International Game Technology (NYSE:IGT) Reaches New 52-Week Low – What’s Next?

International Game Technology PLC (NYSE:IGT)’s stock price reached a new 52-week low on Monday . The stock traded as low as $16.55 and last traded at $16.53, with a volume of 9152 shares changing hands. The stock had previously closed at $17.02.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. 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 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, International Game Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

International Game Technology Stock Down 1.5 %

The firm has a fifty day simple moving average of $17.96 and a 200-day simple moving average of $20.05. The company has a market capitalization of $3.34 billion, a P/E ratio of 27.94 and a beta of 1.91. The company has a quick ratio of 2.31, a current ratio of 2.36 and a debt-to-equity ratio of 2.85.

International Game Technology (NYSE:IGT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.24). International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The business had revenue of $587.00 million during the quarter, compared to the consensus estimate of $591.50 million. During the same quarter last year, the company earned $0.52 earnings per share. The firm’s revenue was down 2.3% compared to the same quarter last year. 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 company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Tuesday, November 26th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, November 26th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.77%. International Game Technology’s payout ratio is presently 133.34%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IGT. Signaturefd LLC bought a new position in shares of International Game Technology during the third quarter worth about $26,000. Mirae Asset Global Investments Co. Ltd. bought a new position in International Game Technology in the fourth quarter valued at approximately $45,000. Hexagon Capital Partners LLC grew its stake in International Game Technology by 26.1% in the third quarter. Hexagon Capital Partners LLC now owns 2,798 shares of the company’s stock valued at $60,000 after purchasing an additional 579 shares in the last quarter. Point72 DIFC Ltd grew its stake in International Game Technology by 7.9% in the third quarter. Point72 DIFC Ltd now owns 12,870 shares of the company’s stock valued at $274,000 after purchasing an additional 947 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in International Game Technology by 7.2% in the third quarter. Victory Capital Management Inc. now owns 14,897 shares of the company’s stock valued at $317,000 after purchasing an additional 996 shares in 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.