Capital Research Global Investors Cuts Stock Holdings in International Game Technology PLC (NYSE:IGT)

Capital Research Global Investors trimmed its holdings in shares of International Game Technology PLC (NYSE:IGT - Free Report) by 59.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,337,473 shares of the company's stock after selling 1,995,018 shares during the quarter. Capital Research Global Investors owned 0.67% of International Game Technology worth $23,620,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of IGT. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of International Game Technology in the 4th quarter valued at approximately $45,000. Sterling Capital Management LLC lifted its stake in International Game Technology by 782.5% in the fourth quarter. Sterling Capital Management LLC now owns 3,124 shares of the company's stock valued at $55,000 after acquiring an additional 2,770 shares during the last quarter. Cibc World Markets Corp bought a new position in shares of International Game Technology in the 4th quarter valued at about $188,000. Summit Investment Advisors Inc. increased its stake in shares of International Game Technology by 5.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 11,903 shares of the company's stock worth $210,000 after purchasing an additional 655 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in International Game Technology by 4.2% in the 4th quarter. Victory Capital Management Inc. now owns 15,519 shares of the company's stock valued at $274,000 after purchasing an additional 622 shares during the last quarter. Institutional investors own 44.33% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on IGT. StockNews.com downgraded shares of International Game Technology from a "buy" rating to a "hold" rating in a report on Monday, April 14th. Stifel Nicolaus decreased their target price on shares of International Game Technology from $26.00 to $22.00 and set a "buy" rating on the stock in a research report on Tuesday. Finally, Truist Financial dropped their price target on shares of International Game Technology from $20.00 to $18.00 and set a "hold" rating for the company in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $25.75.

International Game Technology Stock Up 0.3 %

International Game Technology stock traded up $0.05 during trading on Friday, hitting $16.37. 619,201 shares of the company were exchanged, compared to its average volume of 1,171,694. The company has a market capitalization of $3.31 billion, a P/E ratio of 27.28 and a beta of 1.66. The business's 50 day moving average is $16.69 and its 200 day moving average is $18.01. International Game Technology PLC has a 52 week low of $13.81 and a 52 week high of $24.13. The company has a current ratio of 2.36, a quick ratio of 2.31 and a debt-to-equity ratio of 2.85.

International Game Technology (NYSE:IGT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.10). International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The firm had revenue of $651.00 million for the quarter, compared to the consensus estimate of $657.84 million. During the same period last year, the company posted $0.56 earnings per share. International Game Technology's revenue for the quarter was down 4.4% on a year-over-year basis. Analysts predict that International Game Technology PLC will post 1.24 earnings per share for the current year.

International Game Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $0.80 annualized dividend and a dividend yield of 4.89%. International Game Technology's payout ratio is currently 46.78%.

About International Game Technology

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.