Madison Asset Management LLC Makes New $39.84 Million Investment in Intercontinental Exchange Inc. $ICE

Madison Asset Management LLC purchased a new position in Intercontinental Exchange Inc. (NYSE:ICE) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 323,573 shares of the financial services provider’s stock, valued at approximately $39,835,000.

Several other hedge funds also recently made changes to their positions in the stock. ICONIQ Capital LLC lifted its holdings in Intercontinental Exchange by 2.2% during the 2nd quarter. ICONIQ Capital LLC now owns 2,621 shares of the financial services provider’s stock worth $481,000 after purchasing an additional 56 shares in the last quarter. Mission Wealth Management LP grew its holdings in Intercontinental Exchange by 2.4% during the 4th quarter. Mission Wealth Management LP now owns 2,611 shares of the financial services provider’s stock valued at $423,000 after buying an additional 62 shares in the last quarter. Evergreen Capital Management LLC increased its position in shares of Intercontinental Exchange by 1.5% during the fourth quarter. Evergreen Capital Management LLC now owns 4,207 shares of the financial services provider’s stock valued at $681,000 after buying an additional 63 shares during the period. Johnson Financial Group LLC increased its position in shares of Intercontinental Exchange by 4.0% during the fourth quarter. Johnson Financial Group LLC now owns 1,710 shares of the financial services provider’s stock valued at $277,000 after buying an additional 65 shares during the period. Finally, Cornerstone Planning Group LLC lifted its holdings in shares of Intercontinental Exchange by 33.5% in the first quarter. Cornerstone Planning Group LLC now owns 271 shares of the financial services provider’s stock worth $42,000 after buying an additional 68 shares in the last quarter. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Intercontinental Exchange Trading Up 0.6%

ICE stock opened at $157.04 on Thursday. The company has a market capitalization of $88.16 billion, a PE ratio of 22.18, a price-to-earnings-growth ratio of 1.53 and a beta of 0.92. Intercontinental Exchange Inc. has a one year low of $121.79 and a one year high of $181.72. The company’s 50 day moving average price is $141.53 and its two-hundred day moving average price is $151.73. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.84 by $0.06. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The company had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $2.63 billion. During the same quarter in the prior year, the company earned $1.81 EPS. The firm’s revenue was up 4.8% on a year-over-year basis. As a group, analysts predict that Intercontinental Exchange Inc. will post 8.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Intercontinental Exchange

In other news, Director Sharon Bowen sold 667 shares of the business’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $151.28, for a total value of $100,903.76. Following the completion of the sale, the director owned 15,077 shares of the company’s stock, valued at approximately $2,280,848.56. The trade was a 4.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William Jefferson Hague sold 1,333 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $139.46, for a total value of $185,900.18. Following the sale, the director owned 20,132 shares of the company’s stock, valued at $2,807,608.72. This represents a 6.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 18,376 shares of company stock valued at $2,746,946. 0.84% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

ICE has been the subject of a number of analyst reports. Wall Street Zen lowered shares of Intercontinental Exchange from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Barclays reiterated an “overweight” rating and issued a $182.00 target price (up from $180.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Morgan Stanley cut their price target on shares of Intercontinental Exchange from $187.00 to $163.00 and set an “equal weight” rating for the company in a report on Friday, July 10th. Piper Sandler reduced their price target 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. Finally, Raymond James Financial set a $208.00 price target on shares of Intercontinental Exchange in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $183.33.

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.