Picton Mahoney Asset Management Reduces Holdings in International Game Technology PLC (NYSE:IGT)

Picton Mahoney Asset Management trimmed its stake in International Game Technology PLC (NYSE:IGT) by 1.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 337,699 shares of the company’s stock after selling 3,952 shares during the period. Picton Mahoney Asset Management owned approximately 0.17% of International Game Technology worth $5,964,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of IGT. Victory Capital Management Inc. grew its position in shares of International Game Technology by 7.2% in the 3rd quarter. Victory Capital Management Inc. now owns 14,897 shares of the company’s stock valued at $317,000 after buying an additional 996 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in International Game Technology by 126.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 45,960 shares of the company’s stock worth $979,000 after purchasing an additional 25,665 shares during the period. Segall Bryant & Hamill LLC acquired a new stake in International Game Technology during the 3rd quarter worth $1,209,000. Intech Investment Management LLC acquired a new stake in International Game Technology during the 3rd quarter worth $500,000. Finally, Massachusetts Financial Services Co. MA boosted its stake 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 period. 44.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. StockNews.com cut shares of International Game Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. 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 research note on Tuesday, January 14th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $28.25.

International Game Technology Stock Up 1.1 %

Shares of NYSE:IGT opened at $16.66 on Friday. The company has a market cap of $3.37 billion, a price-to-earnings ratio of 27.76 and a beta of 1.86. The firm’s 50-day simple moving average is $17.35 and its 200-day simple moving average is $19.14. The company has a quick ratio of 2.31, a current ratio of 2.36 and a debt-to-equity ratio of 2.85. International Game Technology PLC has a fifty-two week low of $16.42 and a fifty-two week high of $24.13.

International Game Technology (NYSE:IGT) last issued its earnings results on Tuesday, February 25th. The company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.10). The firm had revenue of $651.00 million during the quarter, compared to analysts’ expectations of $657.84 million. International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The firm’s revenue was down 4.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.56 EPS. As a group, equities research analysts predict that International Game Technology PLC will post 1.24 earnings per share for the current year.

International Game Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Tuesday, March 11th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.80%. The ex-dividend date is Tuesday, March 11th. International Game Technology’s dividend payout ratio is currently 46.78%.

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.