International Game Technology (NYSE:IGT) Reaches New 12-Month Low - Here's Why

Shares of International Game Technology PLC (NYSE:IGT - Get Free Report) hit a new 52-week low during trading on Tuesday . The stock traded as low as $18.74 and last traded at $18.93, with a volume of 250701 shares traded. The stock had previously closed at $19.19.

Analysts Set New Price Targets

A number of research analysts recently issued reports on IGT shares. StockNews.com upgraded shares of International Game Technology from a "hold" rating to a "buy" rating in a research report on Friday, November 8th. Stifel Nicolaus increased their price objective on shares of International Game Technology from $26.00 to $30.00 and gave the stock a "buy" rating in a research report on Wednesday, July 31st. Finally, B. Riley restated a "buy" rating and issued a $30.00 target price on shares of International Game Technology in a research note on Friday, July 26th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, International Game Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.67.

International Game Technology Price Performance

The company has a debt-to-equity ratio of 2.85, a current ratio of 2.36 and a quick ratio of 2.31. The stock has a market capitalization of $3.78 billion, a price-to-earnings ratio of 31.98 and a beta of 1.96. The business's fifty day moving average price is $20.90 and its 200-day moving average price is $20.92.

International Game Technology (NYSE:IGT - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.22 by ($0.24). International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The company had revenue of $587.00 million for the quarter, compared to analyst estimates of $591.50 million. During the same quarter last year, the firm posted $0.52 EPS. International Game Technology's revenue for the quarter was down 2.3% on a year-over-year basis. On average, research analysts forecast that International Game Technology PLC will post 1.16 EPS for the current year.

International Game Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, November 26th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.22%. The ex-dividend date of this dividend is Tuesday, November 26th. International Game Technology's dividend payout ratio is 133.34%.

Institutional Trading of International Game Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC grew its position in International Game Technology by 10.8% in the 1st quarter. SG Americas Securities LLC now owns 8,607 shares of the company's stock worth $194,000 after purchasing an additional 836 shares in the last quarter. ProShare Advisors LLC increased its position in shares of International Game Technology by 8.5% during the first quarter. ProShare Advisors LLC now owns 19,523 shares of the company's stock valued at $441,000 after acquiring an additional 1,536 shares during the last quarter. State Board of Administration of Florida Retirement System increased its holdings in International Game Technology by 9.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 34,009 shares of the company's stock worth $768,000 after buying an additional 3,000 shares during the last quarter. Covestor Ltd grew its position in shares of International Game Technology by 70.2% during the 1st quarter. Covestor Ltd now owns 3,539 shares of the company's stock valued at $80,000 after acquiring an additional 1,460 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of International Game Technology by 38.6% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 122,000 shares of the company's stock valued at $2,756,000 after acquiring an additional 34,000 shares during the period. Hedge funds and other institutional investors own 44.33% of the company's stock.

International Game Technology Company Profile

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.