International Game Technology Target of Unusually Large Options Trading (NYSE:IGT)

International Game Technology PLC (NYSE:IGT) was the recipient of unusually large options trading on Friday. Stock traders purchased 4,565 call options on the company. This represents an increase of approximately 53% compared to the average volume of 2,988 call options.

International Game Technology Price Performance

Shares of NYSE IGT traded down $0.24 during trading on Friday, hitting $16.23. 389,005 shares of the company were exchanged, compared to its average volume of 1,145,487. The firm’s fifty day moving average price is $17.26 and its 200 day moving average price is $18.85. The company has a market cap of $3.28 billion, a price-to-earnings ratio of 27.08 and a beta of 1.86. The company has a debt-to-equity ratio of 2.85, a current ratio of 2.36 and a quick ratio of 2.31. International Game Technology has a 1 year low of $16.13 and a 1 year high of $24.13.

International Game Technology (NYSE:IGT) last posted its earnings results on Tuesday, February 25th. The company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.10). The company had revenue of $651.00 million during the quarter, compared to analysts’ expectations of $657.84 million. International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. International Game Technology’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.56 EPS. On average, sell-side analysts expect that International Game Technology 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 given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.93%. The ex-dividend date of this dividend was Tuesday, March 11th. International Game Technology’s dividend payout ratio is presently 46.78%.

Hedge Funds Weigh In On International Game Technology

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank purchased a new stake in shares of International Game Technology in the fourth quarter valued at $25,616,000. Lazard Asset Management LLC boosted its stake in International Game Technology by 13.1% in the 4th quarter. Lazard Asset Management LLC now owns 10,927,433 shares of the company’s stock worth $192,978,000 after buying an additional 1,267,625 shares during the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in International Game Technology in the 4th quarter worth about $19,453,000. Beryl Capital Management LLC purchased a new stake in International Game Technology in the 4th quarter valued at about $15,213,000. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of International Game Technology by 10.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 8,578,432 shares of the company’s stock worth $151,495,000 after acquiring an additional 787,543 shares during the last quarter. Hedge funds and other institutional investors own 44.33% of the company’s stock.

Analyst Upgrades and Downgrades

IGT has been the subject of a number of recent research reports. Truist Financial decreased 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 raised International Game Technology from a “hold” rating to a “buy” rating in a report on Tuesday. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, International Game Technology has an average rating of “Moderate Buy” and an average price target of $28.25.

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.