International Game Technology Sees Unusually Large Options Volume (NYSE:IGT)

International Game Technology PLC (NYSE:IGT) was the target of some unusual options trading on Friday. Investors purchased 14,737 put options on the stock. This is an increase of approximately 584% compared to the typical volume of 2,154 put options.

Analyst Ratings Changes

Several research firms have commented on IGT. StockNews.com upgraded shares of International Game Technology from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Stifel Nicolaus increased their price target on shares of International Game Technology from $26.00 to $30.00 and gave the company 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 report 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’s stock. According to MarketBeat.com, International Game Technology has a consensus rating of “Moderate Buy” and a consensus target price of $28.67.

International Game Technology Stock Performance

NYSE IGT traded down $0.70 during trading on Friday, reaching $19.20. The company’s stock had a trading volume of 447,276 shares, compared to its average volume of 1,108,448. The firm has a 50 day moving average price of $20.99 and a 200 day moving average price of $20.92. International Game Technology has a 12 month low of $18.90 and a 12 month high of $28.82. The firm has a market capitalization of $3.82 billion, a price-to-earnings ratio of 32.23 and a beta of 1.96. The company has a current ratio of 2.36, a quick ratio of 0.71 and a debt-to-equity ratio of 2.85.

International Game Technology (NYSE:IGT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.24). The company had revenue of $587.00 million for the quarter, compared to analyst estimates of $591.50 million. International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The company’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.52 EPS. As a group, equities analysts anticipate that International Game Technology will post 1.2 EPS for the current fiscal year.

International Game Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, November 26th will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, November 26th. This represents a $0.80 dividend on an annualized basis and a yield of 4.17%. International Game Technology’s payout ratio is 133.34%.

Hedge Funds Weigh In On International Game Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Lazard Asset Management LLC raised its position in International Game Technology by 63.4% during the first quarter. Lazard Asset Management LLC now owns 10,751,703 shares of the company’s stock valued at $242,880,000 after purchasing an additional 4,170,813 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of International Game Technology by 0.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,790,889 shares of the company’s stock worth $165,946,000 after buying an additional 47,442 shares in the last quarter. FMR LLC lifted its position in shares of International Game Technology by 19.4% during the 3rd quarter. FMR LLC now owns 3,050,447 shares of the company’s stock worth $64,975,000 after buying 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 buying an additional 995,570 shares in the last quarter. Finally, Solel Partners LP acquired a new stake in International Game Technology in the second quarter valued at about $43,478,000. 44.33% of the stock is currently owned by institutional investors and hedge funds.

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.