International Game Technology Target of Unusually High Options Trading (NYSE:IGT)

International Game Technology PLC (NYSE:IGT) was the target of unusually large options trading on Tuesday. Stock investors purchased 22,543 call options on the company. This is an increase of approximately 838% compared to the typical daily volume of 2,404 call options.

Hedge Funds Weigh In On International Game Technology

A number of large investors have recently bought and sold shares of the business. CWM LLC boosted its holdings in International Game Technology by 61.1% in the first quarter. CWM LLC now owns 2,460 shares of the company’s stock valued at $40,000 after purchasing an additional 933 shares during the last quarter. Knott David M Jr acquired a new stake in International Game Technology in the 1st quarter valued at about $41,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in International Game Technology in the 4th quarter valued at about $45,000. Sterling Capital Management LLC increased its holdings in shares of International Game Technology by 782.5% during the 4th quarter. Sterling Capital Management LLC now owns 3,124 shares of the company’s stock worth $55,000 after buying an additional 2,770 shares during the last quarter. Finally, Inlight Wealth Management LLC acquired a new stake in shares of International Game Technology during the 1st quarter worth approximately $85,000. Institutional investors own 44.33% of the company’s stock.

International Game Technology Price Performance

Shares of IGT opened at $16.74 on Thursday. The company has a market capitalization of $3.38 billion, a P/E ratio of 27.90 and a beta of 1.61. The company has a quick ratio of 2.31, a current ratio of 2.36 and a debt-to-equity ratio of 2.85. The firm has a 50 day moving average of $16.38 and a 200 day moving average of $17.65. International Game Technology has a twelve month low of $13.81 and a twelve month high of $24.13.

International Game Technology (NYSE:IGT) last issued its quarterly earnings data on Tuesday, May 13th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.05). The firm had revenue of $583.00 million for the quarter, compared to analysts’ expectations of $630.30 million. International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. As a group, equities research analysts anticipate that International Game Technology will post 1.24 earnings per share for the current fiscal year.

International Game Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 29th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, May 29th. This represents a $0.80 annualized dividend and a dividend yield of 4.78%. International Game Technology’s dividend payout ratio (DPR) is presently 46.78%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Stifel Nicolaus reduced their target price on International Game Technology from $26.00 to $22.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Susquehanna restated a “positive” rating and issued a $25.00 target price (down from $30.00) on shares of International Game Technology in a research note on Wednesday. Truist Financial cut their target price on International Game Technology from $20.00 to $18.00 and set a “hold” rating on the stock in a research note on Wednesday, April 23rd. Finally, StockNews.com cut shares of International Game Technology from a “buy” rating to a “hold” rating in a report on Monday, April 14th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.75.

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.