California State Teachers Retirement System Buys 107,482,962 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• California State Teachers Retirement System dramatically increased its Intercontinental Exchange stake by purchasing 107.5 million shares in the second quarter, bringing its total ownership to 108.4 million shares, or approximately 19.31% of ICE.
• Institutional investors own 89.30% of ICE, while insiders sold 40,912 shares worth $6.4 million during the last quarter.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $184.17. ICE recently beat quarterly earnings expectations, reporting $1.90 in EPS versus the $1.84 consensus estimate.

California State Teachers Retirement System raised its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 11,968.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 108,380,996 shares of the financial services provider's stock after purchasing an additional 107,482,962 shares during the period. California State Teachers Retirement System owned approximately 19.31% of Intercontinental Exchange worth $13,342,784,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Saudi Central Bank grew its stake in Intercontinental Exchange by 88.4% in the second quarter. Saudi Central Bank now owns 39,650 shares of the financial services provider's stock valued at $4,881,000 after acquiring an additional 18,604 shares during the period. NBH Bank bought a new position in shares of Intercontinental Exchange during the 2nd quarter valued at about $751,000. AlphaGrep UK Ltd acquired a new position in shares of Intercontinental Exchange in the 2nd quarter valued at approximately $889,000. Munich Reinsurance Co Stock Corp in Munich increased its stake in Intercontinental Exchange by 35.5% during the 2nd quarter. Munich Reinsurance Co Stock Corp in Munich now owns 331,547 shares of the financial services provider's stock worth $40,817,000 after purchasing an additional 86,897 shares in the last quarter. Finally, Raiffeisen Bank International AG raised its holdings in Intercontinental Exchange by 9.2% during the 2nd quarter. Raiffeisen Bank International AG now owns 13,619 shares of the financial services provider's stock worth $1,674,000 after buying an additional 1,153 shares during the period. 89.30% of the stock is owned by institutional investors.

Insider Activity at Intercontinental Exchange

In related news, General Counsel Andrew J. Surdykowski sold 4,574 shares of the business's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $161.77, for a total transaction of $739,935.98. Following the transaction, the general counsel directly owned 43,065 shares in the company, valued at approximately $6,966,625.05. The trade was a 9.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Douglas Foley sold 1,600 shares of the company's stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $160.00, for a total transaction of $256,000.00. Following the sale, the senior vice president directly owned 17,463 shares in the company, valued at $2,794,080. This trade represents a 8.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 40,912 shares of company stock worth $6,403,616. Insiders own 0.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on ICE shares. Morgan Stanley dropped their price objective on shares of Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating on the stock in a report on Friday, July 10th. The Goldman Sachs Group dropped their price target on Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Rothschild & Co Redburn set a $177.00 price objective on Intercontinental Exchange in a report on Thursday, June 11th. Piper Sandler cut their target price on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 15th. Finally, TD Cowen reaffirmed a "buy" rating and set a $177.00 price target (up from $159.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $184.17.

Intercontinental Exchange Price Performance

Shares of NYSE ICE opened at $157.67 on Wednesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. The business has a 50-day moving average of $149.58 and a 200-day moving average of $151.68. The stock has a market capitalization of $88.51 billion, a price-to-earnings ratio of 22.27, a PEG ratio of 1.57 and a beta of 0.93. Intercontinental Exchange Inc. has a fifty-two week low of $121.79 and a fifty-two week high of $176.59.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.84 by $0.06. The firm had revenue of $3.61 billion during the quarter, compared to analysts' expectations of $2.63 billion. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The business's quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.81 earnings per share. As a group, sell-side analysts predict that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current fiscal year.

About Intercontinental Exchange

Intercontinental Exchange, Inc NYSE: ICE operates global exchanges, clearinghouses, data services and technology platforms. The company provides marketplaces for trading and clearing a range of financial and commodity products, including energy, agricultural commodities, interest rates, credit and equities.

ICE owns and operates the New York Stock Exchange and related equity markets, as well as futures and options exchanges in North America and Europe. Its businesses also include ICE Data Services, which provides market data, analytics, connectivity and other information services to financial institutions and corporations.

Through ICE Mortgage Technology, the company offers software and digital platforms designed to support residential mortgage origination, processing, servicing and related workflows.

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