Mattern Capital Management LLC Grows Stock Position in Intercontinental Exchange Inc. $ICE

Key Points

• Mattern Capital increased its stake in Intercontinental Exchange by 13.8% to 59,459 shares (worth $9.63M), and institutional investors now own about 89.3% of ICE stock.
• ICE posted a quarterly beat—EPS $1.71 vs. $1.67 expected and revenue $3.14B vs. $2.51B expected—and analysts hold a consensus Buy rating with an average target of $193.80 and projected FY EPS of 8.06.
• Company insiders have been net sellers, offloading 348,418 shares (~$54.2M) in the last 90 days, while ICE declared a quarterly dividend of $0.52 ($2.08 annualized, ~1.3% yield).

Mattern Capital Management LLC boosted its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 13.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 59,459 shares of the financial services provider's stock after buying an additional 7,209 shares during the period. Mattern Capital Management LLC's holdings in Intercontinental Exchange were worth $9,630,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of ICE. Brighton Jones LLC increased its stake in Intercontinental Exchange by 51.3% in the fourth quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider's stock worth $514,000 after purchasing an additional 1,169 shares during the period. Empowered Funds LLC increased its stake in Intercontinental Exchange by 9.0% in the first quarter. Empowered Funds LLC now owns 14,396 shares of the financial services provider's stock worth $2,483,000 after purchasing an additional 1,189 shares during the period. Sivia Capital Partners LLC increased its stake in Intercontinental Exchange by 16.2% in the second 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 during the period. NewEdge Advisors LLC increased its stake in Intercontinental Exchange by 27.9% in the second quarter. NewEdge Advisors LLC now owns 21,213 shares of the financial services provider's stock worth $3,892,000 after purchasing an additional 4,628 shares during the period. Finally, Treasurer of the State of North Carolina increased its stake in Intercontinental Exchange by 2.4% in the second quarter. Treasurer of the State of North Carolina now owns 266,496 shares of the financial services provider's stock worth $48,894,000 after purchasing an additional 6,373 shares during the period. Hedge funds and other institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Stock Performance

Shares of Intercontinental Exchange stock opened at $158.62 on Friday. Intercontinental Exchange Inc. has a 12 month low of $143.17 and a 12 month high of $189.35. The stock's fifty day moving average price is $159.96 and its 200-day moving average price is $160.06. The firm has a market cap of $89.85 billion, a P/E ratio of 27.49, a P/E/G ratio of 1.64 and a beta of 1.03. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.64.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The financial services provider reported $1.71 earnings per share for the quarter, beating analysts' consensus estimates of $1.67 by $0.04. Intercontinental Exchange had a return on equity of 13.99% and a net margin of 26.23%.The company had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter last year, the company earned $1.52 earnings per share. The firm's revenue for the quarter was up 7.8% compared to the same quarter last year. On average, equities research analysts expect that Intercontinental Exchange Inc. will post 8.06 earnings per share for the current fiscal year.

Intercontinental Exchange Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Wednesday, December 16th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Wednesday, December 16th. Intercontinental Exchange's dividend payout ratio (DPR) is currently 36.05%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ICE shares. Royal Bank Of Canada reiterated an "outperform" rating and issued a $180.00 target price on shares of Intercontinental Exchange in a research note on Tuesday, January 6th. Keefe, Bruyette & Woods initiated coverage on Intercontinental Exchange in a research note on Wednesday, April 8th. They set an "outperform" rating and a $190.00 price target on the stock. TD Cowen restated a "buy" rating on shares of Intercontinental Exchange in a research note on Friday, February 6th. Wall Street Zen upgraded Intercontinental Exchange from a "sell" rating to a "hold" rating in a research note on Saturday, February 7th. Finally, Raymond James Financial restated a "strong-buy" rating and set a $211.00 price target on shares of Intercontinental Exchange in a research note on Tuesday, January 6th. One equities research 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. According to data from MarketBeat.com, Intercontinental Exchange has a consensus rating of "Buy" and an average target price of $193.80.

Insiders Place Their Bets

In other Intercontinental Exchange news, insider Christopher Scott Edmonds sold 11,303 shares of the firm's stock in a transaction dated 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 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lynn C. Martin sold 13,456 shares of the firm'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 sale, the insider directly owned 54,319 shares of the company's stock, valued at approximately $8,357,521.34. This represents a 19.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 348,418 shares of company stock valued at $54,196,631. 0.84% of the stock is currently owned by corporate insiders.

About Intercontinental Exchange

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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