Intercontinental Exchange Inc. $ICE Shares Acquired by CIBC Asset Management Inc

Key Points

• CIBC Asset Management boosted its stake in Intercontinental Exchange by 28.3% in the fourth quarter, buying an additional 55,075 shares and bringing its total holding to 249,647 shares worth about $40.4 million.
• Institutional ownership remains very high, with several major investors such as Vanguard, State Street, Wellington Management, and Norges Bank adding to or initiating positions in ICE. About 89.3% of the stock is held by institutions and hedge funds.
• ICE reported strong quarterly results, beating EPS and revenue estimates with $2.35 EPS and $3.67 billion in revenue, while revenue rose 20.4% year over year. Despite the solid results, the stock was trading near its 52-week low, and insiders recently sold shares.

CIBC Asset Management Inc increased its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 28.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 249,647 shares of the financial services provider's stock after acquiring an additional 55,075 shares during the quarter. CIBC Asset Management Inc's holdings in Intercontinental Exchange were worth $40,421,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Intercontinental Exchange by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider's stock valued at $8,770,647,000 after buying an additional 413,639 shares during the period. State Street Corp increased its stake in Intercontinental Exchange by 0.8% in the 3rd quarter. State Street Corp now owns 24,816,744 shares of the financial services provider's stock valued at $4,181,125,000 after buying an additional 194,325 shares during the period. Wellington Management Group LLP increased its stake in Intercontinental Exchange by 64.7% in the 3rd quarter. Wellington Management Group LLP now owns 10,354,224 shares of the financial services provider's stock valued at $1,744,480,000 after buying an additional 4,067,922 shares during the period. Norges Bank acquired a new position in Intercontinental Exchange in the 4th quarter valued at $1,418,228,000. Finally, Capital World Investors increased its stake in Intercontinental Exchange by 15.2% in the 3rd quarter. Capital World Investors now owns 7,028,964 shares of the financial services provider's stock valued at $1,184,238,000 after buying an additional 928,047 shares during the period. 89.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ICE has been the topic of several recent research reports. UBS Group reissued a "buy" rating and issued a $205.00 price objective on shares of Intercontinental Exchange in a research note on Wednesday, May 20th. Morgan Stanley boosted 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. Weiss Ratings cut shares of Intercontinental Exchange from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday. Piper Sandler reissued 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. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Intercontinental Exchange in a research note on Wednesday, April 8th. They issued an "outperform" rating and a $190.00 price objective on the stock. One investment 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. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $194.60.

Insider Activity at Intercontinental Exchange

In other Intercontinental Exchange news, CFO Warren Gardiner sold 2,490 shares of the business's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $156.64, for a total transaction of $390,033.60. Following the sale, the chief financial officer directly owned 25,189 shares in the company, valued at approximately $3,945,604.96. The trade was a 9.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of the business's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $151.56, for a total transaction of $693,083.88. Following the sale, the general counsel owned 45,473 shares in the company, valued at $6,891,887.88. The trade was a 9.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 12,001 shares of company stock valued at $1,847,820 over the last 90 days. Company insiders own 0.84% of the company's stock.

Intercontinental Exchange Price Performance

Shares of NYSE ICE opened at $138.49 on Thursday. The firm has a market capitalization of $78.31 billion, a P/E ratio of 20.16, a PEG ratio of 1.37 and a beta of 0.92. Intercontinental Exchange Inc. has a one year low of $136.67 and a one year high of $189.35. The company's fifty day moving average is $156.42 and its two-hundred day moving average is $159.92. 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 (NYSE:ICE - Get Free Report) last issued its earnings results on Thursday, April 30th. The financial services provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.23 by $0.12. The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $2.88 billion. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. The business's revenue was up 20.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.72 EPS. Analysts forecast that Intercontinental Exchange Inc. will post 8.16 EPS for the current fiscal year.

About Intercontinental Exchange

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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