International Game Technology (NYSE:IGT) Shares Gap Down to $23.45

International Game Technology PLC (NYSE:IGT) gapped down prior to trading on Tuesday . The stock had previously closed at $23.45, but opened at $22.50. International Game Technology shares last traded at $22.54, with a volume of 238,780 shares changing hands.

Wall Street Analyst Weigh In

IGT has been the subject of several recent research reports. Stifel Nicolaus raised International Game Technology from a “hold” rating to a “buy” rating and boosted their price target for the company from $24.00 to $26.00 in a research note on Thursday, May 30th. StockNews.com lowered International Game Technology from a “strong-buy” rating to a “buy” rating in a report on Friday, July 5th. Susquehanna reduced their target price on International Game Technology from $40.00 to $33.00 and set a “positive” rating for the company in a report on Thursday, May 16th. Truist Financial reduced their target price on International Game Technology from $26.00 to $23.00 and set a “hold” rating for the company in a report on Wednesday, May 15th. Finally, B. Riley restated a “buy” rating and issued a $30.00 target price on shares of International Game Technology in a report on Friday. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $28.00.

International Game Technology Trading Down 4.1 %

The company has a market capitalization of $4.48 billion, a price-to-earnings ratio of 22.33 and a beta of 1.98. The business has a fifty day moving average price of $20.52 and a 200 day moving average price of $22.24. The company has a debt-to-equity ratio of 2.59, a current ratio of 0.80 and a quick ratio of 0.67.

International Game Technology (NYSE:IGT) last issued its quarterly earnings results on Tuesday, May 14th. The company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.17. International Game Technology had a return on equity of 20.84% and a net margin of 4.98%. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the company earned $0.49 earnings per share. The company’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities analysts expect that International Game Technology PLC will post 1.4 EPS for the current fiscal year.

International Game Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 13th. Investors of record on Thursday, May 30th were paid a $0.20 dividend. The ex-dividend date was Thursday, May 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.56%. International Game Technology’s payout ratio is 76.19%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. raised its stake in shares of International Game Technology by 10.6% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 8,425 shares of the company’s stock valued at $231,000 after purchasing an additional 805 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of International Game Technology by 10.8% in the first quarter. SG Americas Securities LLC now owns 8,607 shares of the company’s stock valued at $194,000 after purchasing an additional 836 shares in the last quarter. Venturi Wealth Management LLC acquired a new position in shares of International Game Technology in the fourth quarter valued at $25,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of International Game Technology by 2.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 49,393 shares of the company’s stock valued at $1,354,000 after purchasing an additional 973 shares in the last quarter. Finally, Highlander Capital Management LLC acquired a new position in shares of International Game Technology in the fourth quarter valued at $27,000. 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.