International Game Technology (NYSE:IGT) Sees Large Volume Increase – Still a Buy?

International Game Technology PLC (NYSE:IGT) saw unusually-high trading volume on Friday . Approximately 1,551,523 shares changed hands during trading, an increase of 15% from the previous session’s volume of 1,352,984 shares.The stock last traded at $16.88 and had previously closed at $16.73.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. StockNews.com upgraded International Game Technology from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Truist Financial decreased their price target on shares of International Game Technology from $23.00 to $20.00 and set a “hold” rating for the company in a report on Tuesday, January 14th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $28.00.

International Game Technology Stock Down 0.5 %

The firm has a market capitalization of $3.32 billion, a price-to-earnings ratio of 27.75 and a beta of 1.91. The firm has a fifty day moving average price of $17.76 and a 200 day moving average price of $19.95. 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 released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.24). International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The company had revenue of $587.00 million during the quarter, compared to analyst estimates of $591.50 million. During the same period last year, the firm earned $0.52 earnings per share. The business’s revenue was down 2.3% compared to the same quarter last year. As a group, sell-side analysts expect that International Game Technology PLC will post 1.23 EPS for the current fiscal year.

International Game Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Tuesday, November 26th were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, November 26th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.80%. International Game Technology’s payout ratio is currently 133.34%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Hexagon Capital Partners LLC boosted its position in shares of International Game Technology by 26.1% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,798 shares of the company’s stock valued at $60,000 after purchasing an additional 579 shares during the period. Victory Capital Management Inc. increased its position in shares of International Game Technology by 4.2% in the fourth quarter. Victory Capital Management Inc. now owns 15,519 shares of the company’s stock worth $274,000 after acquiring an additional 622 shares in the last quarter. Point72 DIFC Ltd raised its holdings in shares of International Game Technology by 7.9% during the third quarter. Point72 DIFC Ltd now owns 12,870 shares of the company’s stock valued at $274,000 after acquiring an additional 947 shares during the period. Van ECK Associates Corp lifted its position in shares of International Game Technology by 5.1% in the 4th quarter. Van ECK Associates Corp now owns 23,749 shares of the company’s stock valued at $419,000 after acquiring an additional 1,145 shares in the last quarter. Finally, Signaturefd LLC purchased a new stake in shares of International Game Technology in the 3rd quarter valued at approximately $26,000. 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.