Investment Technology Group (NYSE:ITG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday, April 4th.
According to Zacks, “Investment Technology Group is one of the leading providers of technology-based equity trading services and transaction research to institutional investors and brokers. ITG’s services help clients to access liquidity, execute trades more efficiently, and make better trading decisions. They offer a fully-integrated family of advanced trading services encompassing three business lines: POSIT, Client-Site Trading Products, and Electronic Trading Desk. “
Other analysts also recently issued reports about the stock. Rosenblatt Securities upgraded shares of Investment Technology Group from a “neutral” rating to a “buy” rating in a research report on Friday, March 2nd. Citigroup upgraded shares of Investment Technology Group to a “buy” rating in a research report on Friday, March 2nd. Finally, ValuEngine downgraded shares of Investment Technology Group from a “hold” rating to a “sell” rating in a report on Monday, April 2nd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. Investment Technology Group has an average rating of “Hold” and a consensus target price of $22.50.
NYSE:ITG traded up $0.29 during mid-day trading on Wednesday, reaching $20.02. 49,581 shares of the company were exchanged, compared to its average volume of 246,270. Investment Technology Group has a 12 month low of $17.63 and a 12 month high of $23.96. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 0.01. The firm has a market cap of $656.32, a P/E ratio of 66.43 and a beta of 1.42.
Investment Technology Group (NYSE:ITG) last released its earnings results on Tuesday, January 30th. The financial services provider reported $0.12 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.12. The company had revenue of $126.70 million for the quarter, compared to the consensus estimate of $125.70 million. Investment Technology Group had a negative net margin of 8.15% and a positive return on equity of 2.66%. The company’s revenue was up 5.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.16 EPS. equities analysts predict that Investment Technology Group will post 1.01 earnings per share for the current fiscal year.
Investment Technology Group declared that its board has authorized a stock repurchase plan on Thursday, February 15th that permits the company to repurchase 4,000,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
Several large investors have recently added to or reduced their stakes in ITG. Prudential Financial Inc. lifted its holdings in Investment Technology Group by 4.4% during the 3rd quarter. Prudential Financial Inc. now owns 55,658 shares of the financial services provider’s stock valued at $1,232,000 after purchasing an additional 2,330 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in Investment Technology Group by 1.9% during the 4th quarter. Sterling Capital Management LLC now owns 136,515 shares of the financial services provider’s stock valued at $2,628,000 after purchasing an additional 2,600 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Investment Technology Group by 6.7% during the 4th quarter. Alliancebernstein L.P. now owns 49,170 shares of the financial services provider’s stock valued at $947,000 after purchasing an additional 3,080 shares during the last quarter. Rhumbline Advisers lifted its holdings in Investment Technology Group by 4.7% during the 3rd quarter. Rhumbline Advisers now owns 69,303 shares of the financial services provider’s stock valued at $1,534,000 after purchasing an additional 3,137 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan lifted its holdings in Investment Technology Group by 67.4% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 12,470 shares of the financial services provider’s stock valued at $276,000 after purchasing an additional 5,020 shares during the last quarter. 88.10% of the stock is owned by institutional investors and hedge funds.
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Investment Technology Group Company Profile
Investment Technology Group, Inc (ITG) is a financial technology company that helps brokers and asset managers improve returns for investors around the world. The Company operates through four segments: U.S. Operations, Canadian Operations, European Operations and Asia Pacific Operations. These four segments provide categories of products and services, such as Execution Services, Workflow Technology and Analytics.
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