Bright Rock Capital Management LLC Sells 20,000 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Bright Rock Capital cut its stake in Intercontinental Exchange by 44.4%, selling 20,000 shares and leaving it with 25,000 shares worth about $4.05 million at the end of the quarter.
• ICE beat expectations for the quarter (EPS $1.71 vs. $1.67; revenue $3.14B vs. $2.51B), with revenue up 7.8% year-over-year, and declared a quarterly dividend of $0.52 ($2.08 annualized, ~1.3% yield).
• Despite heavy recent insider selling (348,418 shares worth ~$54.2M in the last three months), analysts maintain a bullish view with an average rating of "Buy" and a consensus target price of about $194.73 (some targets as high as $211).

Bright Rock Capital Management LLC lessened its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 44.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,000 shares of the financial services provider's stock after selling 20,000 shares during the period. Bright Rock Capital Management LLC's holdings in Intercontinental Exchange were worth $4,049,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Knuff & Co LLC lifted its holdings in shares of Intercontinental Exchange by 73.3% during the second quarter. Knuff & Co LLC now owns 175 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 74 shares in the last quarter. Holos Integrated Wealth LLC bought a new stake in shares of Intercontinental Exchange in the fourth quarter worth $28,000. Private Wealth Management Group LLC increased its position in Intercontinental Exchange by 59.5% during the third quarter. Private Wealth Management Group LLC now owns 177 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 66 shares during the last quarter. Caitlin John LLC bought a new position in Intercontinental Exchange in the third quarter valued at about $32,000. Finally, Capital A Wealth Management LLC grew its stake in shares of 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. 89.30% of the stock is owned by hedge funds and other institutional investors.

Intercontinental Exchange Stock Up 2.8%

Shares of ICE opened at $156.90 on Tuesday. The firm has a fifty day moving average price of $162.17 and a 200-day moving average price of $160.75. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $89.10 billion, a P/E ratio of 27.19, a P/E/G ratio of 1.65 and a beta of 1.04. Intercontinental Exchange Inc. has a 12-month low of $143.17 and a 12-month high of $189.35.

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

Intercontinental Exchange Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Wednesday, December 16th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.3%. The ex-dividend date is Wednesday, December 16th. Intercontinental Exchange's payout ratio is 36.05%.

Insider Buying and Selling at Intercontinental Exchange

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 4,571 shares of the firm's stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $162.00, for a total value of $740,502.00. Following the completion of the transaction, the general counsel owned 48,181 shares of the company's stock, valued at approximately $7,805,322. This trade represents a 8.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Christopher Scott Edmonds sold 11,303 shares of the stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $153.82, for a total value of $1,738,627.46. Following the completion of the transaction, the insider directly owned 14,266 shares in the company, valued at $2,194,396.12. This represents a 44.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 348,418 shares of company stock valued at $54,196,631. Insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

ICE has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft raised shares of Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $188.00 price objective for the company in a research report on Friday, March 6th. Barclays set a $193.00 price objective on shares of Intercontinental Exchange and gave the company an "overweight" rating in a research report on Friday, February 6th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Intercontinental Exchange in a research note on Monday, December 29th. TD Cowen restated a "buy" rating on shares of Intercontinental Exchange in a research report on Friday, February 6th. Finally, Raymond James Financial reissued a "strong-buy" rating and set a $211.00 price target on shares of Intercontinental Exchange in a research note on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $194.73.

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.

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