International Game Technology Target of Unusually Large Options Trading (NYSE:IGT)

International Game Technology PLC (NYSE:IGT) saw unusually large options trading activity on Friday. Stock investors acquired 3,655 put options on the stock. This is an increase of approximately 108% compared to the average volume of 1,755 put options.

International Game Technology Stock Performance

IGT stock opened at $21.69 on Friday. The firm has a market cap of $4.32 billion, a PE ratio of 20.66 and a beta of 1.96. The company has a current ratio of 0.84, a quick ratio of 0.71 and a debt-to-equity ratio of 2.57. The stock has a 50-day moving average price of $21.75 and a 200-day moving average price of $21.14. International Game Technology has a 1-year low of $18.90 and a 1-year high of $31.85.

International Game Technology (NYSE:IGT) last issued its earnings results on Tuesday, July 30th. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the previous year, the company posted $0.45 earnings per share. The firm’s revenue for the quarter was down .6% on a year-over-year basis. As a group, equities research analysts expect that International Game Technology will post 1.48 earnings per share for the current year.

International Game Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.69%. International Game Technology’s payout ratio is presently 76.19%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on IGT shares. B. Riley reaffirmed a “buy” rating and set a $30.00 target price on shares of International Game Technology in a research report on Friday, July 26th. Stifel Nicolaus raised their price objective on International Game Technology from $26.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, StockNews.com cut 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 given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $28.67.

Institutional Investors Weigh In On International Game Technology

A number of large investors have recently bought and sold shares of IGT. Quarry LP raised its holdings in shares of International Game Technology by 99.1% during the second quarter. Quarry LP now owns 5,460 shares of the company’s stock valued at $112,000 after purchasing an additional 2,717 shares during the period. Algert Global LLC acquired a new position in International Game Technology during the 2nd quarter worth approximately $3,145,000. Oliver Lagore Vanvalin Investment Group bought a new position in International Game Technology in the second quarter worth approximately $31,000. Long Pond Capital LP acquired a new stake in International Game Technology in the second quarter valued at approximately $32,053,000. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of International Game Technology by 8.4% during the second quarter. The Manufacturers Life Insurance Company now owns 40,622 shares of the company’s stock valued at $831,000 after acquiring an additional 3,144 shares in the last quarter. 44.33% of the stock is currently 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.