International Game Technology (NYSE:IGT) Sees Unusually-High Trading Volume – Still a Buy?

International Game Technology PLC (NYSE:IGT) shares saw unusually-strong trading volume on Wednesday . Approximately 1,808,446 shares changed hands during trading, an increase of 53% from the previous session’s volume of 1,182,594 shares.The stock last traded at $17.64 and had previously closed at $17.35.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on IGT. Truist Financial cut their target price on International Game Technology from $23.00 to $20.00 and set a “hold” rating on the stock in a research note on Tuesday, January 14th. StockNews.com raised shares of International Game Technology from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, International Game Technology presently has an average rating of “Moderate Buy” and an average target price of $28.00.

International Game Technology Price Performance

The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of 28.96 and a beta of 1.92. 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 company has a 50-day moving average price of $18.32 and a 200-day moving average price of $20.25.

International Game Technology (NYSE:IGT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.24). The company had revenue of $587.00 million for the quarter, compared to analyst estimates of $591.50 million. International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period last year, the firm earned $0.52 EPS. On average, equities research analysts expect that International Game Technology PLC will post 1.23 EPS for the current fiscal year.

International Game Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Tuesday, November 26th were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, November 26th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.60%. International Game Technology’s payout ratio is 133.34%.

Institutional Trading of International Game Technology

Several institutional investors and hedge funds have recently modified their holdings of the business. Signaturefd LLC bought a new stake in International Game Technology during the third quarter valued at $26,000. Oliver Lagore Vanvalin Investment Group bought a new stake in International Game Technology during the 2nd quarter worth approximately $31,000. Hexagon Capital Partners LLC raised its position in International Game Technology by 26.1% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,798 shares of the company’s stock valued at $60,000 after buying an additional 579 shares during the last quarter. Quarry LP boosted its holdings in International Game Technology by 99.1% during the second quarter. Quarry LP now owns 5,460 shares of the company’s stock worth $112,000 after purchasing an additional 2,717 shares during the last quarter. Finally, Point72 DIFC Ltd boosted its stake in shares of International Game Technology by 7.9% in the 3rd quarter. Point72 DIFC Ltd now owns 12,870 shares of the company’s stock worth $274,000 after buying an additional 947 shares during the last quarter. 44.33% of the stock is currently owned by institutional investors.

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.