Intercontinental Exchange Inc. $ICE Stake Raised by Perpetual Ltd

Key Points

• Perpetual Ltd increased its Intercontinental Exchange stake by 3.8% in the third quarter, bringing its holdings to 1.51 million shares valued at approximately $230.2 million. Institutional investors collectively own 89.3% of ICE.
• ICE shares opened at $157.31, while the company reported quarterly EPS of $1.90, beating analysts’ $1.84 estimate, and revenue of $3.61 billion, up 4.8% year over year.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $186.25; recent targets range from $159 to $195. Meanwhile, company insiders sold $6.47 million of stock over the past three months.

Perpetual Ltd increased its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 3.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,514,346 shares of the financial services provider's stock after purchasing an additional 55,882 shares during the period. Intercontinental Exchange makes up about 3.6% of Perpetual Ltd's investment portfolio, making the stock its 2nd largest position. Perpetual Ltd owned about 0.27% of Intercontinental Exchange worth $230,226,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Gilpin Wealth Management LLC grew its stake in shares of Intercontinental Exchange by 6.3% in the 3rd quarter. Gilpin Wealth Management LLC now owns 1,118 shares of the financial services provider's stock worth $170,000 after buying an additional 66 shares in the last quarter. Cornerstone Planning Group LLC increased its holdings in shares of Intercontinental Exchange by 33.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 271 shares of the financial services provider's stock worth $42,000 after buying an additional 68 shares during the last quarter. Burns J W & Co. Inc. NY increased its holdings in shares of Intercontinental Exchange by 0.6% in the 1st quarter. Burns J W & Co. Inc. NY now owns 12,189 shares of the financial services provider's stock worth $1,917,000 after buying an additional 69 shares during the last quarter. Capstone Financial Advisors Inc. increased its holdings in shares of Intercontinental Exchange by 1.4% in the 2nd quarter. Capstone Financial Advisors Inc. now owns 5,116 shares of the financial services provider's stock worth $630,000 after buying an additional 69 shares during the last quarter. Finally, AlphaCentric Advisors LLC raised its position in shares of Intercontinental Exchange by 6.0% during the 1st quarter. AlphaCentric Advisors LLC now owns 1,256 shares of the financial services provider's stock valued at $198,000 after buying an additional 71 shares in the last quarter. Hedge funds and other institutional investors own 89.30% of the company's stock.

Insider Buying and Selling

In other Intercontinental Exchange news, President Benjamin Jackson sold 12,862 shares of the business's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $160.09, for a total transaction of $2,059,077.58. Following the completion of the transaction, the president owned 164,264 shares in the company, valued at $26,297,023.76. The trade was a 7.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Andrew J. Surdykowski sold 4,574 shares of the company's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $161.77, for a total value of $739,935.98. Following the transaction, the general counsel directly owned 43,065 shares in the company, valued at approximately $6,966,625.05. This represents a 9.60% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 41,179 shares of company stock worth $6,473,715 over the last three months. 0.84% of the stock is currently owned by company insiders.

Intercontinental Exchange Trading Up 0.7%

Shares of ICE opened at $157.31 on Tuesday. The company's fifty day simple moving average is $155.85 and its 200-day simple moving average is $150.76. The company has a market cap of $88.32 billion, a P/E ratio of 22.22, a P/E/G ratio of 1.48 and a beta of 0.94. 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 twelve month low of $121.79 and a twelve month high of $176.05.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, topping analysts' consensus estimates of $1.84 by $0.06. The firm had revenue of $3.61 billion during the quarter, compared to analysts' expectations of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The firm's revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.81 EPS. As a group, analysts expect that Intercontinental Exchange Inc. will post 8.18 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Wells Fargo & Company initiated coverage on shares of Intercontinental Exchange in a report on Friday, October 2nd. They issued an "underweight" rating and a $159.00 price target for the company. Barclays reiterated an "overweight" rating and issued a $189.00 price target (up from $182.00) on shares of Intercontinental Exchange in a research report on Wednesday, October 7th. Piper Sandler reissued an "overweight" rating and set a $195.00 price objective (up from $190.00) on shares of Intercontinental Exchange in a research note on Friday, October 2nd. Morgan Stanley upped their price objective on Intercontinental Exchange from $163.00 to $173.00 and gave the company an "equal weight" rating in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $178.00 price objective (up from $169.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $186.25.

Intercontinental Exchange Profile

Intercontinental Exchange, Inc NYSE: ICE operates global exchanges, clearinghouses, data services and technology platforms. The company provides marketplaces and infrastructure that support the trading, clearing and management of risk across financial and commodity markets.

Its businesses include the New York Stock Exchange, ICE Futures exchanges and ICE Clear clearinghouses. ICE offers trading and clearing services for equities, equity options, interest rates, currencies, energy, agricultural commodities, metals and other contracts.

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