Investors Buy Large Volume of International Game Technology Put Options (NYSE:IGT)

by · The Cerbat Gem

International Game Technology PLC (NYSE:IGT – Get Free Report) was the target of unusually large options trading on Friday. Traders acquired 3,655 put options on the stock. This represents an increase of 108% compared to the average daily volume of 1,755 put options.

International Game Technology Trading Down 1.2 %

IGT opened at $21.67 on Friday. The stock has a 50-day moving average of $21.75 and a 200 day moving average of $21.12. The company has a current ratio of 0.84, a quick ratio of 0.71 and a debt-to-equity ratio of 2.57. International Game Technology has a 12 month low of $18.90 and a 12 month high of $31.85. The firm has a market cap of $4.31 billion, a P/E ratio of 20.64 and a beta of 1.96.

International Game Technology (NYSE:IGT – Get Free Report) last released its earnings results on Tuesday, July 30th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.07. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.06 billion. International Game Technology had a return on equity of 19.95% and a net margin of 4.89%. The company’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.45 EPS. As a group, research analysts forecast that International Game Technology will post 1.48 EPS for the current year.

International Game Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.69%. International Game Technology’s dividend payout ratio is 76.19%.

Institutional Investors Weigh In On International Game Technology

Hedge funds and other institutional investors have recently modified their holdings of the business. Quarry LP grew its position in International Game Technology by 99.1% in the 2nd quarter. Quarry LP now owns 5,460 shares of the company’s stock valued at $112,000 after acquiring an additional 2,717 shares during the last quarter. Algert Global LLC purchased a new position in International Game Technology in the 2nd quarter worth about $3,145,000. Oliver Lagore Vanvalin Investment Group purchased a new position in International Game Technology in the 2nd quarter worth about $31,000. Long Pond Capital LP bought a new stake in International Game Technology during the 2nd quarter valued at about $32,053,000. Finally, The Manufacturers Life Insurance Company boosted its position in International Game Technology by 8.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 40,622 shares of the company’s stock valued at $831,000 after buying an additional 3,144 shares during the period. 44.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. StockNews.com cut shares of International Game Technology from a “buy” rating to a “hold” rating in a research note on Friday, September 13th. Stifel Nicolaus lifted their target price on International Game Technology from $26.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, B. Riley reissued a “buy” rating and set a $30.00 price target on shares of International Game Technology in a research note on Friday, July 26th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, International Game Technology presently has an average rating of “Moderate Buy” and an average target price of $28.67.

Get Our Latest Stock Report on IGT

International Game Technology Company Profile

(Get Free Report)

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.

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