Bank of New York Mellon Corp Sells 171,633 Shares of International Game Technology PLC (NYSE:IGT)

Bank of New York Mellon Corp reduced its stake in International Game Technology PLC (NYSE:IGT - Free Report) by 3.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,197,539 shares of the company's stock after selling 171,633 shares during the quarter. Bank of New York Mellon Corp owned about 2.11% of International Game Technology worth $74,129,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in IGT. Massachusetts Financial Services Co. MA increased its stake in International Game Technology by 0.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,790,889 shares of the company's stock valued at $165,946,000 after purchasing an additional 47,442 shares in the last quarter. FMR LLC increased its position in shares of International Game Technology by 19.4% during the third quarter. FMR LLC now owns 3,050,447 shares of the company's stock valued at $64,975,000 after acquiring an additional 495,962 shares in the last quarter. State Street Corp raised its holdings in International Game Technology by 1.0% in the 3rd quarter. State Street Corp now owns 2,103,275 shares of the company's stock worth $44,800,000 after acquiring an additional 21,295 shares during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its position in International Game Technology by 80.8% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,202,620 shares of the company's stock valued at $25,616,000 after acquiring an additional 537,330 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in International Game Technology by 17.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,132,193 shares of the company's stock valued at $24,116,000 after purchasing an additional 164,935 shares during the last quarter. Hedge funds and other institutional investors own 44.33% of the company's stock.

Remove Ads

Analysts Set New Price Targets

Several research analysts have recently weighed in on IGT shares. Truist Financial decreased their price target on International Game Technology from $23.00 to $20.00 and set a "hold" rating for the company in a research note on Tuesday, January 14th. StockNews.com lowered International Game Technology from a "buy" rating to a "hold" rating in a research report on Wednesday, February 26th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $28.00.

International Game Technology Stock Performance

Shares of NYSE IGT traded down $0.35 during midday trading on Friday, hitting $17.56. 367,960 shares of the stock traded hands, compared to its average volume of 1,414,914. The company has a debt-to-equity ratio of 2.85, a quick ratio of 2.31 and a current ratio of 2.36. International Game Technology PLC has a one year low of $16.42 and a one year high of $25.63. The firm has a market capitalization of $3.55 billion, a P/E ratio of 29.23 and a beta of 1.91. The firm has a 50-day moving average of $17.40 and a two-hundred day moving average of $19.37.

International Game Technology (NYSE:IGT - Get Free Report) last posted its earnings results on Tuesday, February 25th. The company reported $0.22 earnings per share for the quarter, missing analysts' consensus estimates of $0.32 by ($0.10). The firm had revenue of $651.00 million during the quarter, compared to the consensus estimate of $657.84 million. International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The firm's revenue was down 4.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.56 EPS. On average, equities analysts forecast that International Game Technology PLC will post 1.24 EPS for the current fiscal year.

International Game Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Tuesday, March 11th will be issued a dividend of $0.20 per share. The ex-dividend date is Tuesday, March 11th. This represents a $0.80 dividend on an annualized basis and a yield of 4.56%. International Game Technology's dividend 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.