Picton Mahoney Asset Management Decreases Stake in International Game Technology PLC (NYSE:IGT)

Picton Mahoney Asset Management lessened its stake in shares of International Game Technology PLC (NYSE:IGT) by 49.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 568,591 shares of the company’s stock after selling 556,931 shares during the period. Picton Mahoney Asset Management owned approximately 0.29% of International Game Technology worth $15,586,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Venturi Wealth Management LLC purchased a new stake in shares of International Game Technology during the fourth quarter valued at $25,000. Highlander Capital Management LLC purchased a new stake in International Game Technology during the 4th quarter valued at about $27,000. Huntington National Bank increased its holdings in shares of International Game Technology by 113.2% in the third quarter. Huntington National Bank now owns 921 shares of the company’s stock valued at $28,000 after purchasing an additional 489 shares during the period. Allworth Financial LP increased its holdings in shares of International Game Technology by 770.0% in the third quarter. Allworth Financial LP now owns 957 shares of the company’s stock valued at $29,000 after purchasing an additional 847 shares during the period. Finally, SG Americas Securities LLC purchased a new position in shares of International Game Technology in the third quarter worth about $164,000. Institutional investors and hedge funds own 44.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. StockNews.com upgraded shares of International Game Technology from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 3rd. B. Riley started coverage on shares of International Game Technology in a report on Friday, April 5th. They set a “buy” rating and a $30.00 target price for the company. Truist Financial decreased their target price on shares of International Game Technology from $28.00 to $26.00 and set a “hold” rating for the company in a research report on Tuesday, April 23rd. Argus cut their price target on International Game Technology from $30.00 to $27.00 and set a “buy” rating on the stock in a research report on Wednesday, March 13th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $26.00 price objective (down previously from $30.00) on shares of International Game Technology in a report on Wednesday, March 13th. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $31.00.

International Game Technology Stock Performance

IGT traded up $0.41 on Tuesday, reaching $20.23. The stock had a trading volume of 1,087,101 shares, compared to its average volume of 1,191,734. The business’s 50-day moving average price is $21.74 and its two-hundred day moving average price is $24.98. The company has a market cap of $4.03 billion, a P/E ratio of 26.61 and a beta of 1.94. International Game Technology PLC has a 12-month low of $19.48 and a 12-month high of $33.99. The company has a current ratio of 1.26, a quick ratio of 1.07 and a debt-to-equity ratio of 2.90.

International Game Technology (NYSE:IGT) last posted its earnings results on Tuesday, March 12th. The company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.11. The firm had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.11 billion. International Game Technology had a return on equity of 21.10% and a net margin of 3.62%. The company’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the firm earned $0.40 EPS. Sell-side analysts forecast that International Game Technology PLC will post 1.46 earnings per share for the current year.

International Game Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 9th. Stockholders of record on Tuesday, March 26th were given a dividend of $0.20 per share. The ex-dividend date was Monday, March 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.96%. International Game Technology’s dividend payout ratio (DPR) is 105.26%.

About International Game Technology

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.