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

International Game Technology (NYSE:IGT) was the target of unusually large options trading on Wednesday. Stock investors bought 29,977 call options on the stock. This is an increase of approximately 1,146% compared to the typical daily volume of 2,406 call options.

IGT has been the topic of several research analyst reports. Jefferies Group set a $34.00 price objective on International Game Technology and gave the stock a “buy” rating in a research note on Friday, March 9th. Bank of America set a $32.00 price objective on International Game Technology and gave the stock a “buy” rating in a research note on Thursday, March 8th. Finally, ValuEngine raised International Game Technology from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. One investment analyst has rated the stock with a sell rating, five have issued a buy rating and one has given a strong buy rating to the stock. International Game Technology currently has an average rating of “Buy” and an average price target of $32.40.

Several institutional investors and hedge funds have recently added to or reduced their stakes in IGT. Bank of Montreal Can raised its stake in shares of International Game Technology by 6.2% in the 4th quarter. Bank of Montreal Can now owns 72,086 shares of the company’s stock valued at $1,910,000 after purchasing an additional 4,200 shares during the period. State of Alaska Department of Revenue acquired a new stake in shares of International Game Technology in the 4th quarter valued at about $169,000. Cerebellum GP LLC acquired a new stake in shares of International Game Technology in the 4th quarter valued at about $123,000. Boston Advisors LLC raised its stake in shares of International Game Technology by 1,671.7% in the 4th quarter. Boston Advisors LLC now owns 626,276 shares of the company’s stock valued at $16,603,000 after purchasing an additional 590,928 shares during the period. Finally, Jennison Associates LLC raised its stake in shares of International Game Technology by 114.4% in the 4th quarter. Jennison Associates LLC now owns 2,132,681 shares of the company’s stock valued at $56,537,000 after purchasing an additional 1,138,049 shares during the period. 40.45% of the stock is currently owned by hedge funds and other institutional investors.

Shares of International Game Technology opened at $27.55 on Thursday, MarketBeat Ratings reports. The firm has a market cap of $5.76 billion, a P/E ratio of 18.13 and a beta of 1.55. International Game Technology has a 12 month low of $17.25 and a 12 month high of $31.00. The company has a debt-to-equity ratio of 3.47, a quick ratio of 0.75 and a current ratio of 0.89.

International Game Technology (NYSE:IGT) last issued its quarterly earnings data on Tuesday, May 22nd. The company reported $0.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.12). The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.16 billion. International Game Technology had a positive return on equity of 6.93% and a negative net margin of 22.37%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.29 EPS. analysts expect that International Game Technology will post 1.5 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 19th. Shareholders of record on Tuesday, June 5th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.90%. The ex-dividend date is Monday, June 4th. International Game Technology’s dividend payout ratio is 52.63%.

About International Game Technology

International Game Technology PLC operates and provides technology products and services across lotteries, electronic gaming machines, sports betting, and interactive gaming markets worldwide. The company operates through: North America Gaming and Interactive, North America Lottery, International, and Italy segments.

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