International Game Technology (NYSE:IGT) Sees Large Volume Increase – Still a Buy?

Shares of International Game Technology PLC (NYSE:IGT) saw an uptick in trading volume on Wednesday . 1,808,446 shares traded hands 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

Several brokerages have weighed in on IGT. 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 International Game Technology from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $28.00.

International Game Technology Stock Up 0.1 %

The business has a fifty day moving average of $18.32 and a 200-day moving average of $20.25. The company has a debt-to-equity ratio of 2.85, a current ratio of 2.36 and a quick ratio of 2.31. The stock has a market cap of $3.46 billion, a PE ratio of 28.96 and a beta of 1.92.

International Game Technology (NYSE:IGT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.24). International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The firm had revenue of $587.00 million during the quarter, compared to analysts’ expectations of $591.50 million. During the same quarter in the previous year, the business earned $0.52 earnings per share. The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. Equities research analysts anticipate that International Game Technology PLC will post 1.23 earnings per share for the current year.

International Game Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Tuesday, November 26th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.60%. The ex-dividend date of this dividend was Tuesday, November 26th. International Game Technology’s payout ratio is currently 133.34%.

Institutional Investors Weigh In On International Game Technology

Hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC grew its stake in shares of International Game Technology by 2.0% in the 2nd quarter. Renaissance Technologies LLC now owns 230,000 shares of the company’s stock valued at $4,706,000 after purchasing an additional 4,500 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of International Game Technology by 21.3% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 13,816 shares of the company’s stock worth $283,000 after buying an additional 2,424 shares during the period. Sei Investments Co. grew its stake in International Game Technology by 0.3% during the second quarter. Sei Investments Co. now owns 202,224 shares of the company’s stock worth $4,137,000 after buying an additional 515 shares during the period. Stanley Capital Management LLC grew its stake in shares of International Game Technology by 12.9% in the second quarter. Stanley Capital Management LLC now owns 702,000 shares of the company’s stock valued at $14,363,000 after buying an additional 80,000 shares in the last quarter. Finally, Solel Partners LP acquired a new position in International Game Technology in the 2nd quarter worth $43,478,000. 44.33% of the stock is currently owned by institutional investors and hedge funds.

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.