Intercontinental Exchange Inc. (NYSE:ICE) Stock Position Lowered by Cozad Asset Management Inc.

Key Points

• Cozad Asset Management Inc. reduced its holdings in Intercontinental Exchange Inc. by 26.1%, now owning 34,105 shares worth approximately $5.88 million.
• Several institutional investors, including Royal Bank of Canada and Geode Capital Management, have significantly increased their stakes in the company during the last quarter.
• Intercontinental Exchange reported an earnings per share (EPS) of $1.72, beating forecasts, with revenue of $2.47 billion for the quarter, marking an 8.0% year-over-year growth.

Cozad Asset Management Inc. lowered its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 26.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,105 shares of the financial services provider's stock after selling 12,020 shares during the quarter. Cozad Asset Management Inc.'s holdings in Intercontinental Exchange were worth $5,883,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Governors Lane LP increased its position in Intercontinental Exchange by 88.0% in the fourth quarter. Governors Lane LP now owns 127,100 shares of the financial services provider's stock worth $18,939,000 after buying an additional 59,500 shares in the last quarter. Tema Etfs LLC purchased a new stake in shares of Intercontinental Exchange in the fourth quarter worth $1,107,000. Ilmarinen Mutual Pension Insurance Co increased its stake in shares of Intercontinental Exchange by 61.0% in the fourth quarter. Ilmarinen Mutual Pension Insurance Co now owns 157,800 shares of the financial services provider's stock worth $23,514,000 after purchasing an additional 59,800 shares in the last quarter. Capital Investment Advisory Services LLC purchased a new stake in shares of Intercontinental Exchange in the first quarter worth $349,000. Finally, Sequoia Financial Advisors LLC increased its stake in shares of Intercontinental Exchange by 18.3% in the first quarter. Sequoia Financial Advisors LLC now owns 12,168 shares of the financial services provider's stock worth $2,099,000 after purchasing an additional 1,879 shares in the last quarter. Hedge funds and other institutional investors own 89.30% of the company's stock.

Insider Buying and Selling at Intercontinental Exchange

In related news, CEO Jeffrey C. Sprecher sold 150,000 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $179.22, for a total transaction of $26,883,000.00. Following the sale, the chief executive officer owned 2,101,705 shares of the company's stock, valued at $376,667,570.10. This trade represents a 6.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO James W. Namkung sold 612 shares of the firm's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $180.00, for a total value of $110,160.00. Following the completion of the sale, the chief accounting officer directly owned 13,220 shares in the company, valued at approximately $2,379,600. The trade was a 4.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 226,913 shares of company stock valued at $40,671,107. 1.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Piper Sandler raised their target price on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. UBS Group lifted their price objective on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Bank of America decreased their target price on shares of Intercontinental Exchange from $237.00 to $230.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. Finally, Barclays increased their price target on shares of Intercontinental Exchange from $198.00 to $206.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, Intercontinental Exchange presently has an average rating of "Moderate Buy" and an average price target of $194.42.

Intercontinental Exchange Stock Performance

Shares of NYSE ICE traded up $1.47 during midday trading on Wednesday, reaching $186.18. The company had a trading volume of 3,506,659 shares, compared to its average volume of 2,977,617. Intercontinental Exchange Inc. has a 1 year low of $142.29 and a 1 year high of $187.38. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.62. The stock has a market cap of $106.80 billion, a P/E ratio of 38.55, a P/E/G ratio of 2.00 and a beta of 1.11. The business's 50-day simple moving average is $180.10 and its 200 day simple moving average is $170.55.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its earnings results on Thursday, May 1st. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.02. Intercontinental Exchange had a net margin of 22.84% and a return on equity of 13.27%. The company had revenue of $2.47 billion for the quarter, compared to analysts' expectations of $2.44 billion. During the same quarter in the previous year, the company posted $1.48 EPS. The firm's quarterly revenue was up 8.0% on a year-over-year basis. On average, analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.03%. Intercontinental Exchange's dividend payout ratio is presently 39.75%.

Intercontinental Exchange Profile

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.