upped their price objective on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an “overweight” rating in a research note on Tuesday, July 15th. Raymond James Financial raised shares of Intercontinental Exchange from an “outperform” rating to a “strong-buy” rating and set a $210.00 price target for the company in a research note on Monday, October 13th. UBS Group reduced their price objective on Intercontinental Exchange from $215.00 to $200.00 and set a “buy” rating on the stock in a research note on Friday, October 31st. Weiss Ratings reissued a “buy (b)” rating on shares of Intercontinental Exchange in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. dropped their target price on Intercontinental Exchange from $202.00 to $180.00 and set an “overweight” rating for the company in a report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Intercontinental Exchange currently has an average rating of “Moderate Buy” and a consensus price target of $191.82.

Intercontinental Exchange Price Performance

ICE stock opened at $148.93 on Friday. The stock has a market capitalization of $84.92 billion, a price-to-earnings ratio of 28.59, a PEG ratio of 2.11 and a beta of 1.06. The firm’s 50-day moving average price is $162.47 and its two-hundred day moving average price is $173.02. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Intercontinental Exchange Inc. has a 12-month low of $142.29 and a 12-month high of $189.35.

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

Insider Transactions at Intercontinental Exchange

In related news, CTO Mayur Kapani sold 10,082 shares of Intercontinental Exchange stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $158.88, for a total value of $1,601,828.16. Following the sale, the chief technology officer owned 65,240 shares in the company, valued at $10,365,331.20. The trade was a 13.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Judith A. Sprieser sold 2,900 shares of the business’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $174.51, for a total transaction of $506,079.00. Following the transaction, the director directly owned 18,169 shares in the company, valued at approximately $3,170,672.19. The trade was a 13.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 240,162 shares of company stock worth $43,642,652. Corporate insiders own 1.00% of the company’s stock.

Intercontinental Exchange 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.