International Game Technology (NYSE:IGT) Hits New 1-Year Low – Here’s What Happened

International Game Technology PLC (NYSE:IGT)’s share price reached a new 52-week low on Monday . The stock traded as low as $16.95 and last traded at $17.00, with a volume of 198833 shares trading hands. The stock had previously closed at $17.22.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised International Game Technology from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $28.67.

International Game Technology Stock Performance

The firm’s fifty day moving average price is $19.67 and its 200 day moving average price is $20.67. The firm has a market cap of $3.41 billion, a P/E ratio of 28.53 and a beta of 1.91. The company has a debt-to-equity ratio of 2.85, a quick ratio of 2.31 and a current ratio of 2.36.

International Game Technology (NYSE:IGT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.24). The business had revenue of $587.00 million during the quarter, compared to the consensus estimate of $591.50 million. International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The business’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period last year, the firm earned $0.52 EPS. Sell-side analysts expect that International Game Technology PLC will post 1 EPS for the current fiscal year.

International Game Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Tuesday, November 26th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.67%. The ex-dividend date of this dividend was Tuesday, November 26th. International Game Technology’s payout ratio is currently 133.33%.

Hedge Funds Weigh In On International Game Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in IGT. Massachusetts Financial Services Co. MA boosted its holdings in shares of International Game Technology by 0.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,790,889 shares of the company’s stock valued at $165,946,000 after buying an additional 47,442 shares in the last quarter. FMR LLC lifted its position in International Game Technology by 19.4% during the third quarter. FMR LLC now owns 3,050,447 shares of the company’s stock valued at $64,975,000 after acquiring an additional 495,962 shares during the last quarter. Deprince Race & Zollo Inc. boosted its stake in International Game Technology by 75.5% in the second quarter. Deprince Race & Zollo Inc. now owns 2,313,954 shares of the company’s stock valued at $47,343,000 after acquiring an additional 995,570 shares in the last quarter. Solel Partners LP purchased a new position in International Game Technology in the second quarter worth $43,478,000. Finally, State Street Corp increased its position in shares of International Game Technology by 1.0% during the third quarter. State Street Corp now owns 2,103,275 shares of the company’s stock worth $44,800,000 after purchasing an additional 21,295 shares in the last quarter. Hedge funds and other institutional investors 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.