Mill Capital Management LLC Purchases New Position in Intercontinental Exchange Inc. $ICE

Key Points

• Mill Capital Management initiated a position in Intercontinental Exchange worth approximately $19.3 million, purchasing 156,719 shares. ICE now represents 1.3% of the firm’s portfolio, while institutional investors and hedge funds collectively own 89.3% of the stock.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $183.33, despite several firms recently lowering their targets.
• Intercontinental Exchange beat quarterly earnings expectations, reporting $1.90 in EPS versus the $1.84 consensus and $3.61 billion in revenue. Revenue rose 4.8% year over year, while shares recently traded at $154.55.

Mill Capital Management LLC purchased a new stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 156,719 shares of the financial services provider's stock, valued at approximately $19,294,000. Intercontinental Exchange accounts for 1.3% of Mill Capital Management LLC's portfolio, making the stock its 23rd largest holding.

Several other hedge funds have also recently bought and sold shares of ICE. Ares Financial Consulting LLC bought a new stake in shares of Intercontinental Exchange in the 4th quarter worth about $25,000. Brooklands Fund Management Ltd bought a new position in Intercontinental Exchange during the 4th quarter valued at about $28,000. Swiss RE Ltd. acquired a new position in Intercontinental Exchange in the fourth quarter valued at about $28,000. Lloyd Advisory Services LLC. acquired a new position in Intercontinental Exchange in the fourth quarter valued at about $30,000. Finally, Kemnay Advisory Services Inc. bought a new stake in Intercontinental Exchange during the fourth quarter worth about $37,000. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Morgan Stanley dropped their price objective on shares of Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating for the company in a report on Friday, July 10th. Rothschild & Co Redburn set a $177.00 price target on Intercontinental Exchange in a research report on Thursday, June 11th. The Goldman Sachs Group dropped their price target on Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. TD Cowen reiterated a "buy" rating and issued a $177.00 price objective (up from $159.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Finally, Piper Sandler reduced their price objective on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $183.33.

Insider Transactions at Intercontinental Exchange

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $151.56, for a total value of $693,083.88. Following the transaction, the general counsel directly owned 45,473 shares in the company, valued at approximately $6,891,887.88. This trade represents a 9.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Mayur Kapani sold 4,271 shares of Intercontinental Exchange stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $151.20, for a total value of $645,775.20. Following the completion of the sale, the chief technology officer directly owned 67,988 shares of the company's stock, valued at $10,279,785.60. This trade represents a 5.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 20,725 shares of company stock worth $3,115,124. Corporate insiders own 0.84% of the company's stock.

Intercontinental Exchange Trading Down 0.4%

Shares of NYSE ICE opened at $154.55 on Friday. Intercontinental Exchange Inc. has a 1-year low of $121.79 and a 1-year high of $182.86. The company has a 50-day moving average of $140.59 and a two-hundred day moving average of $152.26. The company has a market cap of $86.76 billion, a PE ratio of 21.83, a P/E/G ratio of 1.53 and a beta of 0.92. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.84 by $0.06. The business had revenue of $3.61 billion for the quarter, compared to analysts' expectations of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. Intercontinental Exchange's revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.81 earnings per share. As a group, equities analysts expect that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current fiscal year.

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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