Exchange Capital Management Inc. Purchases 1,797 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Exchange Capital Management Inc. has increased its stake in Intercontinental Exchange Inc. by 28.4%, now owning 8,132 shares valued at approximately $1.49 million.
• Major institutional investors, including Price T Rowe Associates Inc. and Wellington Management Group LLP, have significantly increased their holdings in Intercontinental Exchange this year, with total institutional ownership reaching 89.30%.
• CEO Jeffrey C. Sprecher sold 150,000 shares of the company recently, which marked a 7.14% decrease in his ownership position, leaving him with approximately 1.95 million shares valued at around $357 million.

Exchange Capital Management Inc. lifted its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 28.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,132 shares of the financial services provider's stock after purchasing an additional 1,797 shares during the period. Exchange Capital Management Inc.'s holdings in Intercontinental Exchange were worth $1,492,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in ICE. Price T Rowe Associates Inc. MD increased its position in Intercontinental Exchange by 491.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider's stock valued at $1,109,780,000 after acquiring an additional 5,345,388 shares during the period. Nuveen LLC acquired a new stake in Intercontinental Exchange in the first quarter valued at $575,383,000. Wellington Management Group LLP increased its holdings in Intercontinental Exchange by 113.9% in the first quarter. Wellington Management Group LLP now owns 5,943,363 shares of the financial services provider's stock valued at $1,025,230,000 after purchasing an additional 3,165,381 shares during the period. Bank of New York Mellon Corp raised its position in Intercontinental Exchange by 50.6% during the 1st quarter. Bank of New York Mellon Corp now owns 5,933,532 shares of the financial services provider's stock worth $1,023,534,000 after purchasing an additional 1,993,084 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of Intercontinental Exchange by 31.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,575,859 shares of the financial services provider's stock valued at $616,836,000 after buying an additional 861,679 shares during the last quarter. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Intercontinental Exchange news, CEO Jeffrey C. Sprecher sold 150,000 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $183.09, for a total transaction of $27,463,500.00. Following the completion of the sale, the chief executive officer owned 1,951,705 shares in the company, valued at approximately $357,337,668.45. The trade was a 7.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Judith A. Sprieser sold 2,900 shares of the firm's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $174.51, for a total transaction of $506,079.00. Following the completion of the transaction, the director directly owned 18,169 shares in the company, valued at $3,170,672.19. This trade represents a 13.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 230,874 shares of company stock worth $42,187,714 over the last quarter. Corporate insiders own 1.00% of the company's stock.

Intercontinental Exchange Price Performance

ICE stock opened at $160.85 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. The company's 50-day moving average is $176.97 and its 200-day moving average is $174.74. The stock has a market capitalization of $92.07 billion, a PE ratio of 30.87, a price-to-earnings-growth ratio of 1.95 and a beta of 1.08. Intercontinental Exchange Inc. has a 1 year low of $142.29 and a 1 year high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, topping analysts' consensus estimates of $1.77 by $0.04. The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $2.50 billion. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%.The firm's revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.52 EPS. Equities research analysts expect that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ICE has been the topic of a number of recent analyst reports. Morgan Stanley cut their price objective on Intercontinental Exchange from $192.00 to $188.00 and set an "equal weight" rating on the stock in a research note on Wednesday. UBS Group increased their price objective on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Barclays boosted their target price on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Piper Sandler increased their price target on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Finally, JPMorgan Chase & Co. lifted their price objective on Intercontinental Exchange from $195.00 to $203.00 and gave the stock an "overweight" rating in a research report on Thursday, September 25th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $198.20.

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.

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