Intercontinental Exchange Inc. $ICE Shares Sold by Manning & Napier Advisors LLC

Key Points

• Manning & Napier Advisors LLC reduced its Intercontinental Exchange stake by 6.4% in the fourth quarter, selling 24,374 shares and leaving it with 357,619 shares worth about $58.35 million.
• Several other institutional investors adjusted positions, and overall institutions own 89.30% of Intercontinental Exchange’s stock, highlighting strong institutional interest in the company.
• ICE reported better-than-expected first-quarter earnings, with EPS of $2.35 and revenue of $3.67 billion, while analysts currently rate the stock a consensus "Buy" with a target price of $194.10.

Manning & Napier Advisors LLC lessened its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 6.4% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 357,619 shares of the financial services provider's stock after selling 24,374 shares during the quarter. Manning & Napier Advisors LLC owned about 0.06% of Intercontinental Exchange worth $58,349,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Crossmark Global Holdings Inc. increased its holdings in shares of Intercontinental Exchange by 18.6% during the fourth quarter. Crossmark Global Holdings Inc. now owns 33,423 shares of the financial services provider's stock valued at $5,413,000 after purchasing an additional 5,242 shares during the period. Lighthouse Financial Services Inc. ADV acquired a new stake in Intercontinental Exchange in the fourth quarter worth about $1,379,000. International Assets Investment Management LLC acquired a new stake in Intercontinental Exchange in the fourth quarter worth about $124,000. Diversify Wealth Management LLC bought a new position in Intercontinental Exchange in the 4th quarter valued at about $268,000. Finally, Generali Asset Management SPA SGR grew its position in Intercontinental Exchange by 20.0% in the 4th quarter. Generali Asset Management SPA SGR now owns 41,815 shares of the financial services provider's stock valued at $6,772,000 after buying an additional 6,963 shares in the last quarter. Institutional investors own 89.30% of the company's stock.

Insider Transactions at Intercontinental Exchange

In other news, insider Lynn C. Martin sold 13,456 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $153.86, for a total value of $2,070,340.16. Following the completion of the sale, the insider owned 54,319 shares in the company, valued at $8,357,521.34. This represents a 19.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher Scott Edmonds sold 11,303 shares of the firm's stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $153.82, for a total value of $1,738,627.46. Following the completion of the sale, the insider directly owned 14,266 shares of the company's stock, valued at approximately $2,194,396.12. This trade represents a 44.21% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 343,696 shares of company stock worth $53,397,715. 0.84% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on ICE. Morgan Stanley boosted their price target on shares of Intercontinental Exchange from $183.00 to $187.00 and gave the stock an "equal weight" rating in a research report on Friday, April 10th. Deutsche Bank Aktiengesellschaft raised shares of Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $188.00 price target for the company in a research note on Friday, March 6th. Keefe, Bruyette & Woods initiated coverage on shares of Intercontinental Exchange in a report on Wednesday, April 8th. They issued an "outperform" rating and a $190.00 price objective for the company. Weiss Ratings cut Intercontinental Exchange from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, April 24th. Finally, TD Cowen restated a "buy" rating on shares of Intercontinental Exchange in a research report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, Intercontinental Exchange has a consensus rating of "Buy" and a consensus target price of $194.10.

Intercontinental Exchange Price Performance

NYSE ICE opened at $155.76 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63. Intercontinental Exchange Inc. has a 1 year low of $143.17 and a 1 year high of $189.35. The company has a market cap of $88.09 billion, a PE ratio of 22.67, a PEG ratio of 1.44 and a beta of 0.96. The stock's 50-day moving average price is $160.25 and its two-hundred day moving average price is $160.01.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced 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 during the quarter, compared to analysts' expectations 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 for the quarter was up 20.4% on a year-over-year basis. During the same period last year, the company posted $1.72 earnings per share. On average, analysts predict that Intercontinental Exchange Inc. will post 8.16 EPS for the current year.

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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