Magellan Asset Management Ltd Cuts Position in Intercontinental Exchange Inc. $ICE

Magellan Asset Management Ltd trimmed its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 5.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,186,393 shares of the financial services provider’s stock after selling 72,927 shares during the period. Intercontinental Exchange comprises 2.4% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 15th largest position. Magellan Asset Management Ltd owned 0.21% of Intercontinental Exchange worth $186,596,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Phillip James Consulting Co. acquired a new stake in shares of Intercontinental Exchange in the first quarter valued at about $66,000. PNC Financial Services Group Inc. lifted its position in Intercontinental Exchange by 4.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 200,710 shares of the financial services provider’s stock worth $31,568,000 after acquiring an additional 9,052 shares in the last quarter. Oslo Pensjonsforsikring AS acquired a new position in Intercontinental Exchange during the 1st quarter worth approximately $162,000. Glenview Trust Co boosted its holdings in Intercontinental Exchange by 3.1% in the 1st quarter. Glenview Trust Co now owns 6,975 shares of the financial services provider’s stock worth $1,097,000 after acquiring an additional 213 shares during the period. Finally, Long Road Investment Counsel LLC boosted its holdings in Intercontinental Exchange by 2.3% in the 1st quarter. Long Road Investment Counsel LLC now owns 50,735 shares of the financial services provider’s stock worth $7,980,000 after acquiring an additional 1,150 shares during the period. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on ICE shares. Weiss Ratings lowered shares of Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, June 17th. Keefe, Bruyette & Woods assumed coverage on shares of Intercontinental Exchange in a report on Wednesday, April 8th. They set an “outperform” rating and a $190.00 price target for the company. Raymond James Financial set a $208.00 price target on shares of Intercontinental Exchange in a research note on Monday, July 6th. Barclays cut their price target on Intercontinental Exchange from $201.00 to $180.00 and set an “overweight” rating on the stock in a research note on Thursday, July 9th. Finally, The Goldman Sachs Group dropped their target price on shares of Intercontinental Exchange from $208.00 to $180.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $181.58.

Intercontinental Exchange Trading Down 2.2%

NYSE:ICE opened at $138.50 on Wednesday. The firm has a market capitalization of $78.32 billion, a P/E ratio of 20.16, a P/E/G ratio of 1.46 and a beta of 0.94. The business has a 50 day simple moving average of $140.17 and a 200 day simple moving average of $154.40. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. Intercontinental Exchange Inc. has a 12-month low of $121.79 and a 12-month 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, beating analysts’ consensus estimates of $2.23 by $0.12. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $2.88 billion. During the same period last year, the business posted $1.72 earnings per share. The firm’s quarterly revenue was up 20.4% compared to the same quarter last year. Equities research analysts predict that Intercontinental Exchange Inc. will post 8.07 EPS for the current year.

Insiders Place Their Bets

In related news, General Counsel Andrew J. Surdykowski sold 4,573 shares of Intercontinental Exchange stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total value of $693,083.88. Following the sale, the general counsel directly owned 45,473 shares in the company, valued at $6,891,887.88. This trade represents a 9.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Warren Gardiner sold 2,490 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $156.64, for a total transaction of $390,033.60. Following the transaction, the chief financial officer directly owned 25,189 shares of the company’s stock, valued at $3,945,604.96. The trade was a 9.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 13,425 shares of company stock worth $2,046,324. 0.84% of the stock is owned by company insiders.

Intercontinental Exchange 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.