abrdn plc raised its stake in Intercontinental Exchange, Inc. (NYSE:ICE) by 11.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,719,767 shares of the financial services provider’s stock after acquiring an additional 285,186 shares during the quarter. Intercontinental Exchange makes up 0.7% of abrdn plc’s portfolio, making the stock its 29th biggest holding. abrdn plc owned approximately 0.48% of Intercontinental Exchange worth $322,837,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ICE. Magellan Asset Management Ltd raised its holdings in shares of Intercontinental Exchange by 20.2% in the first quarter. Magellan Asset Management Ltd now owns 21,882,418 shares of the financial services provider’s stock worth $2,443,828,000 after acquiring an additional 3,680,812 shares during the last quarter. BlackRock Inc. increased its stake in Intercontinental Exchange by 8.2% in the first quarter. BlackRock Inc. now owns 39,675,049 shares of the financial services provider’s stock valued at $4,430,910,000 after purchasing an additional 2,990,090 shares during the last quarter. Flossbach Von Storch AG increased its stake in Intercontinental Exchange by 1,018.7% in the second quarter. Flossbach Von Storch AG now owns 2,626,650 shares of the financial services provider’s stock valued at $311,783,000 after purchasing an additional 2,391,850 shares during the last quarter. Harvard Management Co. Inc. acquired a new position in Intercontinental Exchange in the first quarter valued at $230,334,000. Finally, ARK Investment Management LLC increased its stake in Intercontinental Exchange by 23.2% in the first quarter. ARK Investment Management LLC now owns 5,617,092 shares of the financial services provider’s stock valued at $627,317,000 after purchasing an additional 1,059,118 shares during the last quarter. 88.12% of the stock is owned by institutional investors.
Shares of NYSE ICE traded down $0.31 on Wednesday, hitting $118.95. The company had a trading volume of 60,753 shares, compared to its average volume of 2,317,345. Intercontinental Exchange, Inc. has a 12-month low of $92.41 and a 12-month high of $122.42. The business has a 50 day moving average of $119.00 and a two-hundred day moving average of $116.25. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $66.99 billion, a P/E ratio of 23.85 and a beta of 0.73.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 30th. Investors of record on Thursday, September 16th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date is Wednesday, September 15th. Intercontinental Exchange’s dividend payout ratio is currently 29.27%.
Several research firms recently commented on ICE. The Goldman Sachs Group upgraded Intercontinental Exchange from a “buy” rating to a “conviction-buy” rating in a research note on Wednesday, June 23rd. Raymond James boosted their price target on Intercontinental Exchange from $136.00 to $140.00 and gave the company a “strong-buy” rating in a research report on Friday, July 30th. Finally, Morgan Stanley boosted their price target on Intercontinental Exchange from $122.00 to $124.00 and gave the company an “equal weight” rating in a research report on Monday, August 2nd. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Intercontinental Exchange presently has a consensus rating of “Buy” and a consensus target price of $128.50.
In other Intercontinental Exchange news, COO Mark Wassersug sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 10th. The stock was sold at an average price of $120.22, for a total transaction of $240,440.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO James W. Namkung sold 1,887 shares of the company’s stock in a transaction that occurred on Wednesday, July 21st. The shares were sold at an average price of $120.00, for a total value of $226,440.00. The disclosure for this sale can be found here. Insiders sold 7,645 shares of company stock valued at $913,410 in the last three months. 1.30% of the stock is currently owned by company insiders.
Intercontinental Exchange Profile
Intercontinental Exchange, Inc engages in the management of online marketplace. It operates through the following segments: Exchanges; Fixed Income and Data Services; and Mortgage Technology. The company was founded by Jeffrey C. Sprecher in May 2000 and is headquartered in Atlanta, GA.
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