International Game Technology (NYSE:IGT) Hits New 1-Year Low – Time to Sell?

Shares of International Game Technology PLC (NYSE:IGT) reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $15.36 and last traded at $15.36, with a volume of 412875 shares changing hands. The stock had previously closed at $16.54.

Analyst Ratings Changes

IGT has been the topic of a number of analyst reports. StockNews.com upgraded shares of International Game Technology from a “hold” rating to a “buy” rating in a report on Tuesday, March 25th. Truist Financial decreased their target price 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. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $28.25.

International Game Technology Trading Down 7.2 %

The business has a fifty day moving average of $17.18 and a two-hundred day moving average of $18.68. The firm has a market cap of $3.10 billion, a price-to-earnings ratio of 25.58 and a beta of 1.86. The company has a debt-to-equity ratio of 2.85, a quick ratio of 2.31 and a current ratio of 2.36.

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

International Game Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.21%. The ex-dividend date was Tuesday, March 11th. International Game Technology’s dividend payout ratio is presently 46.78%.

Hedge Funds Weigh In On International Game Technology

Several large investors have recently added to or reduced their stakes in IGT. Mirae Asset Global Investments Co. Ltd. acquired a new position in International Game Technology during the fourth quarter worth approximately $45,000. Sterling Capital Management LLC boosted its holdings in International Game Technology by 782.5% in the fourth quarter. Sterling Capital Management LLC now owns 3,124 shares of the company’s stock valued at $55,000 after acquiring an additional 2,770 shares during the last quarter. Quarry LP increased its stake in International Game Technology by 103.9% during the fourth quarter. Quarry LP now owns 6,185 shares of the company’s stock worth $109,000 after acquiring an additional 3,151 shares during the last quarter. Cibc World Markets Corp acquired a new position in shares of International Game Technology in the 4th quarter valued at about $188,000. Finally, Summit Investment Advisors Inc. raised its holdings in International Game Technology by 5.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,903 shares of the company’s stock valued at $210,000 after buying an additional 655 shares during the period. 44.33% of the stock is currently owned by hedge funds and other 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.