Twinbeech Capital LP Reduces Position in International Game Technology PLC (NYSE:IGT)

Twinbeech Capital LP cut its holdings in shares of International Game Technology PLC (NYSE:IGT) by 51.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 98,851 shares of the company’s stock after selling 103,953 shares during the quarter. Twinbeech Capital LP’s holdings in International Game Technology were worth $1,746,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in International Game Technology during the fourth quarter valued at about $25,616,000. Massachusetts Financial Services Co. MA lifted its holdings in International Game Technology by 10.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 8,578,432 shares of the company’s stock valued at $151,495,000 after purchasing an additional 787,543 shares during the last quarter. Fox Run Management L.L.C. lifted its holdings in International Game Technology by 283.6% during the fourth quarter. Fox Run Management L.L.C. now owns 71,033 shares of the company’s stock valued at $1,254,000 after purchasing an additional 52,516 shares during the last quarter. Barclays PLC lifted its holdings in International Game Technology by 49.1% during the third quarter. Barclays PLC now owns 291,626 shares of the company’s stock valued at $6,212,000 after purchasing an additional 96,019 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in International Game Technology by 54.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 265,098 shares of the company’s stock valued at $4,682,000 after purchasing an additional 93,553 shares during the last quarter. 44.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on IGT. StockNews.com downgraded shares of International Game Technology from a “buy” rating to a “hold” rating in a report on Monday, April 14th. Truist Financial decreased their price target on International Game Technology from $20.00 to $18.00 and set a “hold” rating on the stock in a research report on Wednesday, April 23rd. Stifel Nicolaus reiterated a “buy” rating and set a $20.00 price target (down from $22.00) on shares of International Game Technology in a research report on Wednesday. Finally, Susquehanna reiterated a “positive” rating and set a $25.00 price target (down from $30.00) on shares of International Game Technology in a research report on Wednesday, May 14th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, International Game Technology presently has an average rating of “Moderate Buy” and an average price target of $23.25.

International Game Technology Trading Down 3.6%

Shares of IGT opened at $14.97 on Thursday. The business’s 50-day moving average price is $16.28 and its 200-day moving average price is $17.48. International Game Technology PLC has a twelve month low of $13.81 and a twelve month high of $24.13. The stock has a market cap of $3.02 billion, a PE ratio of 24.94 and a beta of 1.61. 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, May 13th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.05). The company had revenue of $583.00 million for the quarter, compared to the consensus estimate of $630.30 million. International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The company’s quarterly revenue was down 11.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 earnings per share. 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 business also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Thursday, May 29th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 5.35%. The ex-dividend date is Thursday, May 29th. International Game Technology’s dividend payout ratio is currently 55.56%.

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.