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

Shares of International Game Technology PLC (NYSE:IGT) saw strong trading volume on Wednesday . 1,808,446 shares were traded during mid-day trading, an increase of 53% from the previous session’s volume of 1,182,594 shares.The stock last traded at $17.64 and had previously closed at $17.35.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Truist Financial lowered their price objective on 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. StockNews.com upgraded shares of International Game Technology from a “hold” rating to a “buy” rating in a report on Friday, November 8th. One 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 price target of $28.00.

International Game Technology Trading Up 0.1 %

The firm has a market capitalization of $3.41 billion, a P/E ratio of 28.56 and a beta of 1.92. The firm has a 50 day simple moving average of $18.20 and a two-hundred day simple moving average of $20.20. The company has a debt-to-equity ratio of 2.85, a quick ratio of 2.31 and a current ratio of 2.36.

International Game Technology (NYSE:IGT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.24). The business had revenue of $587.00 million for the quarter, compared to analysts’ expectations 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 revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.52 earnings per share. Equities research analysts forecast that International Game Technology PLC will post 1.23 earnings per share for the current year.

International Game Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders 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 is currently 133.34%.

Institutional Investors Weigh In On International Game Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Segall Bryant & Hamill LLC bought a new stake in shares of International Game Technology during the 3rd quarter valued at $1,209,000. Massachusetts Financial Services Co. MA boosted its holdings in International Game Technology by 0.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,790,889 shares of the company’s stock valued at $165,946,000 after acquiring an additional 47,442 shares during the period. Qsemble Capital Management LP grew its holdings in International Game Technology by 230.0% in the 3rd quarter. Qsemble Capital Management LP now owns 42,941 shares of the company’s stock worth $915,000 after acquiring an additional 29,929 shares during the last quarter. Zacks Investment Management purchased a new stake in shares of International Game Technology during the third quarter worth about $645,000. Finally, Stifel Financial Corp raised its position in International Game Technology by 22.2% during the 3rd quarter. Stifel Financial Corp now owns 56,179 shares of the company’s stock valued at $1,197,000 after purchasing an additional 10,193 shares during the last quarter. 44.33% of the stock is currently owned by institutional investors.

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.