First Manhattan CO. LLC. Lowers Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• First Manhattan CO. LLC trimmed its Intercontinental Exchange stake by 1.8% in the fourth quarter, selling 20,980 shares and leaving it with 1,124,200 shares valued at about $182.1 million.
• Wall Street sentiment remains mostly positive: ICE has a Moderate Buy consensus rating and an average price target of $193, with several firms reiterating or raising bullish targets despite one recent downgrade.
• The company reported strong quarterly results, beating EPS and revenue expectations, but the stock has been under pressure and recently opened near its 52-week low after falling 4.9%.

First Manhattan CO. LLC. decreased its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 1.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,124,200 shares of the financial services provider's stock after selling 20,980 shares during the quarter. First Manhattan CO. LLC. owned approximately 0.20% of Intercontinental Exchange worth $182,075,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. ICONIQ Capital LLC grew its holdings in Intercontinental Exchange by 2.2% in the 2nd quarter. ICONIQ Capital LLC now owns 2,621 shares of the financial services provider's stock valued at $481,000 after buying an additional 56 shares during the period. Mechanics Financial Corp grew its holdings in Intercontinental Exchange by 1.0% in the 4th quarter. Mechanics Financial Corp now owns 6,138 shares of the financial services provider's stock valued at $994,000 after buying an additional 60 shares during the period. Mission Wealth Management LP grew its holdings in Intercontinental Exchange by 2.4% in the 4th quarter. Mission Wealth Management LP now owns 2,611 shares of the financial services provider's stock valued at $423,000 after buying an additional 62 shares during the period. Aaron Wealth Advisors LLC grew its holdings in Intercontinental Exchange by 1.9% in the 4th quarter. Aaron Wealth Advisors LLC now owns 3,384 shares of the financial services provider's stock valued at $548,000 after buying an additional 63 shares during the period. Finally, Evergreen Capital Management LLC grew its holdings in Intercontinental Exchange by 1.5% in the 4th quarter. Evergreen Capital Management LLC now owns 4,207 shares of the financial services provider's stock valued at $681,000 after buying an additional 63 shares during the period. Hedge funds and other institutional investors own 89.30% of the company's stock.

Wall Street Analyst Weigh In

ICE has been the subject of several recent analyst reports. Morgan Stanley lifted their price target on Intercontinental Exchange from $183.00 to $187.00 and gave the company an "equal weight" rating in a report on Friday, April 10th. UBS Group reiterated a "buy" rating and set a $205.00 target price on shares of Intercontinental Exchange in a report on Wednesday, May 20th. Weiss Ratings cut Intercontinental Exchange from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, June 2nd. Deutsche Bank Aktiengesellschaft upgraded Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $188.00 target price for the company in a report on Friday, March 6th. Finally, Barclays reiterated an "overweight" rating and set a $201.00 target price (up from $198.00) on shares of Intercontinental Exchange in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Intercontinental Exchange has an average rating of "Moderate Buy" and an average price target of $193.00.

Insider Transactions at Intercontinental Exchange

In other Intercontinental Exchange news, Director Sharon Bowen sold 667 shares of the company's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $151.28, for a total value of $100,903.76. Following the completion of the transaction, the director owned 15,077 shares in the company, valued at $2,280,848.56. This represents a 4.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William Jefferson Hague sold 1,333 shares of the company's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $139.46, for a total value of $185,900.18. Following the completion of the transaction, the director owned 20,132 shares of the company's stock, valued at approximately $2,807,608.72. This represents a 6.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 13,425 shares of company stock worth $2,046,324 over the last 90 days. 0.84% of the stock is owned by corporate insiders.

Intercontinental Exchange Stock Down 4.9%

Shares of NYSE:ICE opened at $134.41 on Thursday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01. Intercontinental Exchange Inc. has a 1 year low of $133.73 and a 1 year high of $189.35. The stock has a market capitalization of $76.01 billion, a P/E ratio of 19.56, a PEG ratio of 1.35 and a beta of 0.92. The stock has a 50-day simple moving average of $152.67 and a 200-day simple moving average of $158.94.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.23 by $0.12. The business had revenue of $3.67 billion during the quarter, compared to analysts' expectations of $2.88 billion. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The company's revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.72 EPS. Equities analysts forecast that Intercontinental Exchange Inc. will post 8.16 earnings per share for the current year.

Intercontinental Exchange Profile

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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