Investors Purchase Large Volume of Put Options on International Game Technology (NYSE:IGT)

International Game Technology PLC (NYSE:IGT) saw some unusual options trading activity on Monday. Traders bought 11,656 put options on the company. This is an increase of 327% compared to the typical daily volume of 2,731 put options.

International Game Technology Price Performance

Shares of IGT stock traded down $0.39 on Monday, reaching $16.64. The company’s stock had a trading volume of 996,981 shares, compared to its average volume of 1,349,598. International Game Technology has a 12-month low of $16.42 and a 12-month high of $27.27. The stock’s 50 day simple moving average is $17.96 and its 200-day simple moving average is $20.05. The company has a quick ratio of 2.31, a current ratio of 2.36 and a debt-to-equity ratio of 2.85. The company has a market capitalization of $3.31 billion, a P/E ratio of 27.75 and a beta of 1.91.

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

International Game Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Tuesday, November 26th were given a $0.20 dividend. The ex-dividend date was Tuesday, November 26th. This represents a $0.80 dividend on an annualized basis and a yield of 4.81%. International Game Technology’s payout ratio is 133.34%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of IGT. Signaturefd LLC purchased a new position in International Game Technology in the 3rd quarter worth approximately $26,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of International Game Technology in the 4th quarter worth approximately $45,000. Hexagon Capital Partners LLC lifted its position in International Game Technology by 26.1% during the third 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 period. Point72 DIFC Ltd boosted its holdings in shares of International Game Technology by 7.9% during the 3rd quarter. Point72 DIFC Ltd now owns 12,870 shares of the company’s stock valued at $274,000 after buying an additional 947 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of International Game Technology by 7.2% in the 3rd quarter. Victory Capital Management Inc. now owns 14,897 shares of the company’s stock worth $317,000 after buying an additional 996 shares during the period. 44.33% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on IGT shares. StockNews.com raised International Game Technology from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Truist Financial reduced their price target 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. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, International Game Technology has a consensus rating of “Moderate Buy” and a consensus price target of $28.00.

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.