International Game Technology (NYSE:IGT) Shares Gap Down to $23.45

International Game Technology PLC (NYSE:IGT) shares gapped down prior to trading on Tuesday . The stock had previously closed at $23.45, but opened at $22.50. International Game Technology shares last traded at $22.54, with a volume of 238,780 shares trading hands.

Analyst Ratings Changes

Several brokerages have issued reports on IGT. Susquehanna cut their price objective on International Game Technology from $40.00 to $33.00 and set a “positive” rating for the company in a research report on Thursday, May 16th. Truist Financial cut their price objective on International Game Technology from $26.00 to $23.00 and set a “hold” rating for the company in a research report on Wednesday, May 15th. StockNews.com downgraded International Game Technology from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 5th. B. Riley restated a “buy” rating and set a $30.00 target price on shares of International Game Technology in a research report on Friday, July 26th. Finally, Stifel Nicolaus boosted their target price on International Game Technology from $26.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $28.67.

International Game Technology Stock Down 5.7 %

The business has a fifty day moving average of $20.62 and a 200 day moving average of $22.23. The company has a quick ratio of 0.67, a current ratio of 0.84 and a debt-to-equity ratio of 2.57. The firm has a market cap of $4.41 billion, a P/E ratio of 22.12 and a beta of 1.98.

International Game Technology (NYSE:IGT) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.29 by $0.07. International Game Technology had a return on equity of 19.95% and a net margin of 4.89%. The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the prior year, the firm posted $0.45 earnings per share. The business’s quarterly revenue was down .6% compared to the same quarter last year. On average, equities research analysts predict that International Game Technology PLC will post 1.4 EPS for the current year.

International Game Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th will be given a $0.20 dividend. The ex-dividend date is Tuesday, August 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.61%. International Game Technology’s payout ratio is 76.19%.

Institutional Trading of International Game Technology

A number of hedge funds have recently made changes to their positions in the business. Rhumbline Advisers lifted its position in shares of International Game Technology by 22.2% in the second quarter. Rhumbline Advisers now owns 184,801 shares of the company’s stock valued at $3,781,000 after buying an additional 33,622 shares during the last quarter. Concurrent Investment Advisors LLC bought a new position in shares of International Game Technology during the second quarter worth approximately $1,185,000. Industrial Alliance Investment Management Inc. increased its stake in shares of International Game Technology by 100.9% during the second quarter. Industrial Alliance Investment Management Inc. now owns 2,310 shares of the company’s stock worth $47,000 after purchasing an additional 1,160 shares during the period. Peregrine Capital Management LLC increased its stake in shares of International Game Technology by 1.3% during the second quarter. Peregrine Capital Management LLC now owns 628,653 shares of the company’s stock worth $12,862,000 after purchasing an additional 8,145 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of International Game Technology by 46.8% during the second quarter. Allspring Global Investments Holdings LLC now owns 25,938 shares of the company’s stock worth $531,000 after purchasing an additional 8,269 shares during the period. 44.33% of the stock is owned by institutional investors and hedge funds.

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.