Entropy Technologies LP Reduces Stock Position in Intercontinental Exchange Inc. (NYSE:ICE)

Entropy Technologies LP trimmed its holdings in Intercontinental Exchange Inc. (NYSE:ICE) by 22.0% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 32,332 shares of the financial services provider’s stock after selling 9,137 shares during the period. Entropy Technologies LP’s holdings in Intercontinental Exchange were worth $5,577,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Intercontinental Exchange by 1.4% in the first quarter. Vanguard Group Inc. now owns 52,940,356 shares of the financial services provider’s stock worth $9,132,211,000 after acquiring an additional 712,179 shares during the period. Royal Bank of Canada grew its position in Intercontinental Exchange by 132.9% in the fourth quarter. Royal Bank of Canada now owns 9,121,352 shares of the financial services provider’s stock worth $1,359,173,000 after acquiring an additional 5,204,309 shares during the period. Northern Trust Corp grew its position in Intercontinental Exchange by 9.7% in the fourth quarter. Northern Trust Corp now owns 7,422,007 shares of the financial services provider’s stock worth $1,105,953,000 after acquiring an additional 655,247 shares during the period. Independent Franchise Partners LLP grew its position in Intercontinental Exchange by 20.8% in the fourth quarter. Independent Franchise Partners LLP now owns 6,160,836 shares of the financial services provider’s stock worth $918,026,000 after acquiring an additional 1,062,904 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Intercontinental Exchange by 50.6% in the first quarter. Bank of New York Mellon Corp now owns 5,933,532 shares of the financial services provider’s stock worth $1,023,534,000 after acquiring an additional 1,993,084 shares during the period. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Intercontinental Exchange Stock Performance

NYSE:ICE opened at $186.53 on Friday. The firm has a market capitalization of $106.77 billion, a PE ratio of 35.80, a price-to-earnings-growth ratio of 2.21 and a beta of 1.11. The business’s fifty day moving average price is $181.66 and its 200 day moving average price is $172.65. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. Intercontinental Exchange Inc. has a 12 month low of $142.29 and a 12 month high of $189.35.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.04. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.50 billion. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.52 earnings per share. On average, sell-side analysts anticipate that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.0%. Intercontinental Exchange’s dividend payout ratio is currently 36.85%.

Analysts Set New Price Targets

ICE has been the subject of several analyst reports. UBS Group increased their price objective on Intercontinental Exchange from $195.00 to $210.00 and gave the stock a “buy” rating in a research report on Tuesday, July 8th. Morgan Stanley upped their price target on Intercontinental Exchange from $181.00 to $192.00 and gave the stock an “equal weight” rating in a research note on Monday, May 5th. Piper Sandler upped their price target on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 15th. Keefe, Bruyette & Woods upped their price target on Intercontinental Exchange from $183.00 to $189.00 and gave the stock an “outperform” rating in a research note on Friday, May 2nd. Finally, Barclays upped their price target on Intercontinental Exchange from $206.00 to $212.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Intercontinental Exchange presently has an average rating of “Moderate Buy” and an average target price of $194.92.

Insider Activity

In related news, General Counsel Andrew J. Surdykowski sold 3,848 shares of the firm’s stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $179.12, for a total transaction of $689,253.76. Following the transaction, the general counsel owned 48,480 shares of the company’s stock, valued at $8,683,737.60. This trade represents a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Sharon Bowen sold 795 shares of the firm’s stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $183.30, for a total value of $145,723.50. Following the transaction, the director directly owned 15,000 shares in the company, valued at approximately $2,749,500. This represents a 5.03% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 226,913 shares of company stock valued at $40,671,107. Insiders own 1.00% of the company’s stock.

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.