Manning & Napier Advisors LLC Sells 36,137 Shares of Intercontinental Exchange Inc. $ICE

Manning & Napier Advisors LLC lowered its position in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 10.1% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 321,482 shares of the financial services provider’s stock after selling 36,137 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Intercontinental Exchange were worth $50,563,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ICE. Ares Financial Consulting LLC purchased a new stake in shares of Intercontinental Exchange during the fourth quarter valued at approximately $25,000. Brooklands Fund Management Ltd purchased a new stake in shares of Intercontinental Exchange during the 4th quarter valued at $28,000. Dorato Capital Management purchased a new stake in shares of Intercontinental Exchange during the 4th quarter valued at $29,000. Swiss RE Ltd. bought a new stake in shares of Intercontinental Exchange during the 4th quarter worth $28,000. Finally, Steph & Co. boosted its holdings in shares of Intercontinental Exchange by 104.7% in the 4th quarter. Steph & Co. now owns 174 shares of the financial services provider’s stock worth $28,000 after buying an additional 89 shares during the last quarter. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Key Headlines Impacting Intercontinental Exchange

Here are the key news stories impacting Intercontinental Exchange this week:

• Positive Sentiment: Barclays reiterated an Overweight view and raised its price target to $180, while UBS and Goldman Sachs recently also issued bullish targets, signaling Wall Street still sees upside in ICE’s core exchange and data businesses.
• Positive Sentiment: Social-media and market commentary continue to highlight ICE’s strong earnings growth, relatively low valuation versus peers, and expansion initiatives in futures and tokenized equities, which support the long-term bull case.
• Neutral Sentiment: ICE’s coffee futures market is in the spotlight after the company raised margin requirements for coffee trading, contributing to sharp swings in arabica and robusta coffee prices. That move is boosting attention on ICE’s role in commodities markets, though the direct stock impact is less clear.
• Neutral Sentiment: Recent commentary also notes ICE’s Q1 revenue grew 13.5% year over year to about $3.7 billion, showing the business remains fundamentally healthy ahead of its next earnings update.
• Negative Sentiment: Morgan Stanley cut its price target to $163 from $187 and kept an Equal Weight rating, reflecting more cautious near-term expectations for the stock.
• Negative Sentiment: Analysts have also pointed to softer June volume trends and weaker trading activity in some futures segments, which has led to estimate cuts and is weighing on investor sentiment before ICE’s late-July earnings report.
• Negative Sentiment: Insider selling remains a mild overhang, with ICE executives and directors having made no open-market purchases over the past six months.

Intercontinental Exchange Stock Performance

Shares of NYSE ICE traded down $0.20 during midday trading on Friday, hitting $134.91. The company’s stock had a trading volume of 3,013,578 shares, compared to its average volume of 4,842,965. The firm has a market capitalization of $76.29 billion, a price-to-earnings ratio of 19.64, a P/E/G ratio of 1.27 and a beta of 0.94. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63. The stock has a fifty day moving average price of $142.48 and a 200 day moving average price of $155.59. Intercontinental Exchange Inc. has a one year low of $121.79 and a one year high of $189.35.

Intercontinental Exchange (NYSE:ICE) last posted its earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $2.88 billion. During the same quarter in the prior year, the business posted $1.72 earnings per share. The business’s quarterly revenue was up 20.4% on a year-over-year basis. On average, research analysts forecast that Intercontinental Exchange Inc. will post 8.35 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ICE. Morgan Stanley decreased their price objective on shares of Intercontinental Exchange from $187.00 to $163.00 and set an “equal weight” rating for the company in a report on Friday. Weiss Ratings downgraded shares of Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, June 17th. Barclays decreased their price target on shares of Intercontinental Exchange from $201.00 to $180.00 and set an “overweight” rating for the company in a research note on Thursday. Raymond James Financial set a $208.00 price objective on Intercontinental Exchange in a research note on Monday. Finally, TD Cowen reduced their price objective on Intercontinental Exchange from $193.00 to $153.00 and set a “buy” rating for the company in a report on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $183.33.

Insider Activity at Intercontinental Exchange

In related news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $151.56, for a total transaction of $693,083.88. Following the sale, the general counsel owned 45,473 shares of the company’s stock, valued at approximately $6,891,887.88. This represents a 9.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 completion of the transaction, the chief financial officer owned 25,189 shares of the company’s stock, valued at approximately $3,945,604.96. This represents a 9.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 13,425 shares of company stock worth $2,046,324 in the last 90 days. 0.84% of the stock is owned by company 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.