Bain Capital Public Equity LP Makes New Investment in Intercontinental Exchange Inc. $ICE

Bain Capital Public Equity LP purchased a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 6,411 shares of the financial services provider’s stock, valued at approximately $1,038,000. Intercontinental Exchange accounts for about 0.6% of Bain Capital Public Equity LP’s investment portfolio, making the stock its 4th largest position.

A number of other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Intercontinental Exchange by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider’s stock worth $8,770,647,000 after purchasing an additional 413,639 shares during the period. State Street Corp raised its stake in shares of Intercontinental Exchange by 3.4% in the 4th quarter. State Street Corp now owns 25,653,952 shares of the financial services provider’s stock valued at $4,154,914,000 after acquiring an additional 837,208 shares during the period. Morgan Stanley raised its stake in shares of Intercontinental Exchange by 1.0% in the 4th quarter. Morgan Stanley now owns 15,875,593 shares of the financial services provider’s stock valued at $2,571,212,000 after acquiring an additional 158,450 shares during the period. Wellington Management Group LLP raised its stake in shares of Intercontinental Exchange by 64.7% in the 3rd 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 acquiring an additional 4,067,922 shares during the period. Finally, Norges Bank purchased a new position in shares of Intercontinental Exchange in the 4th quarter valued at $1,418,228,000. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Insider Activity

In related news, Director William Jefferson Hague sold 1,333 shares of Intercontinental Exchange stock in a transaction on Friday, June 12th. The shares were sold at an average price of $139.46, for a total transaction of $185,900.18. Following the sale, the director owned 20,132 shares of the company’s stock, valued at $2,807,608.72. The trade was a 6.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Mayur Kapani sold 4,271 shares of Intercontinental Exchange stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $155.42, for a total transaction of $663,798.82. Following the sale, the chief technology officer directly owned 64,869 shares in the company, valued at $10,081,939.98. This trade represents a 6.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,425 shares of company stock worth $2,046,324 over the last three months. 0.84% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ICE. Deutsche Bank Aktiengesellschaft raised shares of Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $188.00 target price on the stock in a research note on Friday, March 6th. Weiss Ratings downgraded shares of Intercontinental Exchange from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, June 2nd. UBS Group reissued a “buy” rating and issued a $205.00 target price on shares of Intercontinental Exchange in a research note on Wednesday, May 20th. Piper Sandler reissued an “overweight” rating and issued a $211.00 target price (up from $195.00) on shares of Intercontinental Exchange in a research note on Wednesday, April 15th. Finally, Keefe, Bruyette & Woods began coverage on shares of Intercontinental Exchange in a research note on Wednesday, April 8th. They issued an “outperform” rating and a $190.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $193.00.

Intercontinental Exchange Stock Performance

Intercontinental Exchange stock opened at $140.95 on Wednesday. Intercontinental Exchange Inc. has a 12-month low of $136.67 and a 12-month high of $189.35. The company has a market capitalization of $79.71 billion, a price-to-earnings ratio of 20.52, a price-to-earnings-growth ratio of 1.34 and a beta of 0.92. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. The firm’s fifty day moving average price is $153.32 and its 200 day moving average price is $159.10.

Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.12. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter in the previous year, the firm posted $1.72 EPS. The firm’s quarterly revenue was up 20.4% on a year-over-year basis. On average, research analysts forecast that Intercontinental Exchange Inc. will post 8.16 EPS for the current fiscal year.

About Intercontinental Exchange

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.