Capital Research Global Investors Sells 1,495,781 Shares of International Game Technology PLC (NYSE:IGT)

Capital Research Global Investors reduced its holdings in shares of International Game Technology PLC (NYSE:IGT) by 24.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,698,209 shares of the company’s stock after selling 1,495,781 shares during the period. Capital Research Global Investors owned approximately 2.36% of International Game Technology worth $106,133,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in International Game Technology during the 4th quarter valued at about $35,011,000. Wellington Management Group LLP increased its position in International Game Technology by 23.1% during the 4th quarter. Wellington Management Group LLP now owns 2,717,801 shares of the company’s stock valued at $74,495,000 after buying an additional 509,722 shares in the last quarter. Okabena Investment Services Inc. acquired a new position in International Game Technology during the 4th quarter valued at about $1,397,000. Beryl Capital Management LLC acquired a new position in International Game Technology during the 4th quarter valued at about $16,431,000. Finally, SG Americas Securities LLC increased its position in International Game Technology by 10.8% during the 1st quarter. SG Americas Securities LLC now owns 8,607 shares of the company’s stock valued at $194,000 after buying an additional 836 shares in the last quarter. 44.33% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Susquehanna reduced their target price on International Game Technology from $40.00 to $33.00 and set a “positive” rating on the stock in a research report on Thursday, May 16th. B. Riley reiterated a “buy” rating and set a $30.00 price target on shares of International Game Technology in a research note on Friday. Truist Financial dropped their price target on International Game Technology from $26.00 to $23.00 and set a “hold” rating on the stock in a research note on Wednesday, May 15th. Stifel Nicolaus upgraded International Game Technology from a “hold” rating to a “buy” rating and boosted their price target for the company from $24.00 to $26.00 in a research note on Thursday, May 30th. Finally, StockNews.com downgraded International Game Technology from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 5th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $28.00.

International Game Technology Stock Performance

Shares of IGT traded up $3.61 during mid-day trading on Friday, reaching $23.77. The company had a trading volume of 6,332,580 shares, compared to its average volume of 1,336,559. International Game Technology PLC has a 52-week low of $18.90 and a 52-week high of $33.99. The company has a quick ratio of 0.67, a current ratio of 0.80 and a debt-to-equity ratio of 2.59. The stock has a market capitalization of $4.73 billion, a P/E ratio of 22.64 and a beta of 1.98. The stock has a 50 day moving average of $20.46 and a two-hundred day moving average of $22.31.

International Game Technology (NYSE:IGT) last issued its earnings results on Tuesday, May 14th. The company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.17. International Game Technology had a return on equity of 20.84% and a net margin of 4.98%. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the business earned $0.49 earnings per share. The company’s revenue was up .7% compared to the same quarter last year. On average, analysts expect that International Game Technology PLC will post 1.54 earnings per share for the current year.

International Game Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Thursday, May 30th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, May 30th. This represents a $0.80 dividend on an annualized basis and a yield of 3.37%. International Game Technology’s dividend payout ratio is currently 76.19%.

International Game Technology 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.