Caden Capital Partners LP Cuts Stock Position in Intercontinental Exchange Inc. $ICE

Key Points

• Caden Capital Partners trimmed its stake in Intercontinental Exchange by 4.6% in Q3, selling 7,500 shares and now holding 154,892 shares worth about $26.10 million, with ICE representing 10.6% of the fund (its 7th largest position).
• Major institutions were net buyers—Vanguard, Wellington, Capital World and Norges Bank notably increased or initiated positions—leaving institutional investors with 89.30% ownership, and analysts hold a consensus Buy rating with a $194.73 target.
• Corporate insiders have been selling: CEO Jeffrey C. Sprecher sold 150,000 shares for $23.25 million, and insiders have sold 348,418 shares worth $54.20 million in the past 90 days.

Caden Capital Partners LP trimmed its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 4.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 154,892 shares of the financial services provider's stock after selling 7,500 shares during the period. Intercontinental Exchange comprises 10.6% of Caden Capital Partners LP's holdings, making the stock its 7th largest position. Caden Capital Partners LP's holdings in Intercontinental Exchange were worth $26,096,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Intercontinental Exchange by 1.4% during the second quarter. Vanguard Group Inc. now owns 53,685,491 shares of the financial services provider's stock worth $9,849,677,000 after acquiring an additional 745,135 shares in the last quarter. Wellington Management Group LLP grew its stake in Intercontinental Exchange by 64.7% in the third quarter. Wellington Management Group LLP now owns 10,354,224 shares of the financial services provider's stock valued at $1,744,480,000 after purchasing an additional 4,067,922 shares in the last quarter. Norges Bank acquired a new position in shares of Intercontinental Exchange during the 2nd quarter worth approximately $1,542,780,000. Capital World Investors raised its stake in shares of Intercontinental Exchange by 15.2% during the 3rd quarter. Capital World Investors now owns 7,028,964 shares of the financial services provider's stock worth $1,184,238,000 after purchasing an additional 928,047 shares in the last quarter. Finally, Sands Capital Management LLC boosted its holdings in shares of Intercontinental Exchange by 6.9% in the 3rd quarter. Sands Capital Management LLC now owns 5,677,266 shares of the financial services provider's stock valued at $956,506,000 after buying an additional 364,227 shares during the last quarter. Institutional investors and hedge funds own 89.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ICE. Barclays set a $193.00 target price on shares of Intercontinental Exchange and gave the company an "overweight" rating in a research note on Friday, February 6th. Deutsche Bank Aktiengesellschaft upgraded shares of Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $188.00 price target for the company in a research note on Friday, March 6th. TD Cowen restated a "buy" rating on shares of Intercontinental Exchange in a research note on Friday, February 6th. Piper Sandler reaffirmed an "overweight" rating and issued a $195.00 target price (down from $202.00) on shares of Intercontinental Exchange in a report on Wednesday, January 14th. Finally, Raymond James Financial reiterated a "strong-buy" rating and issued a $211.00 target price on shares of Intercontinental Exchange in a research note on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $194.73.

Insiders Place Their Bets

In other Intercontinental Exchange news, CEO Jeffrey C. Sprecher sold 150,000 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $155.00, for a total value of $23,250,000.00. Following the transaction, the chief executive officer directly owned 1,651,705 shares of the company's stock, valued at $256,014,275. This represents a 8.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christopher Scott Edmonds sold 11,303 shares of the firm's stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $153.82, for a total transaction of $1,738,627.46. Following the sale, the insider owned 14,266 shares of the company's stock, valued at $2,194,396.12. This trade represents a 44.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 348,418 shares of company stock worth $54,196,631 in the last 90 days. Corporate insiders own 1.00% of the company's stock.

Intercontinental Exchange Trading Up 0.3%

Shares of Intercontinental Exchange stock opened at $159.12 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.02 and a quick ratio of 1.02. The business has a fifty day simple moving average of $164.52 and a two-hundred day simple moving average of $162.21. Intercontinental Exchange Inc. has a 1 year low of $143.17 and a 1 year high of $189.35. The company has a market capitalization of $90.36 billion, a price-to-earnings ratio of 27.58, a P/E/G ratio of 1.72 and a beta of 1.03.

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

Intercontinental Exchange Announces Dividend

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 issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Wednesday, December 16th. This represents a $2.08 annualized dividend and a dividend yield of 1.3%. Intercontinental Exchange's payout ratio is presently 36.05%.

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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