Bank of New York Mellon Corp Decreases Stock Holdings in International Game Technology PLC (NYSE:IGT)

Bank of New York Mellon Corp cut its stake in International Game Technology PLC (NYSE:IGT) by 3.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 4,197,539 shares of the company’s stock after selling 171,633 shares during the quarter. Bank of New York Mellon Corp’s holdings in International Game Technology were worth $74,129,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of IGT. Harbor Capital Advisors Inc. lifted its position in International Game Technology by 127.2% in the third quarter. Harbor Capital Advisors Inc. now owns 54,606 shares of the company’s stock valued at $1,163,000 after acquiring an additional 30,569 shares during the last quarter. Concurrent Investment Advisors LLC lifted its position in International Game Technology by 11.0% in the third quarter. Concurrent Investment Advisors LLC now owns 64,320 shares of the company’s stock valued at $1,370,000 after acquiring an additional 6,400 shares during the last quarter. M&G PLC lifted its position in International Game Technology by 2.9% in the third quarter. M&G PLC now owns 455,533 shares of the company’s stock valued at $9,566,000 after acquiring an additional 13,010 shares during the last quarter. Victory Capital Management Inc. lifted its position in International Game Technology by 7.2% in the third quarter. Victory Capital Management Inc. now owns 14,897 shares of the company’s stock valued at $317,000 after acquiring an additional 996 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in International Game Technology by 126.5% in the third quarter. Thrivent Financial for Lutherans now owns 45,960 shares of the company’s stock valued at $979,000 after acquiring an additional 25,665 shares during the last quarter. 44.33% of the stock is owned by hedge funds and other institutional investors.

International Game Technology Price Performance

Shares of NYSE:IGT opened at $17.72 on Tuesday. The company has a 50-day simple moving average of $17.37 and a 200-day simple moving average of $19.42. International Game Technology PLC has a one year low of $16.42 and a one year high of $26.44. The company has a debt-to-equity ratio of 2.85, a quick ratio of 2.31 and a current ratio of 2.36. The stock has a market capitalization of $3.58 billion, a price-to-earnings ratio of 29.53 and a beta of 1.91.

International Game Technology (NYSE:IGT) last issued its quarterly 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). International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The firm had revenue of $651.00 million for the quarter, compared to analyst estimates of $657.84 million. During the same quarter last year, the firm earned $0.56 earnings per share. The company’s revenue was down 4.4% compared to the same quarter last year. On average, analysts predict that International Game Technology PLC will post 1.24 EPS for the current year.

International Game Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.51%. International Game Technology’s dividend payout ratio (DPR) is 46.78%.

Wall Street Analyst Weigh In

IGT has been the subject of a number of research reports. Truist Financial reduced their target price on shares of International Game Technology from $23.00 to $20.00 and set a “hold” rating for the company in a report on Tuesday, January 14th. StockNews.com cut shares of International Game Technology from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, International Game Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

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.