Connor Clark & Lunn Investment Management Ltd. Cuts Holdings in Intercontinental Exchange Inc. (NYSE:ICE)

Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 70.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,904 shares of the financial services provider’s stock after selling 125,440 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Intercontinental Exchange were worth $9,126,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. REAP Financial Group LLC increased its stake in shares of Intercontinental Exchange by 116.7% during the fourth quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 91 shares in the last quarter. Tsfg LLC increased its stake in shares of Intercontinental Exchange by 187.3% during the first quarter. Tsfg LLC now owns 158 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 103 shares in the last quarter. Menard Financial Group LLC purchased a new stake in shares of Intercontinental Exchange during the fourth quarter worth about $29,000. Rakuten Securities Inc. increased its stake in shares of Intercontinental Exchange by 595.8% during the first quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 143 shares in the last quarter. Finally, McClarren Financial Advisors Inc. purchased a new stake in shares of Intercontinental Exchange during the first quarter worth about $30,000. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Insider Activity at Intercontinental Exchange

In other Intercontinental Exchange news, Director Sharon Bowen sold 794 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $185.00, for a total value of $146,890.00. Following the sale, the director directly owned 14,206 shares of the company’s stock, valued at approximately $2,628,110. This represents a 5.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $179.22, for a total transaction of $26,883,000.00. Following the completion of the sale, the chief executive officer directly owned 2,101,705 shares in the company, valued at approximately $376,667,570.10. This represents a 6.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 226,913 shares of company stock worth $40,671,107 over the last 90 days. 1.00% of the stock is currently owned by corporate insiders.

Intercontinental Exchange Stock Performance

Shares of ICE stock opened at $185.98 on Tuesday. The firm’s 50 day moving average price is $181.78 and its 200-day moving average price is $172.96. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01. Intercontinental Exchange Inc. has a one year low of $142.29 and a one year high of $189.35. The firm has a market cap of $106.46 billion, a P/E ratio of 35.70, a P/E/G ratio of 2.21 and a beta of 1.11.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, topping the consensus estimate of $1.77 by $0.04. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.52 EPS. As a group, equities research analysts predict that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Intercontinental Exchange Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders 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 yield of 1.0%. Intercontinental Exchange’s dividend payout ratio (DPR) is presently 36.85%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on ICE shares. UBS Group upped their price objective on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a “buy” rating in a research note on Tuesday, July 8th. Morgan Stanley upped their price objective on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the company an “equal weight” rating in a research note on Monday, May 5th. 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. Keefe, Bruyette & Woods upped their price objective on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the company an “outperform” rating in a research note on Friday, May 2nd. Finally, Barclays upped their price objective on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $194.92.

Intercontinental Exchange Company 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.