International Game Technology Sees Unusually High Options Volume (NYSE:IGT)

International Game Technology PLC (NYSE:IGT - Get Free Report) was the target of some unusual options trading activity on Friday. Traders purchased 11,673 put options on the stock. This represents an increase of 318% compared to the average daily volume of 2,792 put options.

International Game Technology Stock Down 1.2 %

NYSE:IGT traded down $0.22 during trading hours on Tuesday, hitting $17.15. 328,974 shares of the company's stock traded hands, compared to its average volume of 1,391,591. The firm has a market cap of $3.46 billion, a P/E ratio of 28.58 and a beta of 1.86. International Game Technology has a twelve month low of $16.42 and a twelve month high of $24.13. The company has a debt-to-equity ratio of 2.85, a quick ratio of 2.31 and a current ratio of 2.36. The stock's fifty day moving average price is $17.35 and its two-hundred day moving average price is $19.09.

International Game Technology (NYSE:IGT - Get Free Report) last posted its quarterly earnings results 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). The business had revenue of $651.00 million for the quarter, compared to analyst estimates 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 quarterly revenue was down 4.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.56 earnings per share. On average, research analysts expect that International Game Technology will post 1.24 earnings per share for the current fiscal year.

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International Game Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Tuesday, March 11th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.67%. The ex-dividend date of this dividend is Tuesday, March 11th. International Game Technology's payout ratio is currently 46.78%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on IGT. Truist Financial decreased their price objective on shares of International Game Technology from $23.00 to $20.00 and set a "hold" rating for the company in a report on Tuesday, January 14th. StockNews.com lowered shares of International Game Technology from a "buy" rating to a "hold" rating in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.25.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in International Game Technology in the 4th quarter worth about $45,000. Sterling Capital Management LLC increased its position in International Game Technology by 782.5% in the 4th quarter. Sterling Capital Management LLC now owns 3,124 shares of the company's stock worth $55,000 after purchasing an additional 2,770 shares during the last quarter. Quarry LP increased its position in International Game Technology by 103.9% in the 4th quarter. Quarry LP now owns 6,185 shares of the company's stock worth $109,000 after purchasing an additional 3,151 shares during the last quarter. Cibc World Markets Corp acquired a new position in International Game Technology in the 4th quarter worth about $188,000. Finally, Summit Investment Advisors Inc. increased its position in International Game Technology by 5.8% in 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. 44.33% of the stock is owned by institutional investors and hedge funds.

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.