Korea Investment CORP Grows Position in Intercontinental Exchange Inc. $ICE

Key Points

• Korea Investment CORP increased its holdings in Intercontinental Exchange Inc. by 3.7% in the first quarter, now owning 429,311 shares valued at approximately $74 million.
• Multiple hedge funds have raised their stakes in Intercontinental Exchange, with Aptus Capital Advisors LLC leading with a 10% increase in its holdings.
• Intercontinental Exchange reported a 9.8% revenue increase for the quarter, achieving earnings of $1.81 per share, surpassing analysts' expectations of $1.77.

Korea Investment CORP increased its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 3.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 429,311 shares of the financial services provider's stock after acquiring an additional 15,196 shares during the quarter. Korea Investment CORP owned about 0.07% of Intercontinental Exchange worth $74,056,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ICE. Brighton Jones LLC increased its position in Intercontinental Exchange by 51.3% during the fourth quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider's stock worth $514,000 after acquiring an additional 1,169 shares during the period. Gamco Investors INC. ET AL increased its position in Intercontinental Exchange by 13.8% during the fourth quarter. Gamco Investors INC. ET AL now owns 1,556 shares of the financial services provider's stock worth $232,000 after acquiring an additional 189 shares during the period. Forum Financial Management LP boosted its stake in Intercontinental Exchange by 9.4% during the fourth quarter. Forum Financial Management LP now owns 5,068 shares of the financial services provider's stock worth $755,000 after buying an additional 436 shares in the last quarter. First Trust Advisors LP boosted its stake in Intercontinental Exchange by 703.3% during the fourth quarter. First Trust Advisors LP now owns 124,533 shares of the financial services provider's stock worth $18,557,000 after buying an additional 109,031 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Intercontinental Exchange by 2.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,843,440 shares of the financial services provider's stock worth $274,702,000 after buying an additional 52,346 shares in the last quarter. Institutional investors own 89.30% of the company's stock.

Insider Buying and Selling at Intercontinental Exchange

In other Intercontinental Exchange news, SVP Douglas Foley sold 1,600 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $177.48, for a total value of $283,968.00. Following the transaction, the senior vice president owned 27,313 shares of the company's stock, valued at approximately $4,847,511.24. The trade was a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $183.09, for a total value of $27,463,500.00. Following the sale, the chief executive officer directly owned 1,951,705 shares in the company, valued at $357,337,668.45. This trade represents a 7.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 442,936 shares of company stock valued at $80,227,488 in the last three months. Insiders own 1.00% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Piper Sandler lifted their price target on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Morgan Stanley lifted their price target on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a research note on Monday, May 5th. Keefe, Bruyette & Woods lifted their price target on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Barclays lifted their price target on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, UBS Group lifted their price target on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Ten analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $194.92.

Intercontinental Exchange Trading Up 0.8%

ICE stock traded up $1.3760 during mid-day trading on Friday, reaching $180.6060. The company's stock had a trading volume of 2,233,366 shares, compared to its average volume of 3,004,677. The company has a market cap of $103.38 billion, a price-to-earnings ratio of 34.67, a price-to-earnings-growth ratio of 2.16 and a beta of 1.11. The business's 50 day moving average price is $182.20 and its 200 day moving average price is $173.94. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Intercontinental Exchange Inc. has a 12 month low of $142.29 and a 12 month high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, beating the consensus estimate 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 company's quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.52 earnings per share. On average, equities research analysts predict that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Intercontinental Exchange Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders 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 36.85%.

Intercontinental Exchange Profile

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.