Manning & Napier Advisors LLC Makes New $386,000 Investment in Intercontinental Exchange Inc. $ICE

Manning & Napier Advisors LLC purchased a new stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 3,137 shares of the financial services provider’s stock, valued at approximately $386,000.

Other hedge funds have also recently bought and sold shares of the company. Goodnow Investment Group LLC acquired a new position in Intercontinental Exchange in the second quarter worth approximately $7,196,000. Hyperion Capital Advisors LP acquired a new position in Intercontinental Exchange during the second quarter valued at $3,073,000. L2 Asset Management LLC acquired a new position in shares of Intercontinental Exchange in the 2nd quarter valued at about $397,000. Cetera Trust Company N.A acquired a new position in Intercontinental Exchange in the 2nd quarter valued at approximately $55,000. Finally, Partners Capital Investment Group LLP acquired a new position in shares of Intercontinental Exchange in the second quarter worth $2,350,000. 89.30% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Intercontinental Exchange

In other Intercontinental Exchange news, CFO Warren Gardiner sold 2,491 shares of the firm’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $156.30, for a total value of $389,343.30. Following the sale, the chief financial officer directly owned 22,698 shares in the company, valued at $3,547,697.40. This trade represents a 9.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Douglas Foley sold 7,300 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $148.88, for a total transaction of $1,086,824.00. Following the transaction, the senior vice president owned 19,063 shares in the company, valued at approximately $2,838,099.44. The trade was a 27.69% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 17,227 shares of company stock worth $2,598,301. 0.84% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have weighed in on ICE. Weiss Ratings lowered Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. The Goldman Sachs Group reduced their price target on Intercontinental Exchange from $208.00 to $180.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Morgan Stanley lowered their price target on Intercontinental Exchange from $187.00 to $163.00 and set an “equal weight” rating for the company in a research note on Friday, July 10th. Piper Sandler dropped their price objective on Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating on the stock in a report on Wednesday, July 15th. Finally, UBS Group reiterated a “buy” rating and issued a $195.00 target price (up from $190.00) 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 issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $183.33.

Intercontinental Exchange Stock Performance

ICE opened at $161.93 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. The stock’s 50 day moving average price is $143.22 and its two-hundred day moving average price is $151.53. The firm has a market capitalization of $90.90 billion, a P/E ratio of 22.87, a price-to-earnings-growth ratio of 1.58 and a beta of 0.92. Intercontinental Exchange Inc. has a 12-month low of $121.79 and a 12-month high of $179.20.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $2.63 billion. During the same period in the previous year, the company earned $1.81 earnings per share. The company’s quarterly revenue was up 4.8% compared to the same quarter last year. On average, equities analysts forecast that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current year.

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.