International Game Technology (NYSE:IGT) Shares Gap Down After Earnings Miss

International Game Technology PLC (NYSE:IGT) shares gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $17.89, but opened at $15.29. International Game Technology shares last traded at $16.16, with a volume of 754,694 shares traded.

The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.05). The business had revenue of $583.00 million during the quarter, compared to analyst estimates of $630.30 million. International Game Technology had a net margin of 4.17% and a return on equity of 16.17%.

International Game Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 29th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.78%. The ex-dividend date is Thursday, May 29th. International Game Technology’s payout ratio is currently 46.78%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on IGT shares. StockNews.com downgraded International Game Technology from a “buy” rating to a “hold” rating in a report on Monday, April 14th. Stifel Nicolaus decreased their price objective on International Game Technology from $26.00 to $22.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Truist Financial decreased their price objective on International Game Technology from $20.00 to $18.00 and set a “hold” rating for the company in a report on Wednesday, April 23rd. Finally, Susquehanna reissued a “positive” rating and issued a $25.00 price objective (down from $30.00) on shares of International Game Technology in a report on Wednesday. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.75.

Institutional Investors Weigh In On International Game Technology

Several large investors have recently modified their holdings of the stock. Lazard Asset Management LLC raised its stake in shares of International Game Technology by 13.1% during the fourth quarter. Lazard Asset Management LLC now owns 10,927,433 shares of the company’s stock worth $192,978,000 after purchasing an additional 1,267,625 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of International Game Technology by 10.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 8,578,432 shares of the company’s stock worth $151,495,000 after purchasing an additional 787,543 shares during the last quarter. Solel Partners LP raised its stake in shares of International Game Technology by 14.6% during the fourth quarter. Solel Partners LP now owns 3,058,150 shares of the company’s stock worth $54,007,000 after purchasing an additional 390,726 shares during the last quarter. Deprince Race & Zollo Inc. raised its stake in shares of International Game Technology by 3.7% during the fourth quarter. Deprince Race & Zollo Inc. now owns 2,783,234 shares of the company’s stock worth $49,152,000 after purchasing an additional 98,502 shares during the last quarter. Finally, Brown Advisory Inc. purchased a new position in International Game Technology in the first quarter worth $30,407,000. Hedge funds and other institutional investors own 44.33% of the company’s stock.

International Game Technology Price Performance

The company has a 50-day simple moving average of $16.38 and a 200-day simple moving average of $17.65. The stock has a market cap of $3.38 billion, a PE ratio of 27.90 and a beta of 1.61. 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 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.