Global Endowment Management LP Lowers Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• Global Endowment Management LP significantly reduced its stake in Intercontinental Exchange Inc. by 53.9% during the first quarter, now holding only 1,328 shares worth $229,000.
• Several institutional investors have increased their holdings in Intercontinental Exchange, with Kovitz Investment Group Partners LLC boosting its stake by 423.8% in the last quarter.
• Intercontinental Exchange reported a 9.8% year-over-year revenue increase to $3.26 billion in its latest earnings announcement, exceeding analysts' expectations.

Global Endowment Management LP lowered its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 53.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,328 shares of the financial services provider's stock after selling 1,552 shares during the period. Global Endowment Management LP's holdings in Intercontinental Exchange were worth $229,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ICE. Brighton Jones LLC boosted its position in shares of Intercontinental Exchange by 51.3% during the 4th quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider's stock valued at $514,000 after acquiring an additional 1,169 shares during the last quarter. Gabelli Funds LLC boosted its position in shares of Intercontinental Exchange by 27.0% during the 4th quarter. Gabelli Funds LLC now owns 38,780 shares of the financial services provider's stock valued at $5,779,000 after acquiring an additional 8,240 shares during the last quarter. Gamco Investors INC. ET AL boosted its position in shares of Intercontinental Exchange by 13.8% during the 4th quarter. Gamco Investors INC. ET AL now owns 1,556 shares of the financial services provider's stock valued at $232,000 after acquiring an additional 189 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Intercontinental Exchange by 125.9% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,080,081 shares of the financial services provider's stock valued at $160,943,000 after acquiring an additional 601,893 shares during the last quarter. Finally, Forum Financial Management LP boosted its position in shares of Intercontinental Exchange by 9.4% during the 4th quarter. Forum Financial Management LP now owns 5,068 shares of the financial services provider's stock valued at $755,000 after acquiring an additional 436 shares during the last quarter. Hedge funds and other institutional investors own 89.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ICE. Morgan Stanley boosted their price target on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a research report on Monday, May 5th. UBS Group boosted their price target on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods boosted their price target on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Barclays boosted their price objective 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. Finally, Piper Sandler boosted their price objective 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. Ten research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $194.92.

Intercontinental Exchange Stock Up 0.1%

Shares of Intercontinental Exchange stock traded up $0.0980 on Tuesday, reaching $178.0380. 2,580,432 shares of the company were exchanged, compared to its average volume of 3,182,714. Intercontinental Exchange Inc. has a 1-year low of $142.29 and a 1-year high of $189.35. The company has a market cap of $101.91 billion, a P/E ratio of 34.17, a price-to-earnings-growth ratio of 2.11 and a beta of 1.11. 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 stock's 50 day moving average price is $182.07 and its 200-day moving average price is $173.73.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.04. The firm had revenue of $3.26 billion during 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 quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.52 earnings per share. As a group, equities analysts forecast that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Intercontinental Exchange Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 1.1%. Intercontinental Exchange's dividend payout ratio is presently 36.85%.

Insider Activity

In related news, CAO James W. Namkung sold 612 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $180.00, for a total transaction of $110,160.00. Following the completion of the sale, the chief accounting officer directly owned 13,220 shares of the company's stock, valued at $2,379,600. This trade represents a 4.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Sharon Bowen sold 794 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $185.00, for a total value of $146,890.00. Following the sale, the director directly owned 14,206 shares of the company's stock, valued at approximately $2,628,110. This represents a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 443,488 shares of company stock valued at $80,323,823. 1.00% of the stock is currently owned by company insiders.

About Intercontinental Exchange

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.