Intercontinental Exchange Inc. (NYSE:ICE) Shares Sold by Mawer Investment Management Ltd.

Key Points

• Mawer Investment Management Ltd. significantly reduced its holdings in Intercontinental Exchange by 51.1%, retaining 1,364,983 shares valued at approximately $235.46 million.
• Intercontinental Exchange reported a net margin of 22.84% and earnings per share (EPS) of $1.72 for the recent quarter, surpassing consensus estimates.
• The company announced a quarterly dividend of $0.48 per share, resulting in an annualized yield of 1.05% and a payout ratio of 39.75%.

Mawer Investment Management Ltd. reduced its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 51.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,364,983 shares of the financial services provider's stock after selling 1,428,583 shares during the period. Intercontinental Exchange makes up 1.1% of Mawer Investment Management Ltd.'s holdings, making the stock its 26th biggest position. Mawer Investment Management Ltd. owned 0.24% of Intercontinental Exchange worth $235,460,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Royal Bank of Canada raised its stake in Intercontinental Exchange by 132.9% during the fourth quarter. Royal Bank of Canada now owns 9,121,352 shares of the financial services provider's stock worth $1,359,173,000 after purchasing an additional 5,204,309 shares during the period. Kovitz Investment Group Partners LLC raised its stake in Intercontinental Exchange by 423.8% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 4,546,437 shares of the financial services provider's stock worth $677,465,000 after purchasing an additional 3,678,384 shares during the period. GAMMA Investing LLC raised its stake in Intercontinental Exchange by 24,394.4% during the first quarter. GAMMA Investing LLC now owns 2,264,753 shares of the financial services provider's stock worth $3,906,700,000 after purchasing an additional 2,255,507 shares during the period. Bank of New York Mellon Corp raised its stake in Intercontinental Exchange by 50.6% during the first quarter. Bank of New York Mellon Corp now owns 5,933,532 shares of the financial services provider's stock worth $1,023,534,000 after purchasing an additional 1,993,084 shares during the period. Finally, Janus Henderson Group PLC raised its stake in Intercontinental Exchange by 26.6% during the fourth quarter. Janus Henderson Group PLC now owns 5,721,604 shares of the financial services provider's stock worth $852,578,000 after purchasing an additional 1,200,965 shares during the period. 89.30% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Intercontinental Exchange

In related news, General Counsel Andrew J. Surdykowski sold 3,848 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $179.12, for a total value of $689,253.76. Following the sale, the general counsel directly owned 48,480 shares of the company's stock, valued at approximately $8,683,737.60. This represents a 7.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sharon Bowen sold 794 shares of the stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $185.00, for a total transaction of $146,890.00. Following the completion of the sale, the director directly owned 14,206 shares in the company, valued at approximately $2,628,110. The trade was a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 226,913 shares of company stock worth $40,671,107 in the last 90 days. Insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ICE shares. Keefe, Bruyette & Woods lifted their target price on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. UBS Group lifted their price target 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. Piper Sandler lifted their price target on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Morgan Stanley lifted their price target on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a research report on Monday, May 5th. Finally, Bank of America dropped their price target on shares of Intercontinental Exchange from $237.00 to $230.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $194.42.

Intercontinental Exchange Stock Performance

ICE stock traded up $1.47 on Wednesday, hitting $186.18. The company's stock had a trading volume of 3,506,659 shares, compared to its average volume of 2,977,617. The firm has a 50 day moving average of $180.10 and a two-hundred day moving average of $170.55. Intercontinental Exchange Inc. has a 1 year low of $142.29 and a 1 year high of $187.38. The stock has a market cap of $106.80 billion, a price-to-earnings ratio of 38.55, a price-to-earnings-growth ratio of 2.00 and a beta of 1.11. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.62.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The financial services provider reported $1.72 EPS for the quarter, topping analysts' consensus estimates of $1.70 by $0.02. Intercontinental Exchange had a net margin of 22.84% and a return on equity of 13.27%. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter in the prior year, the firm earned $1.48 EPS. Intercontinental Exchange's quarterly revenue was up 8.0% on a year-over-year basis. Equities analysts predict that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Intercontinental Exchange Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 1.03%. Intercontinental Exchange's payout ratio is 39.75%.

Intercontinental Exchange Company 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.