Magellan Asset Management Ltd Has $228.99 Million Stock Holdings in Intercontinental Exchange Inc. $ICE

Magellan Asset Management Ltd trimmed its position in Intercontinental Exchange Inc. (NYSE:ICE) by 6.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,359,146 shares of the financial services provider’s stock after selling 93,363 shares during the quarter. Intercontinental Exchange comprises approximately 2.7% of Magellan Asset Management Ltd’s holdings, making the stock its 11th largest position. Magellan Asset Management Ltd owned 0.24% of Intercontinental Exchange worth $228,989,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Westside Investment Management Inc. bought a new position in Intercontinental Exchange in the 2nd quarter worth $29,000. Knuff & Co LLC increased its stake in shares of Intercontinental Exchange by 73.3% in the second quarter. Knuff & Co LLC now owns 175 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 74 shares during the period. Private Wealth Management Group LLC lifted its position in shares of Intercontinental Exchange by 59.5% during the 3rd quarter. Private Wealth Management Group LLC now owns 177 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 66 shares during the last quarter. Capital A Wealth Management LLC boosted its stake in Intercontinental Exchange by 26,000.0% during the 2nd quarter. Capital A Wealth Management LLC now owns 261 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 260 shares during the period. Finally, NewSquare Capital LLC grew its holdings in Intercontinental Exchange by 32.0% in the 2nd quarter. NewSquare Capital LLC now owns 272 shares of the financial services provider’s stock valued at $50,000 after buying an additional 66 shares during the last quarter. 89.30% of the stock is owned by institutional investors.

Intercontinental Exchange Price Performance

Shares of Intercontinental Exchange stock opened at $155.34 on Wednesday. The firm has a market cap of $88.22 billion, a P/E ratio of 26.92, a price-to-earnings-growth ratio of 1.60 and a beta of 1.02. The firm’s 50-day simple moving average is $164.34 and its 200-day simple moving average is $163.75. Intercontinental Exchange Inc. has a twelve month low of $143.17 and a twelve month high of $189.35. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.02 and a current ratio of 1.02.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings results on Thursday, February 5th. The financial services provider reported $1.71 EPS for the quarter, topping analysts’ consensus estimates of $1.67 by $0.04. The firm had revenue of $3.14 billion during the quarter, compared to analysts’ expectations of $2.51 billion. Intercontinental Exchange had a net margin of 26.23% and a return on equity of 13.99%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.52 earnings per share. As a group, research analysts expect that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Intercontinental Exchange Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Wednesday, December 16th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Wednesday, December 16th. Intercontinental Exchange’s dividend payout ratio (DPR) is 33.28%.

Analysts Set New Price Targets

ICE has been the subject of several research reports. Piper Sandler reissued an “overweight” rating and issued a $195.00 price objective (down from $202.00) on shares of Intercontinental Exchange in a research report on Wednesday, January 14th. Morgan Stanley set a $183.00 price target on shares of Intercontinental Exchange and gave the company an “equal weight” rating in a report on Tuesday, February 10th. Royal Bank Of Canada restated an “outperform” rating and set a $180.00 price objective on shares of Intercontinental Exchange in a report on Tuesday, January 6th. JPMorgan Chase & Co. cut their price objective on shares of Intercontinental Exchange from $202.00 to $180.00 and set an “overweight” rating for the company in a research report on Friday, October 31st. Finally, Raymond James Financial reissued a “strong-buy” rating and set a $211.00 target price on shares of Intercontinental Exchange in a research report on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $195.40.

Insiders Place Their Bets

In other news, CTO Mayur Kapani sold 15,213 shares of the business’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $155.02, for a total value of $2,358,319.26. Following the sale, the chief technology officer owned 64,869 shares in the company, valued at approximately $10,055,992.38. The trade was a 19.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Warren Gardiner sold 2,490 shares of the stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $154.00, for a total transaction of $383,460.00. Following the sale, the chief financial officer owned 27,679 shares of the company’s stock, valued at $4,262,566. This trade represents a 8.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 354,492 shares of company stock worth $55,139,102 over the last quarter. Corporate insiders own 1.00% of the company’s stock.

About Intercontinental Exchange

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.