International Game Technology (NYSE:IGT) Sets New 12-Month Low – What’s Next?

International Game Technology PLC (NYSE:IGT)’s share price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $16.55 and last traded at $16.53, with a volume of 9152 shares trading hands. The stock had previously closed at $17.02.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Truist Financial lowered their price objective on shares of International Game Technology from $23.00 to $20.00 and set a “hold” rating on the stock in a research note on Tuesday, January 14th. StockNews.com upgraded shares of International Game Technology from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $28.00.

International Game Technology Stock Performance

The stock has a market cap of $3.36 billion, a P/E ratio of 28.16 and a beta of 1.91. The firm’s 50-day moving average price is $17.91 and its 200-day moving average price is $20.02. The company has a debt-to-equity ratio of 2.85, a current ratio of 2.36 and a quick ratio of 2.31.

International Game Technology (NYSE:IGT) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.22 by ($0.24). International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The company had revenue of $587.00 million for the quarter, compared to the consensus estimate of $591.50 million. During the same period last year, the company earned $0.52 EPS. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. Sell-side analysts expect that International Game Technology PLC will post 1.23 earnings per share for the current fiscal year.

International Game Technology Announces Dividend

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 dividend on an annualized basis and a yield of 4.74%. The ex-dividend date of this dividend was Tuesday, November 26th. International Game Technology’s payout ratio is 133.34%.

Hedge Funds Weigh In On International Game Technology

Institutional investors and hedge funds have recently made changes to their positions in the business. Massachusetts Financial Services Co. MA lifted 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 acquiring an additional 47,442 shares during the last quarter. FMR LLC raised 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 purchasing an additional 495,962 shares during the period. State Street Corp lifted its stake in shares of International Game Technology by 1.0% in the 3rd 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 last quarter. Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of International Game Technology by 80.8% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,202,620 shares of the company’s stock worth $25,616,000 after purchasing an additional 537,330 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of International Game Technology by 17.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,132,193 shares of the company’s stock valued at $24,116,000 after purchasing an additional 164,935 shares during the last quarter. 44.33% of the stock is owned by hedge funds and other institutional investors.

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.