Senator Investment Group LP Sells 407,574 Shares of Intercontinental Exchange Inc. $ICE

Key Points

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Senator Investment Group LP reduced its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 98.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,000 shares of the financial services provider's stock after selling 407,574 shares during the quarter. Senator Investment Group LP's holdings in Intercontinental Exchange were worth $1,208,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its position in shares of Intercontinental Exchange by 51.3% in the fourth quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider's stock valued at $514,000 after purchasing an additional 1,169 shares during the period. First Trust Advisors LP raised its position in shares of Intercontinental Exchange by 703.3% in the fourth quarter. First Trust Advisors LP now owns 124,533 shares of the financial services provider's stock valued at $18,557,000 after purchasing an additional 109,031 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Intercontinental Exchange by 2.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,843,440 shares of the financial services provider's stock valued at $274,702,000 after purchasing an additional 52,346 shares during the period. MML Investors Services LLC raised its position in shares of Intercontinental Exchange by 3.0% in the fourth quarter. MML Investors Services LLC now owns 56,330 shares of the financial services provider's stock valued at $8,394,000 after purchasing an additional 1,657 shares during the period. Finally, Tower Research Capital LLC TRC raised its position in shares of Intercontinental Exchange by 95.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 46,178 shares of the financial services provider's stock valued at $6,881,000 after purchasing an additional 22,557 shares during the period. 89.30% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ICE has been the topic of several research analyst reports. UBS Group increased their price objective on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Morgan Stanley increased their price objective on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a research report on Monday, May 5th. Keefe, Bruyette & Woods increased their price objective on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Piper Sandler increased their price objective on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Finally, Barclays upped their price target on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Ten investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $194.92.

Intercontinental Exchange Price Performance

Intercontinental Exchange stock traded down $2.0560 during trading hours on Thursday, reaching $179.2440. 1,973,631 shares of the stock were exchanged, compared to its average volume of 3,260,785. The company has a market cap of $102.60 billion, a P/E ratio of 34.40, a price-to-earnings-growth ratio of 2.16 and a beta of 1.11. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Intercontinental Exchange Inc. has a twelve month low of $142.29 and a twelve month high of $189.35. The stock has a 50 day moving average of $182.20 and a two-hundred day moving average of $173.94.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.77 by $0.04. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The business's revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.52 earnings per share. Equities analysts expect that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Intercontinental Exchange Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 1.1%. Intercontinental Exchange's payout ratio is 36.85%.

Insider Activity

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 3,848 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $179.12, for a total transaction of $689,253.76. Following the completion of the transaction, the general counsel owned 48,480 shares of the company's stock, valued at approximately $8,683,737.60. The trade was a 7.35% 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 the SEC website. Also, Director Sharon Bowen sold 794 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $185.00, for a total transaction of $146,890.00. Following the completion of the sale, the director owned 14,206 shares in the company, valued at approximately $2,628,110. The trade was a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 442,936 shares of company stock valued at $80,227,488. Company insiders own 1.00% of the company's stock.

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.