Nikko Asset Management Americas Inc. Lowers Stake in Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• Nikko Asset Management Americas Inc. reduced its holdings in Intercontinental Exchange Inc. by 4.0%, owning 110,677 shares worth approximately $19.09 million as of the latest SEC filing.
• Several institutional investors, including Tsfg LLC and Rakuten Securities Inc., made significant increases to their stakes in Intercontinental Exchange during the first quarter, with Tsfg boosting its stake by 187.3%.
• Analysts have mixed ratings on the stock, with target prices set between $192.00 and $230.00, indicating a generally positive outlook despite some recent downgrades.

Nikko Asset Management Americas Inc. decreased its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 4.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 110,677 shares of the financial services provider's stock after selling 4,657 shares during the period. Nikko Asset Management Americas Inc.'s holdings in Intercontinental Exchange were worth $19,092,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of ICE. Mediolanum International Funds Ltd raised its stake in shares of Intercontinental Exchange by 88.9% in the first quarter. Mediolanum International Funds Ltd now owns 187,680 shares of the financial services provider's stock worth $32,790,000 after purchasing an additional 88,322 shares during the last quarter. Skandinaviska Enskilda Banken AB publ boosted its stake in Intercontinental Exchange by 1.5% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 270,080 shares of the financial services provider's stock worth $46,589,000 after buying an additional 4,100 shares during the last quarter. Benedict Financial Advisors Inc. lifted its stake in shares of Intercontinental Exchange by 5.6% in the 1st quarter. Benedict Financial Advisors Inc. now owns 18,463 shares of the financial services provider's stock valued at $3,185,000 after purchasing an additional 987 shares during the last quarter. Stevens Capital Management LP purchased a new stake in shares of Intercontinental Exchange in the 1st quarter valued at $1,604,000. Finally, Caliber Wealth Management LLC KS purchased a new stake in shares of Intercontinental Exchange in the 1st quarter valued at $694,000. Hedge funds and other institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Stock Down 1.0%

NYSE:ICE traded down $1.81 during trading hours on Monday, reaching $182.63. The company had a trading volume of 2,353,437 shares, compared to its average volume of 1,873,904. The firm has a market cap of $104.76 billion, a price-to-earnings ratio of 29.23, a P/E/G ratio of 2.02 and a beta of 1.11. The business's 50-day simple moving average is $179.80 and its two-hundred day simple moving average is $170.17. Intercontinental Exchange Inc. has a twelve month low of $142.29 and a twelve month high of $185.29. The company has a quick ratio of 1.00, a current 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 the consensus estimate of $1.70 by $0.02. Intercontinental Exchange had a net margin of 22.84% and a return on equity of 13.27%. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the previous year, the firm posted $1.48 earnings per share. The company's revenue for the quarter was up 8.0% on a year-over-year basis. On average, equities analysts expect that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.05%. Intercontinental Exchange's dividend payout ratio (DPR) is 39.75%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ICE shares. Bank of America dropped their price objective on Intercontinental Exchange from $237.00 to $230.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Barclays raised their price target on Intercontinental Exchange from $198.00 to $206.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Morgan Stanley boosted their price objective on Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a research note on Monday, May 5th. UBS Group boosted their price objective on Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods boosted their price objective on Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $194.42.

Insider Buying and Selling

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 transaction 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 document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sharon Bowen sold 795 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $183.30, for a total transaction of $145,723.50. Following the sale, the director directly owned 15,000 shares in the company, valued at approximately $2,749,500. The trade was a 5.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 226,119 shares of company stock worth $40,524,217 in the last ninety days. 1.00% of the stock is currently owned by insiders.

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.