Mackenzie Financial Corp Decreases Position in Intercontinental Exchange Inc. $ICE

Key Points

• Mackenzie Financial trimmed its stake in Intercontinental Exchange by 1.8% to 404,750 shares (about $68.2M), and institutional investors now own roughly 89.30% of the stock.
• Insider selling has been significant: CEO Jeffrey C. Sprecher sold 150,000 shares for ~$23.25M, and insiders have sold 350,018 shares worth $54.46M over the past three months.
• ICE beat Q estimates (EPS $1.71 vs $1.67; revenue $3.14B vs $2.51B, +7.8% YoY), and analysts maintain an average "Buy" rating with a $194.73 average price target.

Mackenzie Financial Corp trimmed its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 1.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 404,750 shares of the financial services provider's stock after selling 7,279 shares during the quarter. Mackenzie Financial Corp owned 0.07% of Intercontinental Exchange worth $68,192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Brighton Jones LLC grew its stake in shares of 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 last quarter. Empowered Funds LLC raised its position in shares of Intercontinental Exchange by 9.0% in the 1st quarter. Empowered Funds LLC now owns 14,396 shares of the financial services provider's stock valued at $2,483,000 after purchasing an additional 1,189 shares during the last quarter. Sivia Capital Partners LLC boosted its stake in Intercontinental Exchange by 16.2% in the 2nd quarter. Sivia Capital Partners LLC now owns 2,078 shares of the financial services provider's stock worth $381,000 after purchasing an additional 289 shares in the last quarter. Savant Capital LLC boosted its stake in Intercontinental Exchange by 10.9% in the 2nd quarter. Savant Capital LLC now owns 10,871 shares of the financial services provider's stock worth $1,995,000 after purchasing an additional 1,068 shares in the last quarter. Finally, Prospera Financial Services Inc grew its position in Intercontinental Exchange by 9.9% during the 2nd quarter. Prospera Financial Services Inc now owns 9,520 shares of the financial services provider's stock worth $1,747,000 after purchasing an additional 860 shares during the last quarter. 89.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ICE. Weiss Ratings restated a "buy (b-)" rating on shares of Intercontinental Exchange in a research note on Monday, December 29th. Raymond James Financial reissued a "strong-buy" rating and set a $211.00 price objective on shares of Intercontinental Exchange in a report on Tuesday, January 6th. Royal Bank Of Canada reissued an "outperform" rating and issued a $180.00 target price on shares of Intercontinental Exchange in a research report on Tuesday, January 6th. Piper Sandler reaffirmed an "overweight" rating and set a $195.00 price target (down from $202.00) on shares of Intercontinental Exchange in a research report on Wednesday, January 14th. Finally, Wall Street Zen upgraded Intercontinental Exchange from a "sell" rating to a "hold" rating in a research note on Saturday, February 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Intercontinental Exchange presently has an average rating of "Buy" and an average target price of $194.73.

Insider Buying and Selling at Intercontinental Exchange

In other news, insider Lynn C. Martin sold 13,456 shares of the business's stock in a transaction dated 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 transaction, the insider owned 54,319 shares of the company's stock, valued at $8,357,521.34. The trade was a 19.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the company's stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $155.00, for a total value of $23,250,000.00. Following the completion of the sale, the chief executive officer owned 1,651,705 shares in the company, valued at $256,014,275. The trade was a 8.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 350,018 shares of company stock worth $54,457,751. Insiders own 1.00% of the company's stock.

Intercontinental Exchange Stock Down 2.0%

ICE stock opened at $156.96 on Thursday. The company has a market capitalization of $89.13 billion, a P/E ratio of 27.20, a price-to-earnings-growth ratio of 1.73 and a beta of 1.03. Intercontinental Exchange Inc. has a 12 month low of $143.17 and a 12 month high of $189.35. The firm's fifty day simple moving average is $164.61 and its 200-day simple moving average is $162.50. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.02 and a quick ratio of 1.02.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its earnings results on Thursday, February 5th. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.04. The firm had revenue of $3.14 billion during the quarter, compared to analysts' expectations of $2.51 billion. Intercontinental Exchange had a net margin of 26.23% and a return on equity of 13.99%. The firm's revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.52 earnings per share. As a group, equities research analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Wednesday, December 16th will be paid a dividend of $0.52 per share. The ex-dividend date is Wednesday, December 16th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.3%. Intercontinental Exchange's dividend payout ratio (DPR) is presently 36.05%.

Intercontinental Exchange 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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