Magellan Asset Management Ltd Cuts Stake in Intercontinental Exchange, Inc. (NYSE:ICE)

Magellan Asset Management Ltd trimmed its stake in shares of Intercontinental Exchange, Inc. (NYSE:ICE) by 13.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,980,736 shares of the financial services provider’s stock after selling 295,617 shares during the quarter. Intercontinental Exchange makes up 3.2% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 12th largest position. Magellan Asset Management Ltd’s holdings in Intercontinental Exchange were worth $295,149,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sierra Ocean LLC purchased a new position in shares of Intercontinental Exchange in the 4th quarter valued at approximately $25,000. Lee Danner & Bass Inc. purchased a new position in Intercontinental Exchange in the 4th quarter worth about $34,000. BankPlus Trust Department bought a new position in Intercontinental Exchange during the fourth quarter valued at approximately $40,000. Mountain Hill Investment Partners Corp. purchased a new position in shares of Intercontinental Exchange in the 4th quarter worth $45,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Intercontinental Exchange during the 4th quarter valued at about $51,000. 89.30% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Intercontinental Exchange

In related news, President Benjamin Jackson sold 7,900 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $171.43, for a total value of $1,354,297.00. Following the completion of the transaction, the president now directly owns 147,274 shares of the company’s stock, valued at $25,247,181.82. This trade represents a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christopher Scott Edmonds sold 6,834 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $166.99, for a total transaction of $1,141,209.66. Following the completion of the sale, the insider now directly owns 17,972 shares in the company, valued at approximately $3,001,144.28. The trade was a 27.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,563 shares of company stock worth $10,998,990 over the last ninety days. 1.10% of the stock is currently owned by insiders.

Intercontinental Exchange Trading Down 0.6 %

NYSE ICE opened at $170.43 on Thursday. The stock has a market cap of $97.92 billion, a P/E ratio of 35.65, a PEG ratio of 2.10 and a beta of 1.08. Intercontinental Exchange, Inc. has a 52 week low of $124.34 and a 52 week high of $177.45. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.63. The company’s fifty day simple moving average is $168.31 and its 200-day simple moving average is $160.78.

Intercontinental Exchange (NYSE:ICE) last issued its earnings results on Thursday, February 6th. The financial services provider reported $1.52 earnings per share for the quarter, missing the consensus estimate of $1.53 by ($0.01). Intercontinental Exchange had a return on equity of 12.95% and a net margin of 23.42%. Equities research analysts predict that Intercontinental Exchange, Inc. will post 6.73 EPS for the current fiscal year.

Intercontinental Exchange Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Tuesday, December 16th will be issued a dividend of $0.48 per share. The ex-dividend date of this dividend is Tuesday, December 16th. This represents a $1.92 annualized dividend and a dividend yield of 1.13%. Intercontinental Exchange’s dividend payout ratio is 40.17%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. StockNews.com raised shares of Intercontinental Exchange from a “sell” rating to a “hold” rating in a research note on Monday, February 10th. Bank of America reduced their target price on shares of Intercontinental Exchange from $237.00 to $230.00 and set a “buy” rating on the stock in a research note on Wednesday. UBS Group upped their target price on shares of Intercontinental Exchange from $185.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Royal Bank of Canada restated an “outperform” rating and issued a $200.00 price target on shares of Intercontinental Exchange in a report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. cut their target price on Intercontinental Exchange from $190.00 to $189.00 and set an “overweight” rating on the stock in a research note on Friday, January 17th. Three analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $182.47.

About Intercontinental Exchange

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.