Cramer Rosenthal Mcglynn LLC lifted its holdings in shares of Investment Technology Group (NYSE:ITG) by 27.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,011,834 shares of the financial services provider’s stock after acquiring an additional 218,194 shares during the quarter. Cramer Rosenthal Mcglynn LLC owned approximately 3.06% of Investment Technology Group worth $19,478,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in the stock. Stone Ridge Asset Management LLC bought a new position in shares of Investment Technology Group during the fourth quarter valued at approximately $344,000. Deutsche Bank AG raised its holdings in shares of Investment Technology Group by 6.0% during the fourth quarter. Deutsche Bank AG now owns 215,434 shares of the financial services provider’s stock valued at $4,145,000 after acquiring an additional 12,204 shares in the last quarter. Jefferies Group LLC bought a new position in shares of Investment Technology Group during the fourth quarter valued at approximately $445,000. Thrivent Financial For Lutherans raised its holdings in shares of Investment Technology Group by 221.8% during the fourth quarter. Thrivent Financial For Lutherans now owns 64,845 shares of the financial services provider’s stock valued at $1,248,000 after acquiring an additional 44,695 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Investment Technology Group by 20.9% during the fourth quarter. Renaissance Technologies LLC now owns 523,200 shares of the financial services provider’s stock valued at $10,072,000 after acquiring an additional 90,300 shares in the last quarter. Institutional investors own 88.10% of the company’s stock.
A number of equities analysts recently commented on the company. Rosenblatt Securities upgraded Investment Technology Group from a “neutral” rating to a “buy” rating in a report on Friday, March 2nd. Citigroup upgraded Investment Technology Group to a “buy” rating in a report on Friday, March 2nd. Finally, Zacks Investment Research downgraded Investment Technology Group from a “strong-buy” rating to a “sell” rating in a report on Tuesday, February 6th. Three equities research analysts have rated the stock with a sell rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $22.50.
Investment Technology Group (NYSE:ITG) last issued its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.12 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.12. The company had revenue of $126.70 million for the quarter, compared to analysts’ expectations of $125.70 million. Investment Technology Group had a positive return on equity of 2.66% and a negative net margin of 8.15%. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.16 earnings per share. research analysts expect that Investment Technology Group will post 1.01 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Tuesday, February 27th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Monday, February 26th. This represents a $0.28 annualized dividend and a yield of 1.37%. Investment Technology Group’s payout ratio is -23.53%.
Investment Technology Group announced that its Board of Directors has authorized a stock buyback program on Thursday, February 15th that permits the company to repurchase 4,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
TRADEMARK VIOLATION NOTICE: “Cramer Rosenthal Mcglynn LLC Buys 218,194 Shares of Investment Technology Group (ITG)” was first posted by American Banking News and is the sole property of of American Banking News. If you are viewing this story on another site, it was copied illegally and reposted in violation of international copyright and trademark laws. The correct version of this story can be viewed at https://www.americanbankingnews.com/2018/03/14/cramer-rosenthal-mcglynn-llc-buys-218194-shares-of-investment-technology-group-itg.html.
About Investment Technology Group
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.
Receive News & Ratings for Investment Technology Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Investment Technology Group and related companies with MarketBeat.com's FREE daily email newsletter.