1,566,616 Shares in International Game Technology PLC (NYSE:IGT) Purchased by Long Pond Capital LP

Long Pond Capital LP bought a new stake in shares of International Game Technology PLC (NYSE:IGT) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,566,616 shares of the company’s stock, valued at approximately $32,053,000. International Game Technology comprises about 1.7% of Long Pond Capital LP’s portfolio, making the stock its 20th biggest holding. Long Pond Capital LP owned approximately 0.79% of International Game Technology as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in International Game Technology in the 4th quarter valued at $35,011,000. Wellington Management Group LLP lifted its stake in International Game Technology by 23.1% in the 4th quarter. Wellington Management Group LLP now owns 2,717,801 shares of the company’s stock worth $74,495,000 after purchasing an additional 509,722 shares in the last quarter. Beryl Capital Management LLC acquired a new stake in shares of International Game Technology in the fourth quarter valued at approximately $16,431,000. Okabena Investment Services Inc. purchased a new position in International Game Technology during the fourth quarter worth approximately $1,397,000. Finally, M&G Plc acquired a new position in International Game Technology during the second quarter worth $8,850,000. Hedge funds and other institutional investors own 44.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. B. Riley reiterated a “buy” rating and set a $30.00 price target on shares of International Game Technology in a report on Friday, July 26th. Stifel Nicolaus increased their price target on shares of International Game Technology from $26.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, StockNews.com downgraded shares of International Game Technology from a “buy” rating to a “hold” rating in a report on Friday, September 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $28.67.

International Game Technology Stock Up 2.8 %

Shares of NYSE IGT opened at $21.76 on Friday. The company has a quick ratio of 0.71, a current ratio of 0.84 and a debt-to-equity ratio of 2.57. The business’s 50 day moving average is $21.74 and its two-hundred day moving average is $21.04. International Game Technology PLC has a 52-week low of $18.90 and a 52-week high of $31.85. The firm has a market cap of $4.33 billion, a price-to-earnings ratio of 20.72 and a beta of 1.96.

International Game Technology (NYSE:IGT) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.07. The business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.06 billion. International Game Technology had a net margin of 4.89% and a return on equity of 19.95%. The business’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 earnings per share. Research analysts predict that International Game Technology PLC will post 1.48 EPS for the current year.

International Game Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date of this dividend was Tuesday, August 13th. International Game Technology’s dividend payout ratio is currently 76.19%.

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.