Victory Capital Management Inc. Raises Position in International Game Technology (NYSE:IGT)

Victory Capital Management Inc. boosted its position in International Game Technology (NYSE:IGT) by 790.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 138,161 shares of the company’s stock after buying an additional 122,642 shares during the quarter. Victory Capital Management Inc. owned approximately 0.07% of International Game Technology worth $2,246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Quantinno Capital Management LP bought a new stake in International Game Technology in the 4th quarter valued at about $291,000. Allspring Global Investments Holdings LLC raised its position in shares of International Game Technology by 54.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 25,111 shares of the company’s stock valued at $408,000 after purchasing an additional 8,805 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of International Game Technology by 71.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,511 shares of the company’s stock valued at $73,000 after buying an additional 1,879 shares in the last quarter. Norges Bank bought a new position in International Game Technology in the 4th quarter worth approximately $25,616,000. Finally, Massachusetts Financial Services Co. MA grew its stake in International Game Technology by 10.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 8,578,432 shares of the company’s stock valued at $151,495,000 after buying an additional 787,543 shares in the last quarter. Hedge funds and other institutional investors own 44.33% of the company’s stock.

Analyst Upgrades and Downgrades

IGT has been the subject of a number of analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and issued a $20.00 price target (down from $22.00) on shares of International Game Technology in a report on Wednesday, May 21st. Wall Street Zen raised shares of International Game Technology from a “sell” rating to a “hold” rating in a report on Sunday, June 22nd. Truist Financial decreased their target price on shares of International Game Technology from $20.00 to $18.00 and set a “hold” rating on the stock in a report on Wednesday, April 23rd. Susquehanna reissued a “positive” rating and issued a $25.00 price target (down from $30.00) on shares of International Game Technology in a report on Wednesday, May 14th. Finally, Argus downgraded International Game Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 20th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $21.00.

International Game Technology Trading Up 4.3%

IGT opened at $16.49 on Tuesday. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 11.45 and a beta of 1.52. International Game Technology has a one year low of $13.81 and a one year high of $24.13. The business has a 50 day simple moving average of $15.66 and a two-hundred day simple moving average of $16.41. The company has a debt-to-equity ratio of 2.74, a current ratio of 2.48 and a quick ratio of 2.43.

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

International Game Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Thursday, May 29th were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, May 29th. This represents a $0.80 dividend on an annualized basis and a yield of 4.85%. 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.