Wellington Management Group LLP Buys 1,634,385 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Wellington Management increased its Intercontinental Exchange stake by 16.1%, acquiring 1.63 million additional shares to reach 11.81 million shares valued at approximately $1.45 billion. Institutional investors collectively own 89.3% of ICE.
• Intercontinental Exchange reported quarterly earnings of $1.90 per share, exceeding estimates of $1.84, while revenue rose 4.8% year over year to $3.61 billion. Shares opened at $162.46, up 0.8%.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $183.33; however, company insiders sold 23,141 shares worth $3.55 million over the past three months.

Wellington Management Group LLP raised its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 16.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,812,273 shares of the financial services provider's stock after acquiring an additional 1,634,385 shares during the quarter. Wellington Management Group LLP owned approximately 2.10% of Intercontinental Exchange worth $1,454,209,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. J. Stern & Co. LLP grew its stake in Intercontinental Exchange by 17,398.1% in the fourth quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider's stock worth $8,763,214,000 after purchasing an additional 53,798,055 shares during the period. BlackRock Inc. bought a new stake in Intercontinental Exchange during the second quarter worth about $6,245,085,000. Norges Bank purchased a new stake in Intercontinental Exchange in the fourth quarter worth about $1,418,228,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Intercontinental Exchange during the second quarter valued at approximately $714,869,000. Finally, Flossbach Von Storch SE bought a new stake in shares of Intercontinental Exchange in the 2nd quarter worth approximately $649,900,000. Institutional investors own 89.30% of the company's stock.

Insider Transactions at Intercontinental Exchange

In other news, SVP Douglas Foley sold 1,600 shares of the business's stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $160.00, for a total transaction of $256,000.00. Following the completion of the transaction, the senior vice president directly owned 17,463 shares of the company's stock, valued at $2,794,080. The trade was a 8.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Martha A. Tirinnanzi sold 1,340 shares of the firm's stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $161.16, for a total transaction of $215,954.40. Following the completion of the sale, the director owned 3,747 shares in the company, valued at $603,866.52. This represents a 26.34% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 23,141 shares of company stock valued at $3,554,192. Company insiders own 0.84% of the company's stock.

Intercontinental Exchange Trading Up 0.8%

Shares of NYSE:ICE opened at $162.46 on Friday. The company has a market cap of $91.20 billion, a P/E ratio of 22.95, a PEG ratio of 1.57 and a beta of 0.92. 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 Inc. has a 1 year low of $121.79 and a 1 year high of $177.76. The stock's fifty day moving average price is $144.90 and its 200-day moving average price is $151.50.

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Raymond James Financial set a $208.00 price objective on Intercontinental Exchange in a research report on Monday, July 6th. Rothschild & Co Redburn set a $177.00 price target on shares of Intercontinental Exchange in a research note on Thursday, June 11th. Morgan Stanley cut their price objective on shares of Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating on the stock in a research report on Friday, July 10th. Piper Sandler reduced their price objective on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating for the company in a research note on Wednesday, July 15th. Finally, Barclays reiterated an "overweight" rating and issued a $182.00 target price (up from $180.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $183.33.

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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