International Game Technology (NYSE:IGT) Reaches New 12-Month Low – Here’s Why

International Game Technology PLC (NYSE:IGT) shares reached a new 52-week low on Tuesday . The stock traded as low as $18.74 and last traded at $18.93, with a volume of 250701 shares traded. The stock had previously closed at $19.19.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on IGT. StockNews.com upgraded International Game Technology from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Stifel Nicolaus raised their price target on International Game Technology from $26.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, B. Riley restated a “buy” rating and set a $30.00 price objective on shares of International Game Technology in a research note on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, International Game Technology presently has an average rating of “Moderate Buy” and an average target price of $28.67.

International Game Technology Stock Performance

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 fifty day moving average price of $20.90 and a two-hundred day moving average price of $20.92. The company has a market cap of $3.74 billion, a P/E ratio of 31.98 and a beta of 1.96.

International Game Technology (NYSE:IGT) last posted its earnings results on Tuesday, November 12th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.22 by ($0.24). International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The business had revenue of $587.00 million during the quarter, compared to analyst estimates of $591.50 million. During the same quarter in the prior year, the business earned $0.52 earnings per share. The firm’s revenue was down 2.3% compared to the same quarter last year. On average, equities analysts forecast that International Game Technology PLC will post 1.16 earnings per share for the current fiscal year.

International Game Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, November 26th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.26%. The ex-dividend date of this dividend is Tuesday, November 26th. International Game Technology’s payout ratio is currently 133.34%.

Hedge Funds Weigh In On International Game Technology

Several large investors have recently bought and sold shares of the stock. Signaturefd LLC acquired a new stake in shares of International Game Technology in the 3rd quarter worth approximately $26,000. Oliver Lagore Vanvalin Investment Group acquired a new position in shares of International Game Technology during the 2nd quarter valued at $31,000. Blue Trust Inc. acquired a new position in shares of International Game Technology during the 2nd quarter valued at $44,000. Hexagon Capital Partners LLC raised its stake in shares of International Game Technology by 1,633.6% in the 2nd quarter. Hexagon Capital Partners LLC now owns 2,219 shares of the company’s stock worth $45,000 after buying an additional 2,091 shares in the last quarter. Finally, CWM LLC lifted its holdings in shares of International Game Technology by 156.7% in the second quarter. CWM LLC now owns 2,321 shares of the company’s stock valued at $47,000 after buying an additional 1,417 shares during the period. Institutional investors and hedge funds own 44.33% of the company’s stock.

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.