Allspring Global Investments Holdings LLC Boosts Stake in International Game Technology (NYSE:IGT)

Allspring Global Investments Holdings LLC boosted its holdings in International Game Technology (NYSE:IGT) by 54.0% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 25,111 shares of the company’s stock after buying an additional 8,805 shares during the period. Allspring Global Investments Holdings LLC’s holdings in International Game Technology were worth $408,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its holdings in shares of International Game Technology by 2.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,163,601 shares of the company’s stock worth $20,549,000 after purchasing an additional 31,408 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of International Game Technology by 4.2% during the fourth quarter. Victory Capital Management Inc. now owns 15,519 shares of the company’s stock valued at $274,000 after buying an additional 622 shares during the period. Raymond James Financial Inc. purchased a new position in shares of International Game Technology during the fourth quarter valued at approximately $630,000. Cibc World Markets Corp purchased a new position in shares of International Game Technology during the fourth quarter valued at approximately $188,000. Finally, Intech Investment Management LLC boosted its position in shares of International Game Technology by 82.9% during the fourth quarter. Intech Investment Management LLC now owns 42,974 shares of the company’s stock valued at $759,000 after buying an additional 19,481 shares during the period. Hedge funds and other institutional investors own 44.33% of the company’s stock.

Wall Street Analyst Weigh In

IGT has been the subject of several recent analyst reports. Stifel Nicolaus restated a “buy” rating and set a $20.00 target price (down previously from $22.00) on shares of International Game Technology in a research report on Wednesday, May 21st. Susquehanna restated a “positive” rating and set a $25.00 target price (down previously from $30.00) on shares of International Game Technology in a research report on Wednesday, May 14th. Truist Financial dropped their target price on International Game Technology from $20.00 to $18.00 and set a “hold” rating for the company in a research report on Wednesday, April 23rd. Wall Street Zen upgraded International Game Technology from a “sell” rating to a “hold” rating in a research report on Sunday, June 22nd. Finally, Argus lowered International Game Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 20th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $23.25.

International Game Technology Stock Performance

International Game Technology stock opened at $16.49 on Friday. The company has a 50 day moving average price of $15.74 and a 200-day moving average price of $16.50. The company has a debt-to-equity ratio of 2.74, a quick ratio of 2.43 and a current ratio of 2.48. International Game Technology has a fifty-two week low of $13.81 and a fifty-two week high of $24.13. The company has a market capitalization of $3.33 billion, a PE ratio of 11.45 and a beta of 1.52.

International Game Technology (NYSE:IGT) last posted its quarterly earnings results on Tuesday, May 13th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.05). International Game Technology had a net margin of 11.46% and a return on equity of 7.86%. The company had revenue of $583.00 million for the quarter, compared to the consensus estimate of $630.30 million. During the same period in the prior year, the firm posted $0.46 EPS. The business’s revenue was down 11.8% on a year-over-year basis. As a group, equities analysts forecast that International Game Technology will post 1.24 earnings per share for the current year.

International Game Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Thursday, May 29th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.85%. The ex-dividend date of this dividend was Thursday, May 29th. International Game Technology’s dividend payout ratio (DPR) is 55.56%.

International Game Technology Profile

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.