Handelsbanken Fonder AB Decreases Stake in Intercontinental Exchange Inc. $ICE

Key Points

• Handelsbanken Fonder AB cut its Intercontinental Exchange stake by 11.9% in the second quarter, selling 27,159 shares and retaining 200,458 shares valued at approximately $24.7 million. Institutional investors collectively own 89.3% of ICE.
• ICE reported quarterly EPS of $1.90, beating estimates of $1.84, while revenue rose 4.8% year over year to $3.61 billion. Analysts expect full-year EPS of $8.08.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $183.33, compared with the stock’s opening price of $151.33; however, company insiders have sold shares in recent months.

Handelsbanken Fonder AB trimmed its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 11.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 200,458 shares of the financial services provider's stock after selling 27,159 shares during the period. Handelsbanken Fonder AB's holdings in Intercontinental Exchange were worth $24,678,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ICE. Vanguard Group Inc. lifted its holdings in Intercontinental Exchange by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider's stock valued at $8,770,647,000 after acquiring an additional 413,639 shares during the period. J. Stern & Co. LLP grew its stake in shares of Intercontinental Exchange by 17,398.1% during the 4th quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider's stock worth $8,763,214,000 after purchasing an additional 53,798,055 shares during the period. State Street Corp increased its holdings in shares of Intercontinental Exchange by 3.4% during the 4th quarter. State Street Corp now owns 25,653,952 shares of the financial services provider's stock valued at $4,154,914,000 after purchasing an additional 837,208 shares in the last quarter. Morgan Stanley increased its holdings in shares of Intercontinental Exchange by 1.0% during the 4th quarter. Morgan Stanley now owns 15,875,593 shares of the financial services provider's stock valued at $2,571,212,000 after purchasing an additional 158,450 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Intercontinental Exchange in the 4th quarter valued at $1,418,228,000. Hedge funds and other institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Stock Up 0.1%

ICE stock opened at $151.33 on Thursday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63. The firm has a 50-day moving average of $140.05 and a two-hundred day moving average of $152.37. Intercontinental Exchange Inc. has a 12 month low of $121.79 and a 12 month high of $183.65. The company has a market cap of $84.96 billion, a price-to-earnings ratio of 21.37, a PEG ratio of 1.49 and a beta of 0.92.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.84 by $0.06. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The business had revenue of $3.61 billion during the quarter, compared to analyst estimates of $2.63 billion. During the same period in the prior year, the business earned $1.81 earnings per share. The business's revenue was up 4.8% compared to the same quarter last year. As a group, analysts forecast that Intercontinental Exchange Inc. will post 8.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ICE shares. Rothschild & Co Redburn set a $177.00 target price on shares of Intercontinental Exchange in a research note on Thursday, June 11th. Wall Street Zen cut Intercontinental Exchange from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Raymond James Financial set a $208.00 price target on Intercontinental Exchange in a research report on Monday, July 6th. Weiss Ratings raised Intercontinental Exchange from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, July 28th. Finally, Piper Sandler cut their price objective on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating for the company in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $183.33.

Insider Activity at Intercontinental Exchange

In other news, CFO Warren Gardiner sold 2,490 shares of the business's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $156.64, for a total transaction of $390,033.60. Following the transaction, the chief financial officer owned 25,189 shares of the company's stock, valued at approximately $3,945,604.96. The trade was a 9.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William Jefferson Hague sold 1,333 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $139.46, for a total transaction of $185,900.18. Following the sale, the director owned 20,132 shares of the company's stock, valued at approximately $2,807,608.72. The trade was a 6.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 16,454 shares of company stock valued at $2,469,349 in the last three months. Company insiders own 0.84% of the company's stock.

Intercontinental Exchange Company 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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