Reinhart Partners LLC. Reduces Position in Intercontinental Exchange Inc. $ICE

Key Points

• Reinhart Partners LLC reduced its stake in Intercontinental Exchange by 25.4% in the fourth quarter, selling 10,468 shares and leaving it with 30,715 shares worth about $4.98 million.
• Institutional interest in ICE remains strong overall, with several large investors adding to positions, and about 89.3% of the stock is owned by hedge funds and other institutional investors.
• Intercontinental Exchange reported stronger-than-expected quarterly results, posting $2.35 EPS and $3.67 billion in revenue, while analysts largely remain bullish with an average rating of Buy and an average target price of $194.60.

Reinhart Partners LLC. cut its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 25.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 30,715 shares of the financial services provider's stock after selling 10,468 shares during the period. Reinhart Partners LLC.'s holdings in Intercontinental Exchange were worth $4,975,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ICE. Norges Bank purchased a new position in shares of Intercontinental Exchange during the 4th quarter worth about $1,418,228,000. Wellington Management Group LLP boosted its stake in shares of Intercontinental Exchange by 64.7% during the 3rd quarter. Wellington Management Group LLP now owns 10,354,224 shares of the financial services provider's stock worth $1,744,480,000 after purchasing an additional 4,067,922 shares during the period. Waverton Investment Management Ltd boosted its stake in shares of Intercontinental Exchange by 28,886.8% during the 3rd quarter. Waverton Investment Management Ltd now owns 1,526,734 shares of the financial services provider's stock worth $257,163,000 after purchasing an additional 1,521,467 shares during the period. Eurizon Capital SGR S.p.A. purchased a new position in shares of Intercontinental Exchange during the 4th quarter worth about $213,286,000. Finally, Swedbank AB increased its stake in Intercontinental Exchange by 43.3% in the fourth quarter. Swedbank AB now owns 3,527,115 shares of the financial services provider's stock worth $571,252,000 after purchasing an additional 1,064,967 shares during the period. 89.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Weiss Ratings lowered Intercontinental Exchange from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, April 24th. Barclays reiterated an "overweight" rating and issued a $201.00 target price (up from $198.00) on shares of Intercontinental Exchange in a research note on Friday, May 1st. UBS Group reiterated a "buy" rating and issued a $205.00 target price on shares of Intercontinental Exchange in a research note on Wednesday, May 20th. TD Cowen reiterated a "buy" rating on shares of Intercontinental Exchange in a research note on Friday, February 6th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $211.00 target price (up from $195.00) on shares of Intercontinental Exchange in a research note on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $194.60.

Intercontinental Exchange Stock Performance

ICE stock opened at $142.53 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. The business's fifty day simple moving average is $157.12 and its two-hundred day simple moving average is $160.10. Intercontinental Exchange Inc. has a twelve month low of $136.67 and a twelve month high of $189.35. The firm has a market cap of $80.60 billion, a price-to-earnings ratio of 20.75, a PEG ratio of 1.39 and a beta of 0.92.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 EPS for the quarter, beating the consensus estimate of $2.23 by $0.12. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $2.88 billion. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The business's revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.72 earnings per share. Analysts predict that Intercontinental Exchange Inc. will post 8.16 earnings per share for the current year.

Insider Transactions at Intercontinental Exchange

In other news, CTO Mayur Kapani sold 4,271 shares of the firm's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $155.42, for a total transaction of $663,798.82. Following the transaction, the chief technology officer owned 64,869 shares in the company, valued at approximately $10,081,939.98. This trade represents a 6.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of the firm's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total value of $693,083.88. Following 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 position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 12,001 shares of company stock worth $1,847,820. Corporate insiders own 0.84% of the company's stock.

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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