Mitsubishi UFJ Asset Management Co. Ltd. Takes $714.87 Million Position in Intercontinental Exchange Inc. $ICE

Key Points

• Mitsubishi UFJ Asset Management acquired 5.81 million Intercontinental Exchange shares worth approximately $714.9 million, representing about 1.03% of the company. Institutional investors collectively own 89.3% of ICE.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $183.33, despite some target reductions and one sell rating.
• Intercontinental Exchange exceeded quarterly earnings expectations, reporting $1.90 in EPS versus the $1.84 estimate and $3.61 billion in revenue, up 4.8% year over year. Insiders, however, sold 20,725 shares worth about $3.1 million over the past three months.

Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 5,806,751 shares of the financial services provider's stock, valued at approximately $714,869,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 1.03% of Intercontinental Exchange at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. ICONIQ Capital LLC boosted its position in shares of Intercontinental Exchange by 2.2% during the 2nd quarter. ICONIQ Capital LLC now owns 2,621 shares of the financial services provider's stock worth $481,000 after acquiring an additional 56 shares in the last quarter. Mission Wealth Management LP increased its holdings in shares of Intercontinental Exchange by 2.4% in the 4th quarter. Mission Wealth Management LP now owns 2,611 shares of the financial services provider's stock valued at $423,000 after acquiring an additional 62 shares during the last quarter. Evergreen Capital Management LLC raised its position in shares of Intercontinental Exchange by 1.5% during the 4th quarter. Evergreen Capital Management LLC now owns 4,207 shares of the financial services provider's stock worth $681,000 after acquiring an additional 63 shares in the last quarter. Johnson Financial Group LLC lifted its stake in Intercontinental Exchange by 4.0% during the fourth quarter. Johnson Financial Group LLC now owns 1,710 shares of the financial services provider's stock worth $277,000 after purchasing an additional 65 shares during the last quarter. Finally, Cornerstone Planning Group LLC lifted its stake in Intercontinental Exchange by 33.5% during the first quarter. Cornerstone Planning Group LLC now owns 271 shares of the financial services provider's stock worth $42,000 after purchasing an additional 68 shares during the last quarter. Hedge funds and other institutional investors own 89.30% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on ICE shares. Piper Sandler dropped their price target on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 15th. Wall Street Zen cut shares of Intercontinental Exchange from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Rothschild & Co Redburn set a $177.00 target price on shares of Intercontinental Exchange in a report on Thursday, June 11th. UBS Group reaffirmed a "buy" rating and issued a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Finally, TD Cowen reiterated a "buy" rating and set a $177.00 price target (up from $159.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $183.33.

Insider Buying and Selling

In other news, General Counsel Andrew J. Surdykowski sold 4,573 shares of Intercontinental Exchange stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total value of $693,083.88. Following the sale, the general counsel owned 45,473 shares of the company's stock, valued at $6,891,887.88. The trade was a 9.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sharon Bowen sold 667 shares of the business's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $151.28, for a total transaction of $100,903.76. Following the transaction, the director owned 15,077 shares in the company, valued at approximately $2,280,848.56. This trade represents a 4.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 20,725 shares of company stock worth $3,115,124. 0.84% of the stock is currently owned by insiders.

Intercontinental Exchange Price Performance

Shares of NYSE ICE opened at $154.55 on Monday. The stock has a market cap of $86.76 billion, a P/E ratio of 21.83, a P/E/G ratio of 1.52 and a beta of 0.92. Intercontinental Exchange Inc. has a twelve month low of $121.79 and a twelve month high of $182.86. The stock has a 50 day moving average of $140.59 and a two-hundred day moving average of $152.10. 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 posted its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts' consensus estimates of $1.84 by $0.06. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The company had revenue of $3.61 billion during the quarter, compared to analysts' expectations of $2.63 billion. During the same period last year, the firm earned $1.81 EPS. The firm's revenue for the quarter was up 4.8% on a year-over-year basis. On average, research analysts forecast that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current year.

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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