International Game Technology (NYSE:IGT) Sees Strong Trading Volume – Should You Buy?

International Game Technology PLC (NYSE:IGT) shares saw an uptick in trading volume on Wednesday . 1,808,446 shares changed hands during trading, an increase of 53% from the previous session’s volume of 1,182,594 shares.The stock last traded at $17.64 and had previously closed at $17.35.

Analysts Set New Price Targets

A number of equities analysts have recently commented on IGT shares. Truist Financial reduced their price objective 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. StockNews.com raised International Game Technology from a “hold” rating to a “buy” rating in a report on Friday, November 8th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $28.00.

International Game Technology Price Performance

The company has a fifty day moving average price of $18.20 and a two-hundred day moving average price of $20.20. The company has a current ratio of 2.36, a quick ratio of 2.31 and a debt-to-equity ratio of 2.85. The firm has a market cap of $3.41 billion, a P/E ratio of 28.56 and a beta of 1.92.

International Game Technology (NYSE:IGT) last released its 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). 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 net margin of 4.17% and a return on equity of 16.17%. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same period last year, the business posted $0.52 EPS. Equities analysts anticipate that International Game Technology PLC will post 1.23 earnings per share for the current year.

International Game Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Tuesday, November 26th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, November 26th. This represents a $0.80 dividend on an annualized basis and a yield of 4.67%. International Game Technology’s payout ratio is 133.34%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA lifted its holdings in 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 purchasing an additional 47,442 shares during the last quarter. FMR LLC raised its stake in International Game Technology by 19.4% in the 3rd 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 in the last quarter. Deprince Race & Zollo Inc. increased its holdings 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 period. State Street Corp grew its position in 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 buying an additional 21,295 shares in the last quarter. Finally, Long Pond Capital LP acquired a new position in International Game Technology in the 2nd quarter valued at $32,053,000. 44.33% of the stock is owned by institutional investors.

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.