Stock Traders Buy Large Volume of Put Options on International Game Technology (NYSE:IGT)

International Game Technology PLC (NYSE:IGT) saw unusually large options trading on Friday. Traders bought 11,673 put options on the company. This is an increase of 318% compared to the typical daily volume of 2,792 put options.

Hedge Funds Weigh In On International Game Technology

Several large investors have recently modified their holdings of the stock. Mackenzie Financial Corp increased its position in shares of International Game Technology by 15.3% during the 4th quarter. Mackenzie Financial Corp now owns 31,032 shares of the company’s stock valued at $548,000 after purchasing an additional 4,124 shares during the last quarter. PharVision Advisers LLC bought a new position in shares of International Game Technology during the 4th quarter valued at approximately $427,000. Two Sigma Investments LP bought a new position in International Game Technology in the 4th quarter valued at $238,000. Two Sigma Advisers LP grew its position in International Game Technology by 123.8% in the 4th quarter. Two Sigma Advisers LP now owns 47,900 shares of the company’s stock valued at $846,000 after acquiring an additional 26,500 shares during the last quarter. Finally, Teza Capital Management LLC bought a new position in International Game Technology in the 4th quarter valued at $354,000. Institutional investors own 44.33% of the company’s stock.

International Game Technology Stock Up 1.1 %

Shares of IGT opened at $16.66 on Friday. The stock has a market capitalization of $3.37 billion, a price-to-earnings ratio of 27.76 and a beta of 1.86. International Game Technology has a 1 year low of $16.42 and a 1 year high of $24.13. The business’s 50 day simple moving average is $17.35 and its 200-day simple moving average is $19.14. 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 (NYSE:IGT) last released its earnings results on Tuesday, February 25th. The company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.10). The company had revenue of $651.00 million for the quarter, compared to the consensus estimate of $657.84 million. International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The business’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.56 EPS. As a group, equities analysts expect that International Game Technology will post 1.24 earnings per share for the current fiscal year.

International Game Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.80%. The ex-dividend date is Tuesday, March 11th. International Game Technology’s dividend payout ratio is currently 46.78%.

Wall Street Analysts Forecast Growth

IGT has been the topic of a number of research analyst reports. Truist Financial lowered their price target on International Game Technology from $23.00 to $20.00 and set a “hold” rating on the stock in a report on Tuesday, January 14th. StockNews.com cut International Game Technology from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, International Game Technology presently has an average rating of “Moderate Buy” and an average target price of $28.25.

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.