CPC Advisors LLC Decreases Stake in Intercontinental Exchange Inc. $ICE

Key Points

• CPC Advisors LLC reduced its position in Intercontinental Exchange by 37.7% in Q4, selling 9,691 shares and leaving it with 16,022 shares valued at $2.595 million.
• Analysts remain broadly positive on ICE — the consensus rating is "Buy" with a consensus target price of $193.80 after several firms raised ratings and price targets.
• ICE beat quarterly expectations with $1.71 EPS (vs. $1.67 est.) and $3.14B revenue (vs. $2.51B est., up 7.8% YoY), even as insiders sold about 348,418 shares (~$54.2M) in the last quarter.

CPC Advisors LLC lowered its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 37.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 16,022 shares of the financial services provider's stock after selling 9,691 shares during the quarter. CPC Advisors LLC's holdings in Intercontinental Exchange were worth $2,595,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in ICE. Brighton Jones LLC increased its holdings in Intercontinental Exchange by 51.3% in the 4th quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider's stock worth $514,000 after acquiring an additional 1,169 shares during the last quarter. Empowered Funds LLC increased its holdings in Intercontinental Exchange by 9.0% in the 1st quarter. Empowered Funds LLC now owns 14,396 shares of the financial services provider's stock worth $2,483,000 after acquiring an additional 1,189 shares during the last quarter. Sivia Capital Partners LLC grew its holdings in Intercontinental Exchange by 16.2% during the 2nd quarter. Sivia Capital Partners LLC now owns 2,078 shares of the financial services provider's stock valued at $381,000 after buying an additional 289 shares in the last quarter. NewEdge Advisors LLC grew its holdings in Intercontinental Exchange by 27.9% during the 2nd quarter. NewEdge Advisors LLC now owns 21,213 shares of the financial services provider's stock valued at $3,892,000 after buying an additional 4,628 shares in the last quarter. Finally, Treasurer of the State of North Carolina grew its holdings in Intercontinental Exchange by 2.4% during the 2nd quarter. Treasurer of the State of North Carolina now owns 266,496 shares of the financial services provider's stock valued at $48,894,000 after buying an additional 6,373 shares in the last quarter. Hedge funds and other institutional investors own 89.30% of the company's stock.

Analyst Ratings Changes

ICE has been the subject of a number of recent analyst reports. Wall Street Zen raised Intercontinental Exchange from a "sell" rating to a "hold" rating in a report on Saturday, February 7th. Barclays lifted their target price on Intercontinental Exchange from $193.00 to $198.00 and gave the company an "overweight" rating in a report on Wednesday, April 8th. Piper Sandler reaffirmed an "overweight" rating and set a $211.00 target price (up from $195.00) on shares of Intercontinental Exchange in a report on Wednesday, April 15th. Keefe, Bruyette & Woods initiated coverage on Intercontinental Exchange in a report on Wednesday, April 8th. They set an "outperform" rating and a $190.00 target price for the company. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Intercontinental Exchange in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Intercontinental Exchange currently has a consensus rating of "Buy" and a consensus target price of $193.80.

Intercontinental Exchange Stock Performance

Shares of ICE opened at $158.81 on Wednesday. The company has a market cap of $89.95 billion, a PE ratio of 27.52, a price-to-earnings-growth ratio of 1.67 and a beta of 1.03. 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 stock has a 50-day moving average price of $159.54 and a 200-day moving average price of $160.09. 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 issued its quarterly earnings results on Thursday, February 5th. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.67 by $0.04. The firm had revenue of $3.14 billion during the quarter, compared to the consensus estimate of $2.51 billion. Intercontinental Exchange had a return on equity of 13.99% and a net margin of 26.23%.The company's revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the company posted $1.52 EPS. As a group, equities analysts forecast that Intercontinental Exchange Inc. will post 8.06 earnings per share for the current fiscal year.

Intercontinental Exchange Dividend Announcement

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

Insider Activity

In other news, insider Christopher Scott Edmonds sold 11,303 shares of Intercontinental Exchange stock in a transaction dated 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 completion of the sale, the insider owned 14,266 shares in the company, valued at approximately $2,194,396.12. This trade represents a 44.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Warren Gardiner sold 2,490 shares of Intercontinental Exchange stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $154.00, for a total value of $383,460.00. Following the sale, the chief financial officer owned 27,679 shares of the company's stock, valued at approximately $4,262,566. This trade represents a 8.25% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 348,418 shares of company stock worth $54,196,631. Company 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.

Want to see what other hedge funds are holding ICE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intercontinental Exchange Inc. (NYSE:ICE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.