W1M Asset Management Ltd Invests $301.71 Million in Intercontinental Exchange Inc. $ICE

Key Points

• W1M Asset Management acquired 2.45 million Intercontinental Exchange shares worth approximately $301.7 million, making ICE 2.8% of its portfolio and its 20th-largest holding. Institutional investors collectively own 89.3% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $183.33. UBS raised its target to $195, while Deutsche Bank reaffirmed its $178 target.
• ICE reported quarterly earnings of $1.90 per share, exceeding estimates of $1.84, while revenue reached $3.61 billion and rose 4.8% year over year. Shares opened at $161.29, up 1.7%.

W1M Asset Management Ltd acquired a new position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 2,451,234 shares of the financial services provider's stock, valued at approximately $301,710,000. Intercontinental Exchange makes up 2.8% of W1M Asset Management Ltd's holdings, making the stock its 20th largest holding. W1M Asset Management Ltd owned 0.44% of Intercontinental Exchange as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ICE. Varma Mutual Pension Insurance Co bought a new position in Intercontinental Exchange in the 2nd quarter worth about $15,783,000. X Square Capital LLC purchased a new position in shares of Intercontinental Exchange during the second quarter worth about $361,000. Westpac Banking Corp bought a new position in shares of Intercontinental Exchange in the second quarter worth approximately $2,761,000. TRB Wealth Management LLC bought a new stake in Intercontinental Exchange during the second quarter valued at approximately $579,000. Finally, William Blair Investment Management LLC purchased a new position in Intercontinental Exchange in the 2nd quarter worth approximately $714,000. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ICE. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $178.00 price objective on shares of Intercontinental Exchange in a report on Friday, July 31st. UBS Group reissued a "buy" rating and set a $195.00 price objective (up from $190.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Wall Street Zen raised shares of Intercontinental Exchange from a "sell" rating to a "hold" rating in a research note on Saturday. Weiss Ratings lowered shares of Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Finally, Rothschild & Co Redburn set a $177.00 price target on shares of Intercontinental Exchange in a report on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $183.33.

Insider Activity

In related news, General Counsel Andrew J. Surdykowski sold 4,573 shares of Intercontinental Exchange stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $151.56, for a total value of $693,083.88. Following the completion of the sale, the general counsel owned 45,473 shares of the company's stock, valued at $6,891,887.88. The trade was a 9.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William Jefferson Hague sold 1,333 shares of the company's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $139.46, for a total value of $185,900.18. Following the sale, the director owned 20,132 shares of the company's stock, valued at approximately $2,807,608.72. This trade represents a 6.21% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 20,200 shares of company stock worth $3,035,385. 0.84% of the stock is owned by corporate insiders.

Intercontinental Exchange Trading Up 1.7%

Shares of NYSE ICE opened at $161.29 on Friday. The firm's 50 day moving average price is $142.34 and its 200-day moving average price is $151.69. Intercontinental Exchange Inc. has a 52-week low of $121.79 and a 52-week high of $181.65. 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 company has a market cap of $90.55 billion, a PE ratio of 22.78, a P/E/G ratio of 1.58 and a beta of 0.92.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts' consensus estimates of $1.84 by $0.06. The company had revenue of $3.61 billion during the quarter, compared to analyst estimates of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The firm's revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.81 EPS. On average, equities research analysts expect that Intercontinental Exchange Inc. will post 8.1 EPS for the current fiscal 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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