Magellan Asset Management Ltd Acquires New Shares in Intercontinental Exchange Inc. $ICE

Magellan Asset Management Ltd bought a new stake in Intercontinental Exchange Inc. (NYSE:ICE) during the second quarter, Holdings Channel.com reports. The institutional investor bought 400,494 shares of the financial services provider’s stock, valued at approximately $49,305,000.

Several other institutional investors also recently bought and sold shares of the company. Haverford Trust Co acquired a new stake in Intercontinental Exchange in the second quarter valued at $328,000. Bank of Nova Scotia acquired a new position in Intercontinental Exchange in the 2nd quarter valued at about $20,156,000. Kirtland Hills Capital Management LLC acquired a new position in shares of Intercontinental Exchange in the second quarter valued at approximately $2,589,000. Elevation Point Wealth Partners LLC purchased a new position in Intercontinental Exchange during the 2nd quarter worth $1,364,000. Finally, Alta Advisers Ltd acquired a new stake in shares of Intercontinental Exchange in the 2nd quarter worth $278,000. 89.30% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP Douglas Foley sold 7,300 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $148.88, for a total value of $1,086,824.00. Following the completion of the transaction, the senior vice president directly owned 19,063 shares in the company, valued at approximately $2,838,099.44. This represents a 27.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Mayur Kapani sold 4,271 shares of the business’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $151.20, for a total transaction of $645,775.20. Following the completion of the sale, the chief technology officer owned 67,988 shares in the company, valued at $10,279,785.60. This represents a 5.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 20,200 shares of company stock worth $3,035,385. Corporate insiders own 0.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on ICE shares. Wall Street Zen raised shares of Intercontinental Exchange from a “sell” rating to a “hold” rating in a research note on Saturday. Rothschild & Co Redburn set a $177.00 price objective on Intercontinental Exchange in a research report on Thursday, June 11th. Weiss Ratings cut Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. The Goldman Sachs Group cut their target price on Intercontinental Exchange from $208.00 to $180.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Finally, TD Cowen reiterated a “buy” rating and issued a $177.00 price target (up from $159.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $183.33.

Intercontinental Exchange Price Performance

NYSE ICE opened at $161.29 on Monday. Intercontinental Exchange Inc. has a 1 year low of $121.79 and a 1 year high of $181.65. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63. The company has a market cap of $90.55 billion, a PE ratio of 22.78, a PEG ratio of 1.57 and a beta of 0.92. The stock’s 50-day moving average price is $142.34 and its two-hundred day moving average price is $151.54.

Intercontinental Exchange (NYSE:ICE) last issued its earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.06. The company had revenue of $3.61 billion for the quarter, compared to analyst estimates of $2.63 billion. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The business’s revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.81 EPS. On average, analysts predict that Intercontinental Exchange Inc. will post 8.1 EPS 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.