Howe & Rusling Inc. Has $21.80 Million Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• Howe & Rusling Inc. boosted its Intercontinental Exchange stake by 22.6% in the fourth quarter, ending with 134,592 shares valued at about $21.8 million.
• Institutional interest remains strong, with hedge funds and other investors owning 89.3% of ICE shares; several firms also increased positions significantly during the quarter.
• ICE beat earnings expectations in its latest quarterly report, posting $2.35 EPS versus the $2.23 estimate and revenue of $3.67 billion, while analysts currently hold a Moderate Buy consensus with an average target price of $193.

Howe & Rusling Inc. increased its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 22.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 134,592 shares of the financial services provider's stock after acquiring an additional 24,819 shares during the period. Intercontinental Exchange comprises 1.4% of Howe & Rusling Inc.'s investment portfolio, making the stock its 18th biggest holding. Howe & Rusling Inc.'s holdings in Intercontinental Exchange were worth $21,799,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in ICE. Aster Capital Management DIFC Ltd purchased a new stake in Intercontinental Exchange in the 4th quarter valued at about $619,000. Delta Global Management LP increased its stake in Intercontinental Exchange by 477.7% in the 4th quarter. Delta Global Management LP now owns 219,839 shares of the financial services provider's stock valued at $35,605,000 after buying an additional 181,786 shares during the last quarter. Rakuten Investment Management Inc. increased its stake in Intercontinental Exchange by 136.2% in the 4th quarter. Rakuten Investment Management Inc. now owns 75,102 shares of the financial services provider's stock valued at $12,315,000 after buying an additional 43,303 shares during the last quarter. L2 Asset Management LLC increased its stake in Intercontinental Exchange by 7.0% in the 4th quarter. L2 Asset Management LLC now owns 2,867 shares of the financial services provider's stock valued at $464,000 after buying an additional 187 shares during the last quarter. Finally, Brooklands Fund Management Ltd purchased a new stake in Intercontinental Exchange in the 4th quarter valued at about $28,000. Institutional investors and hedge funds own 89.30% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on ICE. Morgan Stanley increased their price objective on shares of Intercontinental Exchange from $183.00 to $187.00 and gave the company an "equal weight" rating in a research note on Friday, April 10th. UBS Group reiterated a "buy" rating and issued a $205.00 price objective on shares of Intercontinental Exchange in a research note on Wednesday, May 20th. Piper Sandler reiterated an "overweight" rating and issued a $211.00 price objective (up from $195.00) on shares of Intercontinental Exchange in a research note on Wednesday, April 15th. Rothschild & Co Redburn set a $177.00 price objective on shares of Intercontinental Exchange in a research note on Thursday, June 11th. Finally, Weiss Ratings lowered shares of Intercontinental Exchange from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $193.00.

Insider Activity at Intercontinental Exchange

In other news, Director Sharon Bowen sold 667 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $151.28, for a total transaction of $100,903.76. Following the completion of the sale, the director owned 15,077 shares in the company, valued at $2,280,848.56. This trade represents a 4.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Mayur Kapani sold 4,271 shares of the firm's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $155.42, for a total transaction of $663,798.82. Following the sale, the chief technology officer owned 64,869 shares of the company's stock, valued at approximately $10,081,939.98. The trade was a 6.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,425 shares of company stock worth $2,046,324 over the last 90 days. Corporate insiders own 0.84% of the company's stock.

Intercontinental Exchange Trading Up 0.6%

Shares of ICE stock opened at $140.95 on Wednesday. The company has a 50 day moving average of $153.32 and a 200-day moving average of $159.10. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. Intercontinental Exchange Inc. has a 12-month low of $136.67 and a 12-month high of $189.35. The firm has a market cap of $79.71 billion, a P/E ratio of 20.52, a PEG ratio of 1.34 and a beta of 0.92.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.12. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same quarter last year, the business posted $1.72 EPS. Intercontinental Exchange's quarterly revenue was up 20.4% compared to the same quarter last year. Sell-side analysts anticipate 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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