Resona Asset Management Co. Ltd. Grows Stake in Intercontinental Exchange Inc. $ICE

Resona Asset Management Co. Ltd. grew its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 2.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 180,928 shares of the financial services provider’s stock after purchasing an additional 4,134 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Intercontinental Exchange were worth $28,445,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of ICE. J. Stern & Co. LLP lifted its position in Intercontinental Exchange by 17,398.1% during the 4th quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider’s stock worth $8,763,214,000 after acquiring an additional 53,798,055 shares in the last quarter. Norges Bank acquired a new stake in Intercontinental Exchange in the fourth quarter valued at approximately $1,418,228,000. Viking Global Investors LP purchased a new stake in shares of Intercontinental Exchange during the fourth quarter valued at approximately $777,926,000. Wellington Management Group LLP raised 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 valued at $1,744,480,000 after purchasing an additional 4,067,922 shares during the period. Finally, Boston Partners lifted its position 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 purchasing an additional 1,914,851 shares in the last quarter. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Intercontinental Exchange Stock Performance

Shares of Intercontinental Exchange stock opened at $135.14 on Friday. 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 1 year low of $121.79 and a 1 year high of $189.35. The firm’s 50-day simple moving average is $142.91 and its 200-day simple moving average is $155.73. The firm has a market cap of $76.42 billion, a PE ratio of 19.67, a price-to-earnings-growth ratio of 1.29 and a beta of 0.94.

Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 EPS for the quarter, topping 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 the consensus estimate of $2.88 billion. During the same period last year, the firm earned $1.72 earnings per share. The company’s revenue for the quarter was up 20.4% compared to the same quarter last year. Equities analysts forecast that Intercontinental Exchange Inc. will post 8.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Sharon Bowen sold 667 shares of the firm’s stock in a transaction 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 transaction, the director directly owned 15,077 shares in the company, valued at $2,280,848.56. This trade represents a 4.24% 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, Director William Jefferson Hague sold 1,333 shares of Intercontinental Exchange stock in a transaction on Friday, June 12th. The stock was sold at an average price of $139.46, for a total transaction of $185,900.18. Following the completion of the transaction, the director directly owned 20,132 shares of the company’s stock, valued at approximately $2,807,608.72. This represents a 6.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 13,425 shares of company stock worth $2,046,324. 0.84% of the stock is currently owned by insiders.

Intercontinental Exchange News Summary

Here are the key news stories impacting Intercontinental Exchange this week:

• Positive Sentiment: Barclays raised its price target on Intercontinental Exchange (ICE) to $180, while maintaining an overweight rating, signaling confidence in the company’s longer-term earnings power. Intercontinental Exchange (NYSE:ICE) Given New $180.00 Price Target at Barclays
• Positive Sentiment: Brokerages now have a consensus “Moderate Buy” recommendation on ICE, showing Wall Street remains broadly constructive on the stock despite recent volatility. Intercontinental Exchange Inc. (NYSE:ICE) Given Consensus Recommendation of “Moderate Buy” by Brokerages
• Neutral Sentiment: ICE’s shares underperformed peers in Thursday trading, reflecting cautious sentiment around the stock relative to other financial-market infrastructure names. Intercontinental Exchange Inc. stock underperforms Thursday when compared to competitors
• Neutral Sentiment: Analysts expect ICE’s next quarterly report to show high single-digit EPS growth, which supports the view that fundamentals remain solid heading into earnings. What to Expect From Intercontinental Exchange’s Next Quarterly Earnings Report
• Negative Sentiment: Recent commentary tied ICE’s decline to softer June volume trends and analyst estimate cuts, with concerns centered on weaker futures trading activity and lower near-term revenue expectations. Intercontinental Exchange Slides as Softer June Volume Trends Trigger Estimate Cuts
• Negative Sentiment: Higher margin requirements in ICE coffee futures have contributed to volatile commodity trading conditions, which may weigh on near-term trading activity even as coffee prices surge. Coffee Prices Finish Sharply Higher in Illiquid Market

Analyst Ratings Changes

ICE has been the subject of a number of recent analyst reports. Morgan Stanley raised their price target on shares of Intercontinental Exchange from $183.00 to $187.00 and gave the company an “equal weight” rating in a report on Friday, April 10th. Keefe, Bruyette & Woods initiated coverage on shares of Intercontinental Exchange in a report on Wednesday, April 8th. They issued an “outperform” rating and a $190.00 price objective on the stock. Rothschild & Co Redburn set a $177.00 price objective on shares of Intercontinental Exchange in a research report on Thursday, June 11th. TD Cowen lowered their target price on Intercontinental Exchange from $193.00 to $153.00 and set a “buy” rating for the company in a research note on Monday, June 22nd. Finally, The Goldman Sachs Group dropped 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. One equities research 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 company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $185.33.

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.