Comerica Bank increases its stake in International Game Technology PLC (NYSE:IGT)
Comerica Bank increased its stake in International Game Technology PLC (New York Stock Exchange: IGT – Get a rating) by 30.5% in the first quarter, according to its last disclosure to the SEC. The fund held 22,688 shares of the company after purchasing an additional 5,296 shares during the period. Comerica Bank’s holdings in International Game Technology were worth $555,000 at the end of the most recent period.
Several other institutional investors have also recently increased or reduced their stake in the company. Massachusetts Financial Services Co. MA increased its holdings in International Game Technology by 62.2% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,883,436 shares of the company valued at $199,001,000 after purchasing an additional 2,639,187 shares during the period. Lazard Asset Management LLC increased its holdings in International Game Technology by 16.1% in the fourth quarter. Lazard Asset Management LLC now owns 5,986,714 shares of the company valued at $173,074,000 after purchasing an additional 828,482 shares during the period. 140 Summer Partners LP increased its holdings in International Game Technology by 164.4% in Q4. 140 Summer Partners LP now owns 2,556,259 shares of the company valued at $73,901,000 after purchasing an additional 1,589,548 shares during the period. Broad Peak Investment Holdings Ltd. acquired a new stake in International Game Technology in Q4, valued at approximately $56,895,000. Finally, Northern Trust Corp increased its holdings in International Game Technology by 7.3% in the 4th quarter. Northern Trust Corp now owns 1,145,117 shares of the company valued at $33,105,000 after purchasing an additional 77,566 shares during the period. Institutional investors and hedge funds own 44.33% of the company’s shares.
Analyst upgrades and downgrades
IGT has been the subject of several recent analyst reports. Jefferies Financial Group upgraded International Game Technology from a “hold” rating to a “buy” rating and lowered its price target for the company from $30.00 to $26.00 in a Thursday, May 12 report . Deutsche Bank Aktiengesellschaft cut its price target on International Game Technology from $37.00 to $35.00 and set a “buy” rating for the company in a Thursday, July 14 report. StockNews.com upgraded International Game Technology from a “hold” rating to a “buy” rating in a Wednesday, June 15 report. Finally, Truist Financial reduced its price target on International Game Technology from $36.00 to $30.00 and set a “buy” rating for the company in a Wednesday, July 20 report. Seven analysts rated the stock with a buy rating. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $38.67.
International gaming technology stock down 0.5%
NYSEIGT opened at $18.95 on Friday. The stock has a market capitalization of $3.86 billion, a PE ratio of 8.31 and a beta of 1.91. International Game Technology PLC has a fifty-two week low of $16.46 and a fifty-two week high of $32.95. The company has a 50-day moving average price of $19.45 and a two-hundred-day moving average price of $23.06. The company has a quick ratio of 1.33, a current ratio of 1.43 and a debt ratio of 3.51.
International game technology (New York Stock Exchange: IGT – Get a rating) last released its quarterly results on Tuesday, May 10. The company reported earnings per share of $0.39 for the quarter, beating analyst consensus estimates of $0.34 by $0.05. The company posted revenue of $1.05 billion in the quarter, versus $1.04 billion expected by analysts. International Game Technology achieved a return on equity of 3.35% and a net margin of 11.37%. International Game Technology’s quarterly revenue increased 3.5% compared to the same quarter last year. In the same quarter of the previous year, the company had achieved EPS of $0.38. As a group, sell-side analysts expect International Game Technology PLC to post EPS of 1.39 for the current fiscal year.
International Game Technology Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, June 7. Shareholders of record on Tuesday, May 24 received a dividend of $0.20. This represents a dividend of $0.80 on an annualized basis and a yield of 4.22%. The ex-dividend date was Monday, May 23. International Game Technology’s dividend payout ratio is currently 35.09%.
International Gaming Technology Profile
International Game Technology PLC operates and provides game technology products and services in North America, Europe, the Middle East, Africa, Asia-Pacific, Latin America and the Caribbean. It operates in three segments: Global Lottery, Global Gaming and Digital & Betting. The company designs, sells, operates and leases a suite of point-of-sale machines that reconciles lottery funds between the retailer and the 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.
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