Pecaut & CO. Takes Position in Intercontinental Exchange Inc. $ICE

Key Points

• Pecaut & CO. acquired 16,444 shares of Intercontinental Exchange, valued at approximately $2.02 million, making ICE 0.6% of its portfolio. Institutional investors collectively own 89.3% of the company.
• Intercontinental Exchange exceeded quarterly expectations, reporting $1.90 in EPS versus $1.84 expected and $3.61 billion in revenue. Revenue increased 4.8% year over year, while analysts project $8.10 in full-year EPS.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus 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 during the latest quarter.

Pecaut & CO. acquired a new position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 16,444 shares of the financial services provider's stock, valued at approximately $2,024,000. Intercontinental Exchange accounts for 0.6% of Pecaut & CO.'s investment portfolio, making the stock its 27th largest position.

Several other large investors also recently added to or reduced their stakes in the business. Brighton Jones LLC grew its position in shares of Intercontinental Exchange by 51.3% during the 4th quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider's stock valued at $514,000 after acquiring an additional 1,169 shares during the period. Empowered Funds LLC lifted its position in Intercontinental Exchange by 9.0% during the first quarter. Empowered Funds LLC now owns 14,396 shares of the financial services provider's stock valued at $2,483,000 after purchasing an additional 1,189 shares in the last quarter. Sivia Capital Partners LLC grew its holdings in Intercontinental Exchange by 16.2% during the second quarter. Sivia Capital Partners LLC now owns 2,078 shares of the financial services provider's stock valued at $381,000 after purchasing an additional 289 shares during the period. NewEdge Advisors LLC grew its holdings in Intercontinental Exchange by 27.9% during the second quarter. NewEdge Advisors LLC now owns 21,213 shares of the financial services provider's stock valued at $3,892,000 after purchasing an additional 4,628 shares during the period. Finally, Treasurer of the State of North Carolina increased its position in Intercontinental Exchange by 2.4% in the second quarter. Treasurer of the State of North Carolina now owns 266,496 shares of the financial services provider's stock worth $48,894,000 after buying an additional 6,373 shares in the last quarter. 89.30% of the stock is currently owned by institutional investors.

Intercontinental Exchange Stock Down 0.4%

NYSE ICE opened at $154.55 on Friday. The stock's 50 day moving average is $140.59 and its 200 day moving average is $152.26. 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 Inc. has a 12 month low of $121.79 and a 12 month high of $182.86. The stock 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.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings results 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 the consensus estimate of $2.63 billion. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The firm's revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.81 EPS. Research analysts predict that Intercontinental Exchange Inc. will post 8.1 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Rothschild & Co Redburn set a $177.00 price objective on Intercontinental Exchange in a research report on Thursday, June 11th. Piper Sandler lowered their price target on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a report on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $178.00 price objective on shares of Intercontinental Exchange in a research note on Friday, July 31st. The Goldman Sachs Group decreased their price objective on shares of Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating on the stock in a research report on Tuesday, June 30th. Finally, Wall Street Zen downgraded shares of Intercontinental Exchange from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $183.33.

Insider Activity

In related news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the company's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total transaction of $693,083.88. Following the completion of the transaction, the general counsel owned 45,473 shares in the company, valued at approximately $6,891,887.88. This represents a 9.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Warren Gardiner sold 2,490 shares of the firm's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $156.64, for a total transaction of $390,033.60. Following the transaction, the chief financial officer directly owned 25,189 shares of the company's stock, valued at $3,945,604.96. The trade was a 9.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 20,725 shares of company stock valued at $3,115,124 in the last quarter. Company insiders own 0.84% of the company's stock.

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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