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

International Game Technology PLC (NYSE:IGT) shares hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $15.36 and last traded at $15.36, with a volume of 412875 shares changing hands. The stock had previously closed at $16.54.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on IGT shares. Truist Financial cut 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 research report on Tuesday, January 14th. StockNews.com raised shares of International Game Technology from a “hold” rating to a “buy” rating in a report on Tuesday, March 25th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $28.25.

International Game Technology Trading Down 4.7 %

The company has a market cap of $2.95 billion, a price-to-earnings ratio of 24.33 and a beta of 1.86. The business has a fifty day simple moving average of $17.09 and a 200 day simple moving average of $18.61. 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 data on Tuesday, February 25th. The company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.10). The company had revenue of $651.00 million during 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 revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter last year, the business earned $0.56 EPS. On average, equities analysts anticipate that International Game Technology PLC will post 1.24 EPS for the current fiscal year.

International Game Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 5.48%. The ex-dividend date of this dividend was Tuesday, March 11th. International Game Technology’s dividend payout ratio (DPR) is 46.78%.

Hedge Funds Weigh In On International Game Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in International Game Technology in the fourth quarter valued at $45,000. Sterling Capital Management LLC grew its stake 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 valued at $55,000 after acquiring an additional 2,770 shares during the last quarter. Quarry LP grew its stake in International Game Technology by 103.9% in the 4th quarter. Quarry LP now owns 6,185 shares of the company’s stock valued at $109,000 after acquiring an additional 3,151 shares during the last quarter. Cibc World Markets Corp purchased a new position in International Game Technology during the 4th quarter valued at about $188,000. Finally, Summit Investment Advisors Inc. raised its position in International Game Technology by 5.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,903 shares of the company’s stock worth $210,000 after acquiring 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.