International Game Technology (NYSE:IGT) Hits New 12-Month Low – Here’s Why

International Game Technology PLC (NYSE:IGT) shares hit a new 52-week low on Monday . The stock traded as low as $16.95 and last traded at $17.00, with a volume of 198833 shares traded. The stock had previously closed at $17.22.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of International Game Technology from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, International Game Technology has a consensus rating of “Moderate Buy” and a consensus price target of $28.67.

International Game Technology Trading Up 0.2 %

The company has a 50-day moving average price of $19.67 and a two-hundred day moving average price of $20.67. The stock has a market cap of $3.41 billion, a P/E ratio of 28.53 and a beta of 1.91. The company has a current ratio of 2.36, a quick ratio of 2.31 and a debt-to-equity ratio of 2.85.

International Game Technology (NYSE:IGT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.24). The firm had revenue of $587.00 million for the quarter, compared to the consensus estimate of $591.50 million. International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The company’s revenue was down 2.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 EPS. On average, research analysts expect that International Game Technology PLC will post 1 EPS for the current fiscal year.

International Game Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Tuesday, November 26th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.67%. The ex-dividend date was Tuesday, November 26th. International Game Technology’s dividend payout ratio (DPR) is currently 133.33%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of IGT. Allspring Global Investments Holdings LLC lifted its stake in shares of International Game Technology by 46.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 25,938 shares of the company’s stock worth $531,000 after acquiring an additional 8,269 shares during the last quarter. Peregrine Capital Management LLC boosted its stake in shares of International Game Technology by 1.3% during the second quarter. Peregrine Capital Management LLC now owns 628,653 shares of the company’s stock valued at $12,862,000 after purchasing an additional 8,145 shares during the period. Industrial Alliance Investment Management Inc. boosted its stake in shares of International Game Technology by 100.9% during the second quarter. Industrial Alliance Investment Management Inc. now owns 2,310 shares of the company’s stock valued at $47,000 after purchasing an additional 1,160 shares during the period. Concurrent Investment Advisors LLC purchased a new position in International Game Technology in the 2nd quarter worth about $1,185,000. Finally, Rhumbline Advisers increased its stake in International Game Technology by 22.2% in the 2nd quarter. Rhumbline Advisers now owns 184,801 shares of the company’s stock worth $3,781,000 after buying an additional 33,622 shares during the period. Hedge funds and other institutional investors own 44.33% of the company’s stock.

International Game Technology Company Profile

International Game Technology PLC operates and provides gaming technology products and services in the United States, Canada, Italy, The United Kingdom, rest of Europe, and internationally. It operates through three segments: Global Lottery, Global Gaming, and PlayDigital. The company designs, sells, operates, and leases a suite of point-of-sale machines that reconciles lottery funds between the retailer and lottery authority; provides online lottery transaction processing systems; produces instant ticket games; and offers printing services, such as instant ticket marketing plans and graphic design, programming, packaging, shipping, and delivery services, as well as iLottery solutions and services.