Magellan Asset Management Ltd Reduces Stock Holdings in Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• Magellan Asset Management Ltd has reduced its stake in Intercontinental Exchange Inc. by 23.9%, trimming its holdings to approximately 1.5 million shares worth around $260 million.
• Recent research reports have resulted in several analysts increasing their price targets for Intercontinental Exchange, with a consensus rating of "Moderate Buy" and an average price target of $194.92.
• Intercontinental Exchange has announced a quarterly dividend of $0.48 per share, reflecting a 1.0% dividend yield and a payout ratio of 36.85%.

Magellan Asset Management Ltd trimmed its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 23.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,507,322 shares of the financial services provider's stock after selling 473,414 shares during the period. Intercontinental Exchange comprises 3.2% of Magellan Asset Management Ltd's portfolio, making the stock its 11th biggest holding. Magellan Asset Management Ltd owned about 0.26% of Intercontinental Exchange worth $260,013,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Fielder Capital Group LLC boosted its position in Intercontinental Exchange by 2.2% in the first quarter. Fielder Capital Group LLC now owns 2,808 shares of the financial services provider's stock worth $484,000 after purchasing an additional 61 shares during the last quarter. Berkeley Capital Partners LLC raised its stake in shares of Intercontinental Exchange by 1.1% in the first quarter. Berkeley Capital Partners LLC now owns 5,639 shares of the financial services provider's stock worth $973,000 after buying an additional 62 shares during the period. GPS Wealth Strategies Group LLC raised its stake in shares of Intercontinental Exchange by 17.2% in the first quarter. GPS Wealth Strategies Group LLC now owns 430 shares of the financial services provider's stock worth $74,000 after buying an additional 63 shares during the period. Values Added Financial LLC raised its stake in shares of Intercontinental Exchange by 4.4% in the first quarter. Values Added Financial LLC now owns 1,533 shares of the financial services provider's stock worth $264,000 after buying an additional 64 shares during the period. Finally, MV Capital Management Inc. raised its stake in shares of Intercontinental Exchange by 15.7% in the first quarter. MV Capital Management Inc. now owns 501 shares of the financial services provider's stock worth $86,000 after buying an additional 68 shares during the period. 89.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ICE has been the topic of several recent research reports. Piper Sandler raised their price objective on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Barclays raised their price objective on Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Morgan Stanley boosted their price target on Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a report on Monday, May 5th. Keefe, Bruyette & Woods boosted their price target on Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Finally, UBS Group boosted their price target on Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Intercontinental Exchange currently has a consensus rating of "Moderate Buy" and an average price target of $194.92.

Intercontinental Exchange Stock Performance

NYSE:ICE opened at $186.53 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. Intercontinental Exchange Inc. has a 1 year low of $142.29 and a 1 year high of $189.35. The stock's 50 day simple moving average is $181.66 and its two-hundred day simple moving average is $172.65. The company has a market cap of $106.77 billion, a price-to-earnings ratio of 35.80, a PEG ratio of 2.21 and a beta of 1.11.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.04. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $2.50 billion. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%. The company's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.52 EPS. As a group, equities analysts anticipate that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 1.0%. Intercontinental Exchange's dividend payout ratio is currently 36.85%.

Insider Activity

In related news, CAO James W. Namkung sold 612 shares of the business's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $180.00, for a total transaction of $110,160.00. Following the completion of the transaction, the chief accounting officer owned 13,220 shares in the company, valued at $2,379,600. The trade was a 4.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Andrew J. Surdykowski sold 3,848 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $179.12, for a total value of $689,253.76. Following the completion of the sale, the general counsel owned 48,480 shares of the company's stock, valued at $8,683,737.60. This represents a 7.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 226,913 shares of company stock worth $40,671,107. Company insiders own 1.00% of the company's stock.

Intercontinental Exchange Profile

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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