Stock Traders Buy Large Volume of Put Options on International Game Technology (NYSE:IGT)

International Game Technology PLC (NYSE:IGT) was the target of unusually large options trading activity on Friday. Stock traders acquired 11,673 put options on the stock. This is an increase of 318% compared to the average volume of 2,792 put options.

International Game Technology Stock Up 1.1 %

IGT stock traded up $0.18 during trading hours on Friday, hitting $16.65. The company’s stock had a trading volume of 472,580 shares, compared to its average volume of 1,143,612. The company has a quick ratio of 2.31, a current ratio of 2.36 and a debt-to-equity ratio of 2.85. The company has a market capitalization of $3.36 billion, a PE ratio of 27.79 and a beta of 1.86. International Game Technology has a 12 month low of $16.42 and a 12 month high of $24.13. The stock has a 50 day moving average price of $17.37 and a two-hundred day moving average price of $19.20.

International Game Technology (NYSE:IGT) last posted its earnings results on Tuesday, February 25th. The company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.10). The business had revenue of $651.00 million during the quarter, compared to the consensus estimate of $657.84 million. International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The business’s revenue was down 4.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.56 earnings per share. On average, equities research analysts expect that International Game Technology will post 1.24 earnings per share for the current year.

International Game Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.80%. The ex-dividend date of this dividend is Tuesday, March 11th. International Game Technology’s payout ratio is 46.78%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on IGT shares. StockNews.com downgraded shares of International Game Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, February 26th. Truist Financial lowered their price objective on shares of International Game Technology from $23.00 to $20.00 and set a “hold” rating on the stock in a research report on Tuesday, January 14th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.25.

Institutional Trading of International Game Technology

A number of institutional investors and hedge funds have recently modified their holdings of the company. Mackenzie Financial Corp lifted its stake in shares of International Game Technology by 15.3% in the fourth quarter. Mackenzie Financial Corp now owns 31,032 shares of the company’s stock worth $548,000 after buying an additional 4,124 shares during the last quarter. PharVision Advisers LLC acquired a new stake in shares of International Game Technology in the fourth quarter worth $427,000. Two Sigma Investments LP acquired a new stake in shares of International Game Technology in the fourth quarter worth $238,000. Two Sigma Advisers LP lifted its stake in shares of International Game Technology by 123.8% in the fourth quarter. Two Sigma Advisers LP now owns 47,900 shares of the company’s stock worth $846,000 after buying an additional 26,500 shares during the last quarter. Finally, Teza Capital Management LLC acquired a new stake in shares of International Game Technology in the fourth quarter worth $354,000. 44.33% of the stock is currently owned by institutional investors and hedge funds.

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.