Sumitomo Mitsui Trust Group Inc. Has $293.95 Million Stake in Intercontinental Exchange Inc. $ICE

Key Points

• Sumitomo Mitsui Trust Group cut its Intercontinental Exchange stake by 10.6% in the first quarter, but it still held 1,868,957 shares valued at about $293.95 million.
• Intercontinental Exchange reported strong first-quarter results, with EPS of $2.35 beating estimates and revenue of $3.67 billion, up 20.4% year over year.
• There has also been notable insider selling, including stock sales by CTO Mayur Kapani and CFO Warren Gardiner, while analysts currently rate the stock a Moderate Buy with an average price target of $187.08.

Sumitomo Mitsui Trust Group Inc. trimmed its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 10.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,868,957 shares of the financial services provider's stock after selling 222,423 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.33% of Intercontinental Exchange worth $293,950,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. ICONIQ Capital LLC boosted its stake in shares of Intercontinental Exchange by 2.2% during the 2nd quarter. ICONIQ Capital LLC now owns 2,621 shares of the financial services provider's stock valued at $481,000 after buying an additional 56 shares during the period. Mechanics Financial Corp increased its stake in shares of Intercontinental Exchange by 1.0% in the fourth quarter. Mechanics Financial Corp now owns 6,138 shares of the financial services provider's stock worth $994,000 after acquiring an additional 60 shares during the last quarter. Mission Wealth Management LP increased its stake in shares of Intercontinental Exchange by 2.4% in the fourth quarter. Mission Wealth Management LP now owns 2,611 shares of the financial services provider's stock worth $423,000 after acquiring an additional 62 shares during the last quarter. Aaron Wealth Advisors LLC raised its holdings in shares of Intercontinental Exchange by 1.9% during the fourth quarter. Aaron Wealth Advisors LLC now owns 3,384 shares of the financial services provider's stock worth $548,000 after acquiring an additional 63 shares in the last quarter. Finally, Evergreen Capital Management LLC raised its holdings in shares of Intercontinental Exchange by 1.5% during the fourth quarter. Evergreen Capital Management LLC now owns 4,207 shares of the financial services provider's stock worth $681,000 after acquiring an additional 63 shares in the last quarter. 89.30% of the stock is owned by hedge funds and other institutional investors.

Intercontinental Exchange Price Performance

NYSE ICE opened at $137.10 on Thursday. Intercontinental Exchange Inc. has a fifty-two week low of $121.79 and a fifty-two week high of $189.35. The stock's 50-day moving average is $143.33 and its two-hundred day moving average is $155.91. The firm has a market cap of $77.53 billion, a P/E ratio of 19.96, a price-to-earnings-growth ratio of 1.28 and a beta of 0.94. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The financial services provider reported $2.35 EPS for the quarter, beating analysts' consensus estimates of $2.23 by $0.12. The business 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 firm's revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.72 EPS. On average, analysts anticipate that Intercontinental Exchange Inc. will post 8.35 earnings per share for the current fiscal year.

Insider Activity

In other Intercontinental Exchange news, CTO Mayur Kapani sold 4,271 shares of the stock in a transaction that occurred 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 $10,081,939.98. This trade represents a 6.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Warren Gardiner sold 2,490 shares of Intercontinental Exchange stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 25,189 shares in the company, valued at approximately $3,945,604.96. This represents a 9.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 13,425 shares of company stock valued at $2,046,324. Insiders own 0.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Weiss Ratings downgraded Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, June 17th. The Goldman Sachs Group reduced their price target on Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Keefe, Bruyette & Woods started coverage on Intercontinental Exchange in a research note on Wednesday, April 8th. They issued an "outperform" rating and a $190.00 price target for the company. TD Cowen dropped their price objective on Intercontinental Exchange from $193.00 to $153.00 and set a "buy" rating on the stock in a report on Monday, June 22nd. Finally, Barclays reaffirmed an "overweight" rating and set a $201.00 price objective (up from $198.00) on shares of Intercontinental Exchange in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $187.08.

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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