Capital Research Global Investors Sells 1,995,018 Shares of International Game Technology PLC (NYSE:IGT)

Capital Research Global Investors lowered its position in International Game Technology PLC (NYSE:IGT) by 59.9% in the 4th quarter, HoldingsChannel reports. The fund owned 1,337,473 shares of the company’s stock after selling 1,995,018 shares during the period. Capital Research Global Investors’ holdings in International Game Technology were worth $23,620,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of International Game Technology in the fourth quarter worth about $45,000. Sterling Capital Management LLC raised its holdings in International Game Technology by 782.5% during the 4th quarter. Sterling Capital Management LLC now owns 3,124 shares of the company’s stock valued at $55,000 after acquiring an additional 2,770 shares during the period. Cibc World Markets Corp purchased a new stake in shares of International Game Technology during the fourth quarter worth $188,000. Summit Investment Advisors Inc. boosted its holdings in shares of International Game Technology by 5.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,903 shares of the company’s stock worth $210,000 after acquiring an additional 655 shares during the period. Finally, Victory Capital Management Inc. grew its position in shares of International Game Technology by 4.2% in the fourth quarter. Victory Capital Management Inc. now owns 15,519 shares of the company’s stock valued at $274,000 after purchasing an additional 622 shares in the last quarter. 44.33% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

IGT has been the topic of a number of recent research reports. StockNews.com cut International Game Technology from a “buy” rating to a “hold” rating in a report on Monday, April 14th. Truist Financial cut their price objective on shares of International Game Technology from $23.00 to $20.00 and set a “hold” rating for the company in a research report on Tuesday, January 14th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, International Game Technology presently has a consensus rating of “Moderate Buy” and an average price target of $28.25.

International Game Technology Stock Performance

Shares of IGT opened at $16.08 on Tuesday. International Game Technology PLC has a 12-month low of $13.81 and a 12-month high of $24.13. The company has a current ratio of 2.36, a quick ratio of 2.31 and a debt-to-equity ratio of 2.85. The company has a market cap of $3.25 billion, a PE ratio of 26.80 and a beta of 1.66. The stock has a 50-day moving average price of $16.74 and a 200-day moving average price of $18.06.

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

International Game Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date was Tuesday, March 11th. International Game Technology’s payout ratio is currently 46.78%.

International Game Technology 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.