International Game Technology (NYSE:IGT) Reaches New 1-Year Low – Should You Sell?

Shares of International Game Technology PLC (NYSE:IGT) hit a new 52-week low during trading on Friday . The stock traded as low as $16.34 and last traded at $16.38, with a volume of 17243 shares traded. The stock had previously closed at $16.46.

Analyst Ratings Changes

IGT has been the subject of a number of research reports. StockNews.com raised shares of International Game Technology from a “hold” rating to a “buy” rating in a research report on Tuesday, March 25th. Truist Financial decreased their target price on 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 analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $28.25.

International Game Technology Stock Down 1.2 %

The stock’s 50 day moving average is $17.24 and its 200 day moving average is $18.79. The company has a market capitalization of $3.28 billion, a PE ratio of 27.09 and a beta of 1.86. The company has a debt-to-equity ratio of 2.85, a quick ratio of 2.31 and a current ratio of 2.36.

International Game Technology (NYSE:IGT) last posted its earnings results on Tuesday, February 25th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.10). The company had revenue of $651.00 million for the quarter, compared to analysts’ expectations of $657.84 million. International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The company’s revenue was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.56 EPS. On average, sell-side analysts anticipate that International Game Technology PLC will post 1.24 EPS for the current fiscal year.

International Game Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Tuesday, March 11th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.92%. The ex-dividend date of this dividend was Tuesday, March 11th. International Game Technology’s payout ratio is presently 46.78%.

Hedge Funds Weigh In On International Game Technology

A number of large investors have recently modified their holdings of the company. Norges Bank bought a new stake in International Game Technology during the fourth quarter valued at $25,616,000. Lazard Asset Management LLC boosted its position in shares of International Game Technology by 13.1% during the 4th quarter. Lazard Asset Management LLC now owns 10,927,433 shares of the company’s stock valued at $192,978,000 after acquiring an additional 1,267,625 shares during the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in shares of International Game Technology during the fourth quarter worth about $19,453,000. Beryl Capital Management LLC bought a new position in shares of International Game Technology in the fourth quarter worth approximately $15,213,000. Finally, Massachusetts Financial Services Co. MA raised its stake in International Game Technology by 10.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 8,578,432 shares of the company’s stock valued at $151,495,000 after purchasing an additional 787,543 shares in the last quarter. 44.33% of the stock is currently owned by institutional investors.

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.