HSBC downgraded shares of Independent IT (LON:IIT) from a buy rating to a hold rating in a research report report published on Friday morning, The Fly reports.

IIT opened at GBX 7.22 ($0.10) on Friday. Independent IT has a 1-year low of GBX 424.12 ($6.07) and a 1-year high of GBX 811 ($11.61).

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The business also recently announced a dividend, which was paid on Friday, April 6th. Stockholders of record on Thursday, February 22nd were given a GBX 6 ($0.09) dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a dividend yield of 0.86%. This is an increase from Independent IT’s previous dividend of $2.00.

In other news, insider Maxwell C. B. Ward sold 3,600 shares of Independent IT stock in a transaction dated Friday, April 6th. The shares were sold at an average price of GBX 705 ($10.09), for a total value of £25,380 ($36,340.21). Also, insider Douglas Christopher Patrick McDougall sold 35,000 shares of Independent IT stock in a transaction dated Friday, April 13th. The shares were sold at an average price of GBX 717 ($10.27), for a total transaction of £250,950 ($359,321.31). Insiders sold a total of 320,150 shares of company stock valued at $231,421,400 in the last three months.

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Independent IT Company Profile

The Independent Investment Trust PLC is a publically owned investment manager. The firm launches and manages equity mutual fund for its clients. It invests in public equity markets across the globe. The Independent Investment Trust PLC is based in Edinburgh, United Kingdom.

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