LGT Fund Management Co Ltd. Decreases Stake in Intercontinental Exchange Inc. $ICE

Key Points

• LGT Fund Management Co Ltd. reduced its stake in Intercontinental Exchange Inc. by 42.2% in Q2, owning 37,232 shares valued at approximately $6.83 million after the reduction.
• Multiple institutional investors, including Vanguard and Price T Rowe Associates, increased their stakes in Intercontinental Exchange, highlighting significant institutional interest in the company.
• Intercontinental Exchange reported a 9.8% year-over-year increase in revenue for the quarter, with earnings per share of $1.81, surpassing analysts' expectations.

LGT Fund Management Co Ltd. decreased its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 42.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 37,232 shares of the financial services provider's stock after selling 27,231 shares during the period. LGT Fund Management Co Ltd.'s holdings in Intercontinental Exchange were worth $6,831,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Intercontinental Exchange by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 52,940,356 shares of the financial services provider's stock valued at $9,132,211,000 after buying an additional 712,179 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Intercontinental Exchange by 491.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider's stock valued at $1,109,780,000 after buying an additional 5,345,388 shares during the last quarter. Amundi increased its stake in Intercontinental Exchange by 14.7% in the 1st quarter. Amundi now owns 6,315,706 shares of the financial services provider's stock valued at $1,060,574,000 after buying an additional 810,938 shares during the last quarter. Independent Franchise Partners LLP increased its stake in Intercontinental Exchange by 0.5% in the 1st quarter. Independent Franchise Partners LLP now owns 6,192,424 shares of the financial services provider's stock valued at $1,068,193,000 after buying an additional 31,588 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in Intercontinental Exchange by 113.9% in the 1st quarter. Wellington Management Group LLP now owns 5,943,363 shares of the financial services provider's stock valued at $1,025,230,000 after buying an additional 3,165,381 shares during the last quarter. Hedge funds and other institutional investors own 89.30% of the company's stock.

Insider Buying and Selling

In related news, SVP Douglas Foley sold 1,600 shares of the firm's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $175.62, for a total value of $280,992.00. Following the completion of the transaction, the senior vice president directly owned 25,796 shares of the company's stock, valued at approximately $4,530,293.52. This trade represents a 5.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Duriya M. Farooqui sold 2,036 shares of the firm's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $178.34, for a total transaction of $363,100.24. Following the completion of the transaction, the director directly owned 14,299 shares of the company's stock, valued at approximately $2,550,083.66. This trade represents a 12.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 230,874 shares of company stock worth $42,187,714 in the last 90 days. 1.00% of the stock is currently owned by company insiders.

Intercontinental Exchange Stock Up 0.9%

ICE opened at $162.47 on Friday. The company has a 50 day moving average of $176.53 and a 200 day moving average of $174.67. The company has a market cap of $93.00 billion, a PE ratio of 31.18, a price-to-earnings-growth ratio of 1.96 and a beta of 1.08. Intercontinental Exchange Inc. has a 12 month low of $142.29 and a 12 month high of $189.35. 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 (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, topping the consensus estimate of $1.77 by $0.04. The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. Intercontinental Exchange's revenue for the quarter was up 9.8% on a year-over-year basis. During the same period last year, the firm earned $1.52 EPS. On average, sell-side analysts expect that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on ICE. Piper Sandler increased their price objective on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. JPMorgan Chase & Co. increased their target price on shares of Intercontinental Exchange from $195.00 to $203.00 and gave the company an "overweight" rating in a research report on Thursday, September 25th. Morgan Stanley reduced their target price on shares of Intercontinental Exchange from $192.00 to $188.00 and set an "equal weight" rating for the company in a research report on Wednesday. UBS Group increased their target price on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Intercontinental Exchange in a research report on Saturday, September 27th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $198.20.

About Intercontinental Exchange

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.

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