Munich Reinsurance Co Stock Corp in Munich Acquires New Position in Intercontinental Exchange Inc. $ICE

Munich Reinsurance Co Stock Corp in Munich bought a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 244,650 shares of the financial services provider’s stock, valued at approximately $38,479,000.

Other hedge funds also recently added to or reduced their stakes in the company. J. Stern & Co. LLP raised its position in Intercontinental Exchange by 17,398.1% in the 4th 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 purchasing an additional 53,798,055 shares in the last quarter. Norges Bank acquired a new position in shares of Intercontinental Exchange during the fourth quarter worth about $1,418,228,000. Viking Global Investors LP acquired a new position in shares of Intercontinental Exchange during the fourth quarter worth about $777,926,000. Wellington Management Group LLP increased its stake in shares of Intercontinental Exchange by 64.7% during the third quarter. Wellington Management Group LLP now owns 10,354,224 shares of the financial services provider’s stock worth $1,744,480,000 after buying an additional 4,067,922 shares during the period. Finally, Boston Partners increased its stake in shares of Intercontinental Exchange by 148.6% during the fourth quarter. Boston Partners now owns 3,203,845 shares of the financial services provider’s stock worth $519,701,000 after buying an additional 1,914,851 shares during the period. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Warren Gardiner sold 2,490 shares of the company’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $156.64, for a total value of $390,033.60. Following the completion of the transaction, 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total transaction of $693,083.88. Following the completion of the transaction, the general counsel directly owned 45,473 shares in the company, valued at $6,891,887.88. This trade represents a 9.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 13,425 shares of company stock worth $2,046,324. 0.84% of the stock is currently owned by company insiders.

Intercontinental Exchange Price Performance

ICE stock opened at $137.10 on Thursday. The business has a 50 day moving average price of $143.33 and a 200 day moving average price of $155.91. The stock has a market cap of $77.53 billion, a price-to-earnings ratio of 19.96, a PEG ratio of 1.28 and a beta of 0.94. Intercontinental Exchange Inc. has a fifty-two week low of $121.79 and a fifty-two week high of $189.35. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 EPS for the quarter, beating 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 company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $2.88 billion. During the same period in the prior year, the firm posted $1.72 earnings per share. The firm’s revenue was up 20.4% on a year-over-year basis. Equities research analysts anticipate that Intercontinental Exchange Inc. will post 8.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ICE has been the subject of a number of recent research reports. Rothschild & Co Redburn set a $177.00 price target on shares of Intercontinental Exchange in a research note on Thursday, June 11th. Morgan Stanley increased their price objective on shares of Intercontinental Exchange from $183.00 to $187.00 and gave the company an “equal weight” rating in a research report on Friday, April 10th. TD Cowen reduced their price objective on shares of Intercontinental Exchange from $193.00 to $153.00 and set a “buy” rating on the stock in a report on Monday, June 22nd. Weiss Ratings cut shares of Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, June 17th. Finally, The Goldman Sachs Group lowered their target price on shares of Intercontinental Exchange from $208.00 to $180.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. One investment 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 stock. According to data from MarketBeat, the stock has a consensus 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.