Zacks Investment Research upgraded shares of Investment Technology Group Inc. (NYSE:ITG) from a hold rating to a buy rating in a research report released on Monday. The brokerage currently has $23.00 price target on the stock.
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. “
Separately, Credit Suisse Group AG set a $20.00 target price on shares of Investment Technology Group and gave the stock a buy rating in a report on Monday, October 10th.
Shares of Investment Technology Group (NYSE:ITG) opened at 20.62 on Monday. The stock’s 50 day moving average is $20.15 and its 200 day moving average is $17.57. Investment Technology Group has a 12 month low of $15.04 and a 12 month high of $22.92. The company has a market cap of $671.51 million, a P/E ratio of 13.54 and a beta of 1.41.
Investment Technology Group (NYSE:ITG) last announced its quarterly earnings results on Wednesday, November 9th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.03. The company had revenue of $104.20 million for the quarter, compared to analyst estimates of $107.75 million. Investment Technology Group had a net margin of 8.84% and a negative return on equity of 0.96%. The firm’s revenue was down 13.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.12 EPS. On average, analysts anticipate that Investment Technology Group will post $0.05 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp increased its position in shares of Investment Technology Group by 5.9% in the third quarter. Bank of New York Mellon Corp now owns 1,822,601 shares of the company’s stock worth $31,240,000 after buying an additional 101,846 shares during the period. Wedge Capital Management L L P NC purchased a new position in shares of Investment Technology Group during the second quarter worth about $226,000. Westpac Banking Corp increased its position in shares of Investment Technology Group by 12.8% in the second quarter. Westpac Banking Corp now owns 74,894 shares of the company’s stock worth $1,252,000 after buying an additional 8,489 shares during the period. Mason Street Advisors LLC purchased a new position in shares of Investment Technology Group during the second quarter worth about $109,000. Finally, Boston Advisors LLC increased its position in shares of Investment Technology Group by 0.5% in the second quarter. Boston Advisors LLC now owns 16,040 shares of the company’s stock worth $268,000 after buying an additional 80 shares during the period. Hedge funds and other institutional investors own 87.81% of the company’s stock.
About Investment Technology Group
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