International Game Technology (NYSE:IGT) Hits New 52-Week Low – Here’s Why

Shares of International Game Technology PLC (NYSE:IGT) reached a new 52-week low during trading 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.

Analysts Set New Price Targets

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

International Game Technology Stock Down 0.3 %

The company has a fifty day moving average of $19.80 and a two-hundred day moving average of $20.72. The company has a market cap of $3.42 billion, a PE ratio of 28.60 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 posted its quarterly earnings data 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). The firm had revenue of $587.00 million for the quarter, compared to the consensus estimate of $591.50 million. International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The company’s revenue was down 2.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 EPS. As a group, analysts anticipate that International Game Technology PLC will post 1 earnings per share for the current fiscal year.

International Game Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Tuesday, November 26th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.66%. The ex-dividend date was Tuesday, November 26th. International Game Technology’s payout ratio is currently 133.33%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IGT. Massachusetts Financial Services Co. MA lifted its stake 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 acquiring an additional 47,442 shares during the last quarter. FMR LLC increased its stake in International Game Technology by 19.4% in the third quarter. FMR LLC now owns 3,050,447 shares of the company’s stock worth $64,975,000 after purchasing an additional 495,962 shares during the period. Deprince Race & Zollo Inc. lifted its position in shares of International Game Technology by 75.5% during the second quarter. Deprince Race & Zollo Inc. now owns 2,313,954 shares of the company’s stock worth $47,343,000 after purchasing an additional 995,570 shares during the last quarter. Solel Partners LP bought a new stake in shares of International Game Technology during the second quarter worth $43,478,000. Finally, State Street Corp boosted its stake 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 valued at $44,800,000 after purchasing an additional 21,295 shares during the period. 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.