Munich Reinsurance Co Stock Corp in Munich Boosts Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• Munich Re increased its Intercontinental Exchange holdings by 35.5% in the second quarter, adding 86,897 shares to own 331,547 shares valued at approximately $40.8 million. Institutional investors collectively own 89.3% of ICE.
• ICE reported quarterly adjusted earnings of $1.90 per share, beating estimates of $1.84, while revenue reached $3.61 billion and rose 4.8% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $183.33 versus the stock’s reported $154.55 price; however, company insiders sold 20,725 shares worth about $3.1 million over the past 90 days.

Munich Reinsurance Co Stock Corp in Munich lifted its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 35.5% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 331,547 shares of the financial services provider's stock after acquiring an additional 86,897 shares during the quarter. Munich Reinsurance Co Stock Corp in Munich owned 0.06% of Intercontinental Exchange worth $40,817,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Intercontinental Exchange by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider's stock valued at $8,770,647,000 after purchasing an additional 413,639 shares during the last quarter. J. Stern & Co. LLP lifted its stake in Intercontinental Exchange by 17,398.1% in the fourth quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider's stock worth $8,763,214,000 after purchasing an additional 53,798,055 shares during the last quarter. State Street Corp boosted its position in Intercontinental Exchange by 3.4% during the fourth quarter. State Street Corp now owns 25,653,952 shares of the financial services provider's stock valued at $4,154,914,000 after buying an additional 837,208 shares during the period. Morgan Stanley grew its stake in shares of Intercontinental Exchange by 1.0% during the fourth quarter. Morgan Stanley now owns 15,875,593 shares of the financial services provider's stock valued at $2,571,212,000 after buying an additional 158,450 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Intercontinental Exchange in the fourth quarter worth about $1,418,228,000. Hedge funds and other institutional investors own 89.30% of the company's stock.

Insider Activity at Intercontinental Exchange

In related news, CFO Warren Gardiner sold 2,490 shares of the firm's stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $156.64, for a total value of $390,033.60. Following the completion of the sale, the chief financial officer owned 25,189 shares of the company's stock, valued at $3,945,604.96. This trade represents a 9.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William Jefferson Hague sold 1,333 shares of Intercontinental Exchange stock in a transaction on Friday, June 12th. The shares were sold at an average price of $139.46, for a total transaction of $185,900.18. Following the completion of the sale, the director owned 20,132 shares in the company, valued at approximately $2,807,608.72. This trade represents a 6.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 20,725 shares of company stock valued at $3,115,124 over the last 90 days. Company insiders own 0.84% of the company's stock.

Intercontinental Exchange Trading Down 0.4%

ICE opened at $154.55 on Friday. The business has a 50 day simple moving average of $140.59 and a two-hundred day simple moving average of $152.26. The firm has a market capitalization of $86.76 billion, a price-to-earnings ratio of 21.83, a PEG ratio of 1.53 and a beta of 0.92. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. Intercontinental Exchange Inc. has a one year low of $121.79 and a one year high of $182.86.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.06. The business had revenue of $3.61 billion during the quarter, compared to analysts' expectations of $2.63 billion. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The business's revenue was up 4.8% on a year-over-year basis. During the same quarter last year, the business posted $1.81 EPS. Analysts predict that Intercontinental Exchange Inc. will post 8.1 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Barclays reissued an "overweight" rating and issued a $182.00 target price (up from $180.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. The Goldman Sachs Group lowered their price objective on Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Morgan Stanley dropped their price objective on Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating for the company in a research note on Friday, July 10th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $178.00 target price on shares of Intercontinental Exchange in a research note on Friday, July 31st. Finally, Weiss Ratings lowered shares of Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $183.33.

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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