International Game Technology PLC (NYSE:IGT – Get Rating) declared a quarterly dividend on Tuesday, May 10th, Zacks reports. Stockholders of record on Tuesday, May 24th will be paid a dividend of 0.20 per share on Tuesday, June 7th. This represents a $0.80 annualized dividend and a dividend yield of 3.79%. The ex-dividend date is Monday, May 23rd.
International Game Technology has decreased its dividend by an average of 37.0% annually over the last three years. International Game Technology has a dividend payout ratio of 47.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect International Game Technology to earn $1.80 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 44.4%.
Shares of NYSE IGT traded up $1.06 during midday trading on Wednesday, hitting $21.13. 23,932 shares of the company’s stock were exchanged, compared to its average volume of 1,915,528. International Game Technology has a 12-month low of $17.27 and a 12-month high of $32.95. The company has a current ratio of 1.30, a quick ratio of 1.20 and a debt-to-equity ratio of 3.29. The company has a market cap of $4.30 billion, a price-to-earnings ratio of 9.08 and a beta of 1.93. The business’s fifty day moving average price is $23.52 and its two-hundred day moving average price is $26.53.
International Game Technology (NYSE: IGT – Get Rating) last issued its earnings results on Tuesday, May 10th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.06. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.04 billion. International Game Technology had a return on equity of 3.59% and a net margin of 11.78%. International Game Technology’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.38 earnings per share. Equities analysts expect that International Game Technology will post 1.43 per share for the current fiscal year earnings.
Several large investors have recently added to or reduced their stakes in IGT. BlackRock Inc. boosted its stake in shares of International Game Technology by 9.5% during the fourth quarter. BlackRock Inc. Now owns 11,013,922 shares of the company’s stock valued at $318,413,000 after purchasing an additional 955,108 shares during the period. Morgan Stanley raised its holdings in shares of International Game Technology by 147.7% during the second quarter. Morgan Stanley now owns 1,248,905 shares of the company’s stock valued at $29,924,000 after acquiring an additional 744,706 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of International Game Technology by 1,005.1% during the fourth quarter. Marshall Wace LLP now owns 293,784 shares of the company’s stock valued at $8,494,000 after acquiring an additional 267,200 shares in the last quarter. JPMorgan Chase & Co. its raised holdings in shares of International Game Technology by 48.0% during the first quarter. JPMorgan Chase & Co. Now owns 435,238 shares of the company’s stock valued at $10,742,000 after acquiring an additional 141,105 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its holdings in shares of International Game Technology by 30.1% during the fourth quarter. Parametric Portfolio Associates LLC now owns 493,500 shares of the company’s stock valued at $14,267,000 after acquiring an additional 114,199 shares in the last quarter. 44.33% of the stock is owned by hedge funds and other institutional investors.
IGT has been the subject of several research reports. StockNews.com raised International Game Technology from a “hold” rating to a “buy” rating in a research note on Tuesday. Credit Suisse Group increased their objective price on International Game Technology from $59.00 to $63.00 and gave the company an “outperform” rating in a research note on Wednesday, March 2nd. Finally, Deutsche Bank Aktiengesellschaft dropped their objective price on International Game Technology from $39.00 to $37.00 in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $42.20.
About International Game Technology (Get Rating)
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.
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