International Game Technology (NYSE:IGT) Reaches New 12-Month Low – Here’s What Happened

International Game Technology PLC (NYSE:IGT)’s stock price reached a new 52-week low on Tuesday . The company traded as low as $18.74 and last traded at $18.93, with a volume of 250701 shares. The stock had previously closed at $19.19.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. StockNews.com raised shares of International Game Technology from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Stifel Nicolaus upped their price objective on International Game Technology from $26.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, B. Riley reiterated a “buy” rating and issued a $30.00 target price 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 company’s stock. Based on data from MarketBeat, International Game Technology presently has an average rating of “Moderate Buy” and a consensus price target of $28.67.

International Game Technology Stock Performance

The firm has a market cap of $3.73 billion, a price-to-earnings ratio of 31.62 and a beta of 1.96. The company has a debt-to-equity ratio of 2.85, a current ratio of 2.36 and a quick ratio of 2.31. The firm has a fifty day simple moving average of $20.85 and a two-hundred day simple moving average of $20.91.

International Game Technology (NYSE:IGT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.24). The company had revenue of $587.00 million during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the prior year, the business posted $0.52 EPS. On average, analysts expect that International Game Technology PLC will post 1.16 EPS for the current year.

International Game Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, November 26th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.27%. The ex-dividend date is Tuesday, November 26th. International Game Technology’s payout ratio is 133.34%.

Institutional Investors Weigh In On International Game Technology

A number of large investors have recently bought and sold shares of the company. Signaturefd LLC acquired a new stake in International Game Technology during the 3rd quarter valued at approximately $26,000. Oliver Lagore Vanvalin Investment Group purchased a new position in shares of International Game Technology during the second quarter worth $31,000. Blue Trust Inc. acquired a new position in International Game Technology during the second quarter valued at $44,000. Hexagon Capital Partners LLC boosted its holdings in International Game Technology by 1,633.6% in the second quarter. Hexagon Capital Partners LLC now owns 2,219 shares of the company’s stock valued at $45,000 after purchasing an additional 2,091 shares during the last quarter. Finally, Industrial Alliance Investment Management Inc. grew its position in International Game Technology by 100.9% during the 2nd quarter. Industrial Alliance Investment Management Inc. now owns 2,310 shares of the company’s stock worth $47,000 after purchasing an additional 1,160 shares during the period. Hedge funds and other institutional investors own 44.33% of the company’s stock.

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.