Intercontinental Exchange Inc. $ICE Shares Sold by EULAV Asset Management

Key Points

• EULAV Asset Management cut its stake in Intercontinental Exchange by 44.7% in the fourth quarter, leaving it with 164,833 shares worth about $26.7 million.
• Several large institutional investors remain heavily invested in ICE, including Vanguard, State Street, and Wellington, and 89.3% of the stock is owned by hedge funds and other institutions.
• Intercontinental Exchange reported strong quarterly results, with EPS of $2.35 and revenue of $3.67 billion, both ahead of expectations; analysts currently rate the stock Moderate Buy with a consensus target of $194.60.

EULAV Asset Management cut its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 44.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 164,833 shares of the financial services provider's stock after selling 133,000 shares during the period. EULAV Asset Management's holdings in Intercontinental Exchange were worth $26,696,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted 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 purchasing an additional 413,639 shares during the period. State Street Corp boosted its holdings in Intercontinental Exchange by 0.8% in the third quarter. State Street Corp now owns 24,816,744 shares of the financial services provider's stock valued at $4,181,125,000 after purchasing an additional 194,325 shares during the period. Wellington Management Group LLP boosted its holdings in Intercontinental Exchange by 64.7% in the third 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 purchasing an additional 4,067,922 shares during the period. Norges Bank purchased a new position in Intercontinental Exchange in the fourth quarter valued at $1,418,228,000. Finally, Capital World Investors boosted its holdings in Intercontinental Exchange by 15.2% in the third quarter. Capital World Investors now owns 7,028,964 shares of the financial services provider's stock valued at $1,184,238,000 after purchasing an additional 928,047 shares during the period. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Wall Street Zen upgraded Intercontinental Exchange from a "sell" rating to a "hold" rating in a report on Saturday, February 7th. Keefe, Bruyette & Woods assumed coverage on Intercontinental Exchange in a report on Wednesday, April 8th. They issued an "outperform" rating and a $190.00 target price for the company. Morgan Stanley lifted their target price on Intercontinental Exchange from $183.00 to $187.00 and gave the company an "equal weight" rating in a report on Friday, April 10th. UBS Group reiterated a "buy" rating and issued a $205.00 target price on shares of Intercontinental Exchange in a report on Wednesday, May 20th. Finally, Weiss Ratings lowered Intercontinental Exchange from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $194.60.

Intercontinental Exchange Stock Down 0.5%

Intercontinental Exchange stock opened at $141.36 on Friday. Intercontinental Exchange Inc. has a 1-year low of $136.67 and a 1-year high of $189.35. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a market cap of $79.94 billion, a PE ratio of 20.58, a P/E/G ratio of 1.36 and a beta of 0.92. The stock's fifty day moving average is $155.83 and its two-hundred day moving average is $159.72.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, beating analysts' consensus estimates of $2.23 by $0.12. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The company had revenue of $3.67 billion for the quarter, compared to analysts' expectations of $2.88 billion. During the same period last year, the firm earned $1.72 earnings per share. Intercontinental Exchange's quarterly revenue was up 20.4% on a year-over-year basis. On average, sell-side analysts expect that Intercontinental Exchange Inc. will post 8.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the firm's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $151.56, for a total value of $693,083.88. Following the sale, the general counsel directly owned 45,473 shares in the company, valued at $6,891,887.88. This trade represents a 9.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Mayur Kapani sold 4,271 shares of the firm's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $155.42, for a total value of $663,798.82. Following the completion of the sale, the chief technology officer owned 64,869 shares in the company, valued at approximately $10,081,939.98. This represents a 6.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,001 shares of company stock valued at $1,847,820 in the last three months. Corporate 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.