Traders Purchase Large Volume of International Game Technology Put Options (NYSE:IGT)

International Game Technology PLC (NYSE:IGT) was the target of unusually large options trading on Friday. Stock investors acquired 3,655 put options on the stock. This represents an increase of 108% compared to the typical volume of 1,755 put options.

Wall Street Analyst Weigh In

IGT has been the subject of a number of research reports. StockNews.com lowered shares of International Game Technology from a “buy” rating to a “hold” rating in a research note on Friday, September 13th. B. Riley reaffirmed a “buy” rating and issued a $30.00 price target on shares of International Game Technology in a research report on Friday, July 26th. Finally, Stifel Nicolaus lifted their price objective on shares of International Game Technology from $26.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.67.

International Game Technology Stock Performance

IGT stock opened at $21.67 on Friday. International Game Technology has a one year low of $18.90 and a one year high of $31.85. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of 20.64 and a beta of 1.96. The company has a debt-to-equity ratio of 2.57, a quick ratio of 0.71 and a current ratio of 0.84. The firm has a 50-day simple moving average of $21.75 and a two-hundred day simple moving average of $21.12.

International Game Technology (NYSE:IGT) last posted its earnings results on Tuesday, July 30th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.07. International Game Technology had a net margin of 4.89% and a return on equity of 19.95%. The company had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the prior year, the company posted $0.45 earnings per share. International Game Technology’s revenue for the quarter was down .6% compared to the same quarter last year. On average, equities analysts forecast that International Game Technology will post 1.48 EPS for the current fiscal year.

International Game Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.80 annualized dividend and a yield of 3.69%. International Game Technology’s dividend payout ratio (DPR) is 76.19%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Oliver Lagore Vanvalin Investment Group purchased a new stake in shares of International Game Technology during the second quarter worth about $31,000. Blue Trust Inc. purchased a new stake in International Game Technology during the 2nd quarter worth approximately $44,000. General Partner Inc. acquired a new position in International Game Technology during the 1st quarter valued at approximately $45,000. Hexagon Capital Partners LLC raised its holdings in shares of International Game Technology by 1,633.6% in the second quarter. Hexagon Capital Partners LLC now owns 2,219 shares of the company’s stock worth $45,000 after buying an additional 2,091 shares during the last quarter. Finally, Industrial Alliance Investment Management Inc. lifted 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 worth $47,000 after buying an additional 1,160 shares during the period. 44.33% of the stock is 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.