International Game Technology (NYSE:IGT) Sees Strong Trading Volume – Here’s What Happened

International Game Technology PLC (NYSE:IGT) shares saw an uptick in trading volume on Friday . 1,551,523 shares were traded during trading, an increase of 15% from the previous session’s volume of 1,352,984 shares.The stock last traded at $16.88 and had previously closed at $16.73.

Analyst Upgrades and Downgrades

IGT has been the topic of a number of analyst reports. Truist Financial decreased their price objective on International Game Technology from $23.00 to $20.00 and set a “hold” rating on the stock in a research note on Tuesday, January 14th. StockNews.com raised International Game Technology from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, International Game Technology has an average rating of “Moderate Buy” and an average target price of $28.00.

International Game Technology Stock Performance

The company has a debt-to-equity ratio of 2.85, a quick ratio of 2.31 and a current ratio of 2.36. The stock has a market cap of $3.32 billion, a P/E ratio of 27.75 and a beta of 1.91. The firm has a 50 day moving average of $17.76 and a two-hundred day moving average of $19.95.

International Game Technology (NYSE:IGT) last announced its earnings results 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 business had revenue of $587.00 million during the quarter, compared to analyst estimates of $591.50 million. International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The business’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.52 earnings per share. On average, research analysts predict that International Game Technology PLC will post 1.23 EPS for the current fiscal year.

International Game Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Tuesday, November 26th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.80%. The ex-dividend date was Tuesday, November 26th. International Game Technology’s payout ratio is presently 133.34%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IGT. Signaturefd LLC bought a new position in shares of International Game Technology during the 3rd quarter worth approximately $26,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of International Game Technology during the fourth quarter worth about $45,000. Hexagon Capital Partners LLC increased its holdings in International Game Technology by 26.1% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,798 shares of the company’s stock worth $60,000 after purchasing an additional 579 shares in the last quarter. Point72 DIFC Ltd grew its holdings in International Game Technology by 7.9% during the third quarter. Point72 DIFC Ltd now owns 12,870 shares of the company’s stock worth $274,000 after buying an additional 947 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its stake in International Game Technology by 7.2% during the 3rd quarter. Victory Capital Management Inc. now owns 14,897 shares of the company’s stock valued at $317,000 after acquiring an additional 996 shares in the last quarter. 44.33% of the stock is owned by institutional investors.

About International Game Technology

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.