Magellan Asset Management Ltd Sells 54,813 Shares of Intercontinental Exchange Inc. $ICE

Magellan Asset Management Ltd lessened its position in Intercontinental Exchange Inc. (NYSE:ICE) by 3.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,452,509 shares of the financial services provider’s stock after selling 54,813 shares during the period. Intercontinental Exchange comprises about 3.0% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 12th biggest holding. Magellan Asset Management Ltd’s holdings in Intercontinental Exchange were worth $266,492,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. Princeton Global Asset Management LLC bought a new position in Intercontinental Exchange in the 2nd quarter valued at approximately $28,000. Activest Wealth Management lifted its holdings in shares of Intercontinental Exchange by 4,050.0% during the first quarter. Activest Wealth Management now owns 166 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 162 shares in the last quarter. Westside Investment Management Inc. purchased a new stake in shares of Intercontinental Exchange during the second quarter valued at $29,000. McClarren Financial Advisors Inc. purchased a new stake in shares of Intercontinental Exchange during the first quarter valued at $30,000. Finally, Hilltop National Bank bought a new stake in Intercontinental Exchange in the 2nd quarter worth about $31,000. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Intercontinental Exchange Price Performance

Shares of Intercontinental Exchange stock opened at $148.93 on Friday. Intercontinental Exchange Inc. has a one year low of $142.29 and a one year high of $189.35. The stock’s fifty day moving average is $162.47 and its 200 day moving average is $173.02. The stock has a market cap of $84.92 billion, a P/E ratio of 28.59, a P/E/G ratio of 2.11 and a beta of 1.06. 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 (NYSE:ICE) last released its quarterly earnings results on Thursday, October 30th. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.71. The business had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.49 billion. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%.Intercontinental Exchange’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.55 earnings per share. Sell-side analysts anticipate that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ICE shares. TD Cowen dropped their price target on shares of Intercontinental Exchange from $199.00 to $175.00 and set a “buy” rating on the stock in a report on Friday, October 31st. Barclays set a $183.00 target price on shares of Intercontinental Exchange and gave the stock an “overweight” rating in a report on Friday, October 31st. Weiss Ratings reiterated a “buy (b)” rating on shares of Intercontinental Exchange in a research note on Wednesday, October 8th. UBS Group lowered their price target on Intercontinental Exchange from $215.00 to $200.00 and set a “buy” rating on the stock in a report on Friday, October 31st. Finally, Piper Sandler lifted their price objective on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an “overweight” rating in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $191.82.

Insider Buying and Selling

In other Intercontinental Exchange news, SVP Douglas Foley sold 1,600 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $175.62, for a total transaction of $280,992.00. Following the sale, the senior vice president owned 25,796 shares in the company, valued at approximately $4,530,293.52. This trade represents a 5.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Judith A. Sprieser sold 2,900 shares of the company’s stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $174.51, for a total transaction of $506,079.00. Following the completion of the transaction, the director owned 18,169 shares of the company’s stock, valued at approximately $3,170,672.19. The trade was a 13.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 240,162 shares of company stock worth $43,642,652 in the last ninety days. Corporate 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.