Stock traders are buying a high volume of call options on international gaming technology (NYSE:IGT)
International Game Technology PLC (New York Stock Exchange: IGT – Get a rating) was the target of unusually large options trades on Friday. Traders bought 30,344 call options on the stock. This represents an increase of approximately 132% from the typical daily volume of 13,092 call options.
Hedge funds weigh on international gaming technology
A number of institutional investors and hedge funds have recently changed their positions in the stock. Parkside Financial Bank & Trust increased its stake in International Game Technology by 84.9% during the first quarter. Parkside Financial Bank & Trust now owns 1,163 shares of the company worth $29,000 after buying an additional 534 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in International Game Technology during the first quarter worth approximately $34,000. Steward Partners Investment Advisory LLC increased its stake in International Game Technology by 100.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,200 shares of the company worth $35,000 after purchasing an additional 600 shares in the last quarter. Brown Brothers Harriman & Co. acquired a new stake in International Game Technology during the first quarter for a value of approximately $49,000. Finally, Saltoro Capital LP acquired a new stake in International Game Technology during the second quarter worth approximately $55,000. 44.33% of the shares are held by institutional investors and hedge funds.
Analysts set new price targets
IGT has been the subject of several analyst reports. Jefferies Financial Group upgraded International Game Technology from a “hold” rating to a “buy” rating and lowered its price target for the stock from $30.00 to $26.00 in a Thursday 12 report. may. Stifel Nicolaus reduced his price target on International Game Technology from $36.00 to $26.00 in a Monday, August 1 research report. Deutsche Bank Aktiengesellschaft lowered its price target on International Game Technology from $35.00 to $30.00 in a research report on Wednesday, August 3. StockNews.com downgraded International Game Technology from a “buy” rating to a “hold” rating in a Thursday, August 4 research 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 research report. One equity research analyst gave the stock a hold rating and six gave the company a buy rating. According to MarketBeat.com, International Game Technology has an average rating of “Moderate Buy” and a consensus price target of $35.00.
Performance of international gaming technology stocks
NYSEIGT opened at $22.64 on Friday. The company has a market capitalization of $4.61 billion, a P/E ratio of 29.40 and a beta of 1.83. The company has a debt ratio of 3.53, a current ratio of 1.56 and a quick ratio of 1.44. The stock has a 50-day moving average of $19.40 and a 200-day moving average of $22.66. International Game Technology has a 1-year minimum of $16.46 and a 1-year maximum of $32.95.
International game technology (New York Stock Exchange: IGT – Get a rating) last reported quarterly earnings data on Tuesday, May 10. The company reported EPS of $0.39 for the quarter, beating analyst consensus 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. During the same period a year earlier, the company posted earnings per share of $0.38. The company’s revenue for the quarter increased 3.5% year over year. As a group, analysts expect International Game Technology to post EPS of 1.36 for the current year.
International Game Technology Announces Dividend
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 per share. This represents a dividend of $0.80 on an annualized basis and a dividend yield of 3.53%. The ex-dividend date is Monday, August 15. International Game Technology’s dividend payout ratio is currently 103.90%.
About International Gaming Technology
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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