Vaughan Nelson Investment Management L.P. Sells 162,898 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Vaughan Nelson Investment Management cut its Intercontinental Exchange stake by 24.6% in the first quarter, selling 162,898 shares and ending with 499,715 shares valued at about $78.6 million.
• Insiders also sold stock, including General Counsel Andrew J. Surdykowski and CFO Warren Gardiner, with total insider sales of 13,425 shares worth about $2.0 million over the last 90 days.
• ICE beat earnings expectations in its latest quarter, reporting $2.35 EPS on revenue of $3.67 billion, while analysts currently rate the stock a consensus Moderate Buy with a $193 average price target.

Vaughan Nelson Investment Management L.P. reduced its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 24.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 499,715 shares of the financial services provider's stock after selling 162,898 shares during the quarter. Vaughan Nelson Investment Management L.P. owned 0.09% of Intercontinental Exchange worth $78,595,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Forbes J M & Co. LLP raised its holdings in shares of Intercontinental Exchange by 1.3% during the 1st quarter. Forbes J M & Co. LLP now owns 82,014 shares of the financial services provider's stock valued at $12,899,000 after buying an additional 1,067 shares in the last quarter. Sky Investment Group LLC lifted its position in Intercontinental Exchange by 39.1% in the 1st quarter. Sky Investment Group LLC now owns 4,960 shares of the financial services provider's stock worth $780,000 after buying an additional 1,395 shares during the last quarter. Quotient Wealth Partners LLC boosted its stake in Intercontinental Exchange by 14.9% in the first quarter. Quotient Wealth Partners LLC now owns 2,428 shares of the financial services provider's stock worth $382,000 after buying an additional 315 shares in the last quarter. Park National Corp OH boosted its stake in Intercontinental Exchange by 0.4% in the first quarter. Park National Corp OH now owns 166,232 shares of the financial services provider's stock worth $26,145,000 after buying an additional 674 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S grew its position in Intercontinental Exchange by 14.9% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 35,807 shares of the financial services provider's stock valued at $5,632,000 after acquiring an additional 4,630 shares during the last quarter. 89.30% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Intercontinental Exchange

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the business's stock in a transaction dated 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. The trade was a 9.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Warren Gardiner sold 2,490 shares of the company's stock in a transaction dated 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 approximately $3,945,604.96. This trade represents 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 a total of 13,425 shares of company stock worth $2,046,324 over the last ninety days. 0.84% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

ICE has been the topic of several research reports. Deutsche Bank Aktiengesellschaft raised shares of Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $188.00 price target on the stock in a research note on Friday, March 6th. Piper Sandler reaffirmed an "overweight" rating and issued a $211.00 price objective (up from $195.00) on shares of Intercontinental Exchange in a research note on Wednesday, April 15th. Barclays reaffirmed an "overweight" rating and set a $201.00 target price (up from $198.00) on shares of Intercontinental Exchange in a report 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 report on Wednesday, May 20th. Finally, Morgan Stanley boosted their price target on shares of Intercontinental Exchange from $183.00 to $187.00 and gave the stock an "equal weight" rating in a research note on Friday, April 10th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $193.00.

Intercontinental Exchange Stock Performance

Shares of ICE stock opened at $133.76 on Monday. The company has a market capitalization of $75.64 billion, a P/E ratio of 19.47, a PEG ratio of 1.28 and a beta of 0.92. Intercontinental Exchange Inc. has a fifty-two week low of $132.84 and a fifty-two week high of $189.35. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a 50 day moving average price of $151.34 and a two-hundred day moving average price of $158.61.

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

Intercontinental Exchange Company 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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