Walter Public Investments Inc. Reduces Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• Walter Public Investments Inc. cut its Intercontinental Exchange stake by 35.1% in the first quarter, selling 43,891 shares and leaving it with 81,102 shares worth about $12.76 million.
• Intercontinental Exchange reported strong quarterly results, with EPS of $2.35 beating estimates and revenue rising 20.4% year over year to $3.67 billion.
• Insider selling has continued, with CFO Warren Gardiner and Director Sharon Bowen both reducing their holdings; overall insiders sold 13,425 shares over the last 90 days.

Walter Public Investments Inc. lowered its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 35.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 81,102 shares of the financial services provider's stock after selling 43,891 shares during the quarter. Intercontinental Exchange comprises approximately 3.1% of Walter Public Investments Inc.'s investment portfolio, making the stock its 13th largest holding. Walter Public Investments Inc.'s holdings in Intercontinental Exchange were worth $12,756,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Intercontinental Exchange by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider's stock valued at $8,770,647,000 after purchasing an additional 413,639 shares in the last quarter. J. Stern & Co. LLP grew its holdings in shares of Intercontinental Exchange by 17,398.1% during the fourth quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider's stock valued at $8,763,214,000 after buying an additional 53,798,055 shares during the last quarter. State Street Corp grew its holdings in shares of Intercontinental Exchange by 3.4% during the fourth quarter. State Street Corp now owns 25,653,952 shares of the financial services provider's stock valued at $4,154,914,000 after buying an additional 837,208 shares during the last quarter. Morgan Stanley increased its position in shares of Intercontinental Exchange by 1.0% in the 4th quarter. Morgan Stanley now owns 15,875,593 shares of the financial services provider's stock valued at $2,571,212,000 after acquiring an additional 158,450 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of Intercontinental Exchange by 64.7% in the 3rd quarter. Wellington Management Group LLP now owns 10,354,224 shares of the financial services provider's stock valued at $1,744,480,000 after acquiring an additional 4,067,922 shares during the period. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Intercontinental Exchange Price Performance

NYSE:ICE opened at $132.57 on Friday. The firm's fifty day moving average is $144.62 and its two-hundred day moving average is $156.46. The firm has a market cap of $74.97 billion, a price-to-earnings ratio of 19.30, a PEG ratio of 1.24 and a beta of 0.94. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01. Intercontinental Exchange Inc. has a one year low of $121.79 and a one year high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, beating analysts' consensus estimates of $2.23 by $0.12. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same quarter last year, the business posted $1.72 EPS. The company's revenue was up 20.4% on a year-over-year basis. Research analysts expect that Intercontinental Exchange Inc. will post 8.37 EPS for the current year.

Insider Activity at Intercontinental Exchange

In other Intercontinental Exchange news, CFO Warren Gardiner sold 2,490 shares of the company's stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $156.64, for a total value of $390,033.60. Following the sale, the chief financial officer owned 25,189 shares in the company, valued at approximately $3,945,604.96. This represents a 9.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Sharon Bowen sold 667 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $151.28, for a total transaction of $100,903.76. Following the sale, the director directly owned 15,077 shares in the company, valued at $2,280,848.56. The trade was a 4.24% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 13,425 shares of company stock valued at $2,046,324 in the last 90 days. 0.84% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

ICE has been the subject of a number of research reports. Piper Sandler reaffirmed an "overweight" rating and set a $211.00 price target (up from $195.00) on shares of Intercontinental Exchange in a research report on Wednesday, April 15th. Barclays restated an "overweight" rating and issued a $201.00 price objective (up from $198.00) on shares of Intercontinental Exchange in a research note on Friday, May 1st. Weiss Ratings downgraded Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, June 17th. Keefe, Bruyette & Woods began coverage on Intercontinental Exchange in a research report on Wednesday, April 8th. They issued an "outperform" rating and a $190.00 target price on the stock. Finally, UBS Group reiterated a "buy" rating and issued a $205.00 price target on shares of Intercontinental Exchange in a report on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $188.58.

About Intercontinental Exchange

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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