Carmignac Gestion Buys 920,153 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Carmignac Gestion increased its Intercontinental Exchange stake by 80%, buying 920,153 shares to bring its holdings to 2.07 million shares valued at approximately $254.9 million.
• ICE shares fell 2.2% to $157.67, despite the company reporting quarterly EPS of $1.90, above the $1.84 analyst consensus, and revenue of $3.61 billion.
• Analyst sentiment remains favorable, with a “Moderate Buy” consensus and an average price target of $184.17, although insiders sold 40,912 shares worth about $6.4 million over the past 90 days.

Carmignac Gestion raised its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 80.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,070,226 shares of the financial services provider's stock after purchasing an additional 920,153 shares during the period. Intercontinental Exchange accounts for about 3.3% of Carmignac Gestion's portfolio, making the stock its 11th biggest position. Carmignac Gestion owned about 0.37% of Intercontinental Exchange worth $254,861,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of ICE. Brooklands Fund Management Ltd bought a new stake in Intercontinental Exchange in the fourth quarter worth $28,000. Swiss RE Ltd. bought a new position in Intercontinental Exchange during the fourth quarter valued at $28,000. Lloyd Advisory Services LLC. bought a new position in Intercontinental Exchange during the fourth quarter valued at $30,000. Rakuten Securities Inc. purchased a new stake in shares of Intercontinental Exchange in the second quarter valued at $26,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in shares of Intercontinental Exchange in the fourth quarter valued at $37,000. 89.30% of the stock is owned by institutional investors.

Intercontinental Exchange Trading Down 2.2%

Shares of NYSE:ICE traded down $3.59 on Tuesday, hitting $157.67. 5,725,995 shares of the company's stock were exchanged, compared to its average volume of 3,956,329. The stock has a market capitalization of $88.51 billion, a price-to-earnings ratio of 22.27, a price-to-earnings-growth ratio of 1.57 and a beta of 0.93. Intercontinental Exchange Inc. has a 12 month low of $121.79 and a 12 month high of $176.59. 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's 50 day simple moving average is $149.58 and its two-hundred day simple moving average is $151.68.

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

Analyst Ratings Changes

ICE has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $178.00 target price on shares of Intercontinental Exchange in a report on Friday, July 31st. TD Cowen reissued a "buy" rating and issued a $177.00 price objective (up from $159.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Weiss Ratings raised shares of Intercontinental Exchange from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 25th. Rothschild & Co Redburn set a $177.00 target price on Intercontinental Exchange in a research report on Thursday, June 11th. Finally, Wall Street Zen cut Intercontinental Exchange from a "hold" rating to a "sell" rating in a research note on Saturday. One investment 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's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $184.17.

Insider Buying and Selling

In other news, insider Christopher Edmonds sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $160.59, for a total transaction of $802,950.00. Following the transaction, the insider directly owned 14,367 shares of the company's stock, valued at approximately $2,307,196.53. This trade represents a 25.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Andrew J. Surdykowski sold 4,574 shares of Intercontinental Exchange stock in a transaction that occurred 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 sale, the general counsel directly owned 43,065 shares of the company's stock, valued at $6,966,625.05. This represents a 9.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 40,912 shares of company stock worth $6,403,616 over the last 90 days. Corporate insiders own 0.84% 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.

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