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

International Game Technology PLC (NYSE:IGT – Get a rating) saw unusually heavy options trading on Wednesday. Traders acquired 30,038 put options on the stock. This is a 130% increase from the typical volume of 13,045 puts.

International gaming technology stock up 4.4%

IGT stock traded at $0.92 at midday Wednesday, hitting $21.83. 30,274 shares of the company were traded, against an average volume of 1,931,283. The stock has a market capitalization of $4.45 billion, a price-earnings ratio of 28.21 and a beta of 1. .83. The company has a quick ratio of 1.44, a current ratio of 1.56 and a debt ratio of 3.53. International Game Technology has a fifty-two week low of $16.46 and a fifty-two week high of $32.95. The company’s 50-day moving average price is $19.38 and its 200-day moving average price is $22.69.

International Games Technology (NYSE: IGT – Get a rating) last released its quarterly results on Tuesday, May 10. The company reported earnings per share (EPS) of $0.39 for the quarter, beating consensus analyst estimates of $0.34 by $0.05. International Game Technology achieved a return on equity of 14.56% and a net margin of 3.87%. The company posted revenue of $1.05 billion in the quarter, versus a consensus estimate of $1.04 billion. In the same quarter of the previous year, the company achieved EPS of $0.38. The company’s quarterly revenue increased 3.5% year over year. As a group, equity research analysts expect International Game Technology to post EPS of 1.36 for the current fiscal year.

International Game Technology Announces Dividend

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The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 30. Shareholders of record on Tuesday, August 16 will receive a dividend of $0.20. The ex-dividend date is Monday, August 15. This represents a dividend of $0.80 on an annualized basis and a dividend yield of 3.66%. International Game Technology’s payout ratio is currently 103.90%.

Hedge funds weigh on international gaming technology

Hedge funds and other institutional investors have recently changed their stakes in the company. Calamos Advisors LLC bought a new position in shares of International Game Technology in Q1 for a value of approximately $3,114,000. Rockefeller Capital Management LP increased its holdings of International Game Technology shares by 1,028.1% in the fourth quarter. Rockefeller Capital Management LP now owns 7,468 shares of the company worth $215,000 after purchasing an additional 6,806 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its holding in shares of International Game Technology by 7.1% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 16,211 shares of the company worth $469,000 after purchasing an additional 1,079 shares during the period. 140 Summer Partners LP increased its equity stake in International Game Technology by 164.4% in Q4. 140 Summer Partners LP now owns 2,556,259 shares of the company worth $73,901,000 after purchasing an additional 1,589,548 shares during the period. Finally, Lazard Asset Management LLC increased its stake in shares of International Game Technology by 16.1% in the 4th quarter. Lazard Asset Management LLC now owns 5,986,714 shares of the company worth $173,074,000 after purchasing an additional 828,482 shares during the period. Hedge funds and other institutional investors hold 44.33% of the company’s shares.

Wall Street analysts predict growth

Several research analysts have recently weighed in on IGT shares. Stifel Nicolaus lowered his price target on International Game Technology from $36.00 to $26.00 in a Monday, August 1 research report. Deutsche Bank Aktiengesellschaft reduced its target price on International Game Technology from $35.00 to $30.00 in a Wednesday, August 3 research note. 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 research note. StockNews.com downgraded International Game Technology from a “buy” rating to a “hold” rating in a Thursday, August 4 research note. Finally, Jefferies Financial Group upgraded International Game Technology from a “hold” rating to a “buy” rating and reduced its target price for the company from $30.00 to $26.00 in a research note from the Thursday May 12. One investment analyst gave the stock a hold rating and six gave the company’s stock a buy rating. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

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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