Magellan Asset Management Ltd Purchases Shares of 400,494 Intercontinental Exchange Inc. $ICE

Magellan Asset Management Ltd purchased a new position in Intercontinental Exchange Inc. (NYSE:ICE) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 400,494 shares of the financial services provider’s stock, valued at approximately $49,305,000. Magellan Asset Management Ltd owned approximately 0.07% of Intercontinental Exchange as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the company. J. Stern & Co. LLP grew its stake in Intercontinental Exchange by 17,398.1% in the 4th quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider’s stock valued at $8,763,214,000 after purchasing an additional 53,798,055 shares during the period. BlackRock Inc. purchased a new stake in Intercontinental Exchange in the second quarter worth $6,245,085,000. Norges Bank bought a new stake in shares of Intercontinental Exchange in the fourth quarter valued at $1,418,228,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Intercontinental Exchange during the 2nd quarter valued at $714,869,000. Finally, Flossbach Von Storch SE purchased a new position in shares of Intercontinental Exchange during the 2nd quarter valued at $649,900,000. 89.30% of the stock is owned by institutional investors.

Intercontinental Exchange Stock Performance

Shares of ICE opened at $161.29 on Monday. Intercontinental Exchange Inc. has a 12-month low of $121.79 and a 12-month high of $181.65. 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 company has a market cap of $90.55 billion, a PE ratio of 22.78, a price-to-earnings-growth ratio of 1.57 and a beta of 0.92. The stock has a 50-day moving average price of $142.34 and a 200-day moving average price of $151.54.

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ICE. Barclays reissued an “overweight” rating and set a $182.00 target price (up from $180.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Piper Sandler reduced their price target on Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating for the company in a research report on Wednesday, July 15th. Morgan Stanley dropped their price objective on Intercontinental Exchange from $187.00 to $163.00 and set an “equal weight” rating on the stock in a report on Friday, July 10th. Weiss Ratings lowered Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Finally, The Goldman Sachs Group decreased their price target on Intercontinental Exchange from $208.00 to $180.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. 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 company. According to data from MarketBeat, Intercontinental Exchange has an average rating of “Moderate Buy” and an average price target of $183.33.

Insiders Place Their Bets

In other Intercontinental Exchange news, CFO Warren Gardiner sold 2,491 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $156.30, for a total transaction of $389,343.30. Following the completion of the transaction, the chief financial officer owned 22,698 shares of the company’s stock, valued at $3,547,697.40. This represents a 9.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William Jefferson Hague sold 1,333 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $139.46, for a total transaction of $185,900.18. Following the completion of the sale, the director directly owned 20,132 shares in the company, valued at $2,807,608.72. This trade represents a 6.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 20,200 shares of company stock worth $3,035,385 in the last three months. 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.