International Game Technology PLC (NYSE:IGT) to Issue Quarterly Dividend of $0.20

International Game Technology PLC (NYSE:IGT) announced a quarterly dividend on Tuesday, November 12th,Zacks Dividends reports. Stockholders of record on Tuesday, November 26th will be given a dividend of 0.20 per share on Tuesday, December 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date is Tuesday, November 26th.

International Game Technology has increased its dividend payment by an average of 58.7% per year over the last three years. International Game Technology has a dividend payout ratio of 47.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect International Game Technology to earn $0.96 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 83.3%.

International Game Technology Price Performance

NYSE IGT traded down $0.08 during mid-day trading on Wednesday, hitting $20.90. The stock had a trading volume of 648,712 shares, compared to its average volume of 1,107,323. The company has a 50 day simple moving average of $21.05 and a 200 day simple moving average of $20.93. The company has a market cap of $4.16 billion, a price-to-earnings ratio of 34.87 and a beta of 1.96. International Game Technology has a 52-week low of $18.90 and a 52-week high of $28.82. The company has a quick ratio of 0.71, a current ratio of 2.36 and a debt-to-equity ratio of 2.85.

International Game Technology (NYSE:IGT) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.24). The firm had revenue of $587.00 million for the quarter, compared to analyst estimates of $591.50 million. International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The company’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period last year, the firm earned $0.52 EPS. Equities analysts forecast that International Game Technology will post 1.2 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on IGT shares. Stifel Nicolaus lifted their price objective on International Game Technology from $26.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. StockNews.com raised International Game Technology from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Finally, B. Riley reaffirmed a “buy” rating and set a $30.00 price objective on shares of International Game Technology in a research note on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, International Game Technology presently has a consensus rating of “Moderate Buy” and an average target price of $28.67.

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.