International Options Trading Gaming Technology target unusually high (NYSE:IGT)

International Game Technology PLC (NYSE:IGT – Get a rating) was the target of unusual options trading activity on Friday. Traders bought 20,351 put options on the stock. This is a 211% increase from the average volume of 6,550 put options.

Analyst upgrades and downgrades

Several research companies have recently weighed in on IGT. Stifel Nicolaus cut his price target on shares of International Game Technology from $36.00 to $26.00 in a Monday, August 1 research note. Deutsche Bank Aktiengesellschaft lowered its price target on shares of International Game Technology from $35.00 to $30.00 in a Wednesday, August 3 research note. Truist Financial lowered its price target on shares of International Game Technology from $36.00 to $30.00 and set a “buy” rating for the company in a Wednesday, July 20 research report. To finish, StockNews.com cut shares of International Game Technology from a “buy” rating to a “hold” rating in a Thursday, Oct. 6 research report. One equity research analyst gave the stock a hold rating and six gave the stock a buy rating. Based on data from MarketBeat.com, International Game Technology has an average rating of “Moderate Buy” and an average target price of $35.00.

Performance of international gaming technology stocks

IGT fell $0.44 during Friday trading hours, hitting $17.66. 44,509 shares were traded, against an average volume of 1,495,914. The stock has a 50-day simple moving average of $18.46 and a 200-day simple moving average of $19.98. International Game Technology has a 12-month low of $15.01 and a 12-month high of $32.95. The stock has a market capitalization of $3.60 billion, a price-earnings ratio of 23.51 and a beta of 1.78. The company has a debt ratio of 3.53, a current ratio of 1.56 and a quick ratio of 1.44.

International Games Technology (NYSE: IGT – Get a rating) last reported results on Tuesday, August 2. The company reported earnings per share (EPS) of $0.57 for the quarter, beating consensus analyst estimates of $0.31 from $0.26. The company posted revenue of $1.02 billion for the quarter, versus $1.02 billion for analysts. International Game Technology achieved a return on equity of 14.56% and a net margin of 3.87%. Analysts expect International Game Technology to post earnings per share of 0.82 for the current year.

International Game Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 30. Investors of record on Tuesday, August 16 received a dividend of $0.20 per share. This represents a dividend of $0.80 on an annualized basis and a yield of 4.53%. The ex-dividend date was Monday, August 15. International Game Technology’s payout rate is currently 103.90%.

Institutional entries and exits

Hedge funds have recently been buying and selling shares of the company. Parkside Financial Bank & Trust increased its stake in International Game Technology by 84.9% in the 1st quarter. Parkside Financial Bank & Trust now owns 1,163 shares of the company worth $29,000 after buying 534 more shares last quarter. Captrust Financial Advisors increased its position in International Game Technology by 9.8% during the second quarter. Captrust Financial Advisors now owns 6,582 shares of the company worth $122,000 after acquiring an additional 586 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of International Game Technology by 1.3% in Q2. Envestnet Asset Management Inc. now owns 54,380 shares of the company valued at $1,009,000 after buying an additional 689 shares last quarter. Great West Life Assurance Co. Can increased its stake in shares of International Game Technology by 35.1% in the 1st quarter. Great West Life Assurance Co. Can now owns 4,031 shares of the company valued at $106,000 after buying an additional 1,048 shares last quarter. Finally, Commonwealth Equity Services LLC increased its stake in shares of International Game Technology by 11.1% in the 1st quarter. Commonwealth Equity Services LLC now owns 13,695 shares of the company valued at $337,000 after purchasing an additional 1,364 shares last quarter. 44.33% of the shares are held by institutional investors and hedge funds.

International Gaming Technology Company Profile

(Get a rating)

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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