Reinhart Partners LLC. Cuts Stake in Intercontinental Exchange Inc. $ICE

Key Points

• Reinhart Partners LLC has reduced its position in Intercontinental Exchange by 8.5%, selling 3,994 shares and now holding 43,247 shares, valued at approximately $7.9 million.
• In the last quarter, multiple institutional investors significantly increased their stakes in Intercontinental Exchange, with some firms like Rakuten Securities boosting their position by over 500%.
• Intercontinental Exchange reported earnings of $1.81 per share, surpassing expectations, and its stock currently has a consensus rating of "Moderate Buy" with an average price target of $194.92.

Reinhart Partners LLC. decreased its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 8.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,247 shares of the financial services provider's stock after selling 3,994 shares during the quarter. Reinhart Partners LLC.'s holdings in Intercontinental Exchange were worth $7,935,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of ICE. Brighton Jones LLC lifted its position in Intercontinental Exchange by 51.3% in the 4th quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider's stock worth $514,000 after buying an additional 1,169 shares during the last quarter. State of Wyoming lifted its position in Intercontinental Exchange by 55.6% in the 4th quarter. State of Wyoming now owns 476 shares of the financial services provider's stock worth $71,000 after buying an additional 170 shares during the last quarter. Vident Advisory LLC lifted its position in Intercontinental Exchange by 3.4% in the 4th quarter. Vident Advisory LLC now owns 21,784 shares of the financial services provider's stock worth $3,246,000 after buying an additional 723 shares during the last quarter. Woodline Partners LP bought a new stake in Intercontinental Exchange in the 4th quarter worth approximately $5,138,000. Finally, Williams Jones Wealth Management LLC. lifted its position in Intercontinental Exchange by 1.3% in the 4th quarter. Williams Jones Wealth Management LLC. now owns 16,347 shares of the financial services provider's stock worth $2,436,000 after buying an additional 215 shares during the last quarter. Institutional investors own 89.30% of the company's stock.

Analysts Set New Price Targets

ICE has been the subject of several recent research reports. Piper Sandler boosted their price objective on Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. UBS Group boosted their price objective on Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Finally, Barclays boosted their price objective on Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Ten research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Intercontinental Exchange has a consensus rating of "Moderate Buy" and an average price target of $194.92.

Insider Buying and Selling

In related news, Director Duriya M. Farooqui sold 2,036 shares of the company's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $178.34, for a total value of $363,100.24. Following the sale, the director directly owned 14,299 shares of the company's stock, valued at $2,550,083.66. This represents a 12.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Martha A. Tirinnanzi sold 610 shares of the company's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $179.76, for a total value of $109,653.60. Following the completion of the sale, the director directly owned 3,519 shares in the company, valued at approximately $632,575.44. The trade was a 14.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 230,730 shares of company stock valued at $42,171,892 over the last 90 days. 1.00% of the stock is currently owned by company insiders.

Intercontinental Exchange Trading Down 0.6%

Shares of ICE traded down $1.11 during mid-day trading on Thursday, hitting $171.14. 5,949,287 shares of the company's stock traded hands, compared to its average volume of 2,421,339. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.61. Intercontinental Exchange Inc. has a 1 year low of $142.29 and a 1 year high of $189.35. The firm has a market capitalization of $97.96 billion, a P/E ratio of 32.85, a PEG ratio of 2.05 and a beta of 1.10. The business's 50-day moving average price is $179.80 and its 200-day moving average price is $174.96.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.04. The firm had revenue of $3.26 billion for the quarter, compared to analysts' expectations of $2.50 billion. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%.The business's revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.52 earnings per share. As a group, sell-side analysts forecast that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Intercontinental Exchange 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.