Northwestern Mutual Wealth Management Co. Takes $39.96 Million Position in Intercontinental Exchange Inc. $ICE

Northwestern Mutual Wealth Management Co. acquired a new stake in Intercontinental Exchange Inc. (NYSE:ICE) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 324,570 shares of the financial services provider’s stock, valued at approximately $39,958,000. Northwestern Mutual Wealth Management Co. owned about 0.06% of Intercontinental Exchange as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. PNC Financial Services Group Inc. raised its stake in Intercontinental Exchange by 5.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 191,658 shares of the financial services provider’s stock worth $31,041,000 after acquiring an additional 10,742 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Intercontinental Exchange in the second quarter valued at about $6,245,085,000. USS Investment Management Ltd increased its holdings in shares of Intercontinental Exchange by 37.2% in the first quarter. USS Investment Management Ltd now owns 946,920 shares of the financial services provider’s stock valued at $148,960,000 after purchasing an additional 256,851 shares during the period. Walter Public Investments Inc. raised its stake in shares of Intercontinental Exchange by 13.8% in the fourth quarter. Walter Public Investments Inc. now owns 124,993 shares of the financial services provider’s stock worth $20,244,000 after purchasing an additional 15,129 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Intercontinental Exchange by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider’s stock worth $8,770,647,000 after purchasing an additional 413,639 shares during the last quarter. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. TD Cowen reiterated a “buy” rating and issued a $177.00 target price (up from $159.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Barclays reissued an “overweight” rating and set a $182.00 price target (up from $180.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Weiss Ratings cut shares of Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $178.00 price objective on shares of Intercontinental Exchange in a report on Friday, July 31st. Finally, Piper Sandler reduced their target price on shares of Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating for the company in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $183.33.

Intercontinental Exchange Stock Up 1.7%

Intercontinental Exchange stock opened at $161.29 on Friday. The business’s 50-day moving average price is $142.34 and its 200 day moving average price is $151.69. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. The firm has a market cap of $90.55 billion, a price-to-earnings ratio of 22.78, a price-to-earnings-growth ratio of 1.58 and a beta of 0.92. Intercontinental Exchange Inc. has a 52 week low of $121.79 and a 52 week high of $181.65.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.84 by $0.06. The company had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $2.63 billion. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.Intercontinental Exchange’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.81 earnings per share. As a group, sell-side analysts anticipate that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current year.

Insider Activity at Intercontinental Exchange

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 4,573 shares of Intercontinental Exchange stock in a transaction 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 completion of the transaction, the general counsel owned 45,473 shares of the company’s stock, valued at approximately $6,891,887.88. The trade was a 9.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Mayur Kapani sold 4,271 shares of the company’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $151.20, for a total transaction of $645,775.20. Following the completion of the transaction, the chief technology officer owned 67,988 shares of the company’s stock, valued at approximately $10,279,785.60. This trade represents a 5.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 20,200 shares of company stock valued at $3,035,385 in the last quarter. 0.84% of the stock is currently owned by insiders.

About Intercontinental Exchange

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.