Meiji Yasuda Asset Management Co Ltd. Buys New Stake in Intercontinental Exchange Inc. $ICE

Meiji Yasuda Asset Management Co Ltd. purchased a new stake in Intercontinental Exchange Inc. (NYSE:ICE) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 4,835 shares of the financial services provider’s stock, valued at approximately $595,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. J. Stern & Co. LLP raised its holdings in shares of Intercontinental Exchange by 17,398.1% during 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 buying an additional 53,798,055 shares during the period. BlackRock Inc. acquired a new position in shares of Intercontinental Exchange during the second quarter worth $6,245,085,000. State Street Corp boosted its stake in shares of Intercontinental Exchange by 3.4% in the fourth quarter. State Street Corp now owns 25,653,952 shares of the financial services provider’s stock valued at $4,154,914,000 after purchasing an additional 837,208 shares during the period. Morgan Stanley grew its holdings in Intercontinental Exchange by 1.0% during the 4th quarter. Morgan Stanley now owns 15,875,593 shares of the financial services provider’s stock valued at $2,571,212,000 after purchasing an additional 158,450 shares in the last quarter. Finally, Norges Bank purchased a new stake in Intercontinental Exchange during the 4th quarter worth $1,418,228,000. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Intercontinental Exchange Trading Down 0.7%

NYSE:ICE opened at $161.93 on Wednesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. The business has a 50 day simple moving average of $143.22 and a 200 day simple moving average of $151.53. The firm has a market capitalization of $90.90 billion, a P/E ratio of 22.87, a P/E/G ratio of 1.58 and a beta of 0.92. Intercontinental Exchange Inc. has a 12-month low of $121.79 and a 12-month high of $179.20.

Intercontinental Exchange (NYSE:ICE) last announced 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. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The firm had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter in the previous year, the business earned $1.81 EPS. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. Equities research analysts predict that Intercontinental Exchange Inc. will post 8.1 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ICE shares. Piper Sandler decreased their price objective on shares of 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 lowered their price objective on Intercontinental Exchange from $187.00 to $163.00 and set an “equal weight” rating for the company in a research note on Friday, July 10th. Weiss Ratings lowered Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Raymond James Financial set a $208.00 target price on Intercontinental Exchange in a research note on Monday, July 6th. Finally, Rothschild & Co Redburn set a $177.00 price target on shares of Intercontinental Exchange in a research note on Thursday, June 11th. One 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $183.33.

Insider Activity at Intercontinental Exchange

In other news, CTO Mayur Kapani sold 4,271 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $151.20, for a total value of $645,775.20. Following the completion of the transaction, the chief technology officer directly owned 67,988 shares in the company, valued at $10,279,785.60. This trade represents a 5.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Warren Gardiner sold 2,491 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $156.30, for a total transaction of $389,343.30. Following the transaction, the chief financial officer owned 22,698 shares in the company, valued at $3,547,697.40. This represents a 9.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 17,227 shares of company stock worth $2,598,301. 0.84% of the stock is currently owned by corporate 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.