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

International Game Technology PLC (NYSE:IGT) was the target of some unusual options trading on Friday. Investors bought 25,600 call options on the stock. This is an increase of approximately 724% compared to the average volume of 3,105 call options.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. StockNews.com lowered International Game Technology from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Susquehanna increased their target price on International Game Technology from $49.00 to $54.00 and gave the stock a “positive” rating in a research note on Wednesday, August 2nd. Stifel Nicolaus increased their target price on International Game Technology from $32.00 to $38.00 in a research note on Monday, June 26th. Finally, Truist Financial reissued a “buy” rating and set a $37.00 target price on shares of International Game Technology in a research note on Friday. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $45.17.

Institutional Investors Weigh In On International Game Technology

A number of hedge funds have recently bought and sold shares of IGT. JPMorgan Chase & Co. raised its position in International Game Technology by 48.0% in the 1st quarter. JPMorgan Chase & Co. now owns 435,238 shares of the company’s stock valued at $10,742,000 after purchasing an additional 141,105 shares in the last quarter. AlphaCrest Capital Management LLC purchased a new position in shares of International Game Technology in the 1st quarter valued at about $374,000. Rhumbline Advisers increased its holdings in shares of International Game Technology by 1.6% in the 1st quarter. Rhumbline Advisers now owns 103,240 shares of the company’s stock valued at $2,548,000 after acquiring an additional 1,616 shares during the last quarter. Great West Life Assurance Co. Can increased its holdings in shares of International Game Technology by 35.1% in the 1st quarter. Great West Life Assurance Co. Can now owns 4,031 shares of the company’s stock valued at $106,000 after acquiring an additional 1,048 shares during the last quarter. Finally, Raymond James Trust N.A. purchased a new position in shares of International Game Technology in the 1st quarter valued at about $212,000. Institutional investors and hedge funds own 44.33% of the company’s stock.

International Game Technology Price Performance

IGT stock opened at $32.57 on Friday. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.16 and a quick ratio of 0.99. The firm has a market capitalization of $6.48 billion, a P/E ratio of 24.67 and a beta of 1.96. The business’s 50-day moving average is $32.09 and its two-hundred day moving average is $28.97. International Game Technology has a 1 year low of $15.01 and a 1 year high of $33.99.

International Game Technology (NYSE:IGT) last posted its quarterly earnings results on Tuesday, August 1st. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.11. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.03 billion. International Game Technology had a return on equity of 27.29% and a net margin of 6.30%. Analysts anticipate that International Game Technology will post 1.77 earnings per share for the current fiscal year.

International Game Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 29th. Shareholders of record on Tuesday, August 15th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date was Monday, August 14th. International Game Technology’s dividend payout ratio is currently 60.61%.

About International Game Technology

International Game Technology PLC operates and provides gaming technology products and services in North America, Europe, the Middle East, Africa, Asia-Pacific, Latin America, and the Caribbean. It operates in three segments: Global Lottery, Global Gaming, and Digital & Betting. 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.