International Game Technology (NYSE:IGT) Shares Gap Down to $23.45

International Game Technology PLC (NYSE:IGT) shares gapped down before the market opened on Tuesday . The stock had previously closed at $23.45, but opened at $22.50. International Game Technology shares last traded at $22.54, with a volume of 238,780 shares changing hands.

Analyst Upgrades and Downgrades

IGT has been the subject of a number of research analyst reports. Truist Financial decreased their price target on International Game Technology from $26.00 to $23.00 and set a “hold” rating for the company in a research report on Wednesday, May 15th. Stifel Nicolaus raised International Game Technology from a “hold” rating to a “buy” rating and increased their price target for the company from $24.00 to $26.00 in a research report on Thursday, May 30th. StockNews.com downgraded International Game Technology from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 5th. Susquehanna dropped their price objective on International Game Technology from $40.00 to $33.00 and set a “positive” rating for the company in a research note on Thursday, May 16th. Finally, B. Riley reissued a “buy” rating and set a $30.00 price objective on shares of International Game Technology in a research note on Friday. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, International Game Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.00.

International Game Technology Stock Performance

The company has a debt-to-equity ratio of 2.59, a current ratio of 0.80 and a quick ratio of 0.67. The company has a 50 day simple moving average of $20.52 and a 200-day simple moving average of $22.24. The stock has a market cap of $4.48 billion, a P/E ratio of 22.33 and a beta of 1.98.

International Game Technology (NYSE:IGT) last issued its quarterly earnings results on Tuesday, May 14th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.17. International Game Technology had a return on equity of 20.84% and a net margin of 4.98%. The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the company posted $0.49 earnings per share. The company’s revenue was up .7% compared to the same quarter last year. On average, equities analysts expect that International Game Technology PLC will post 1.4 earnings per share for the current fiscal year.

International Game Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Thursday, May 30th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.56%. The ex-dividend date of this dividend was Thursday, May 30th. International Game Technology’s dividend payout ratio (DPR) is currently 76.19%.

Institutional Investors Weigh In On International Game Technology

Several hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. lifted its stake in International Game Technology by 10.6% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 8,425 shares of the company’s stock worth $231,000 after purchasing an additional 805 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of International Game Technology by 10.8% in the 1st quarter. SG Americas Securities LLC now owns 8,607 shares of the company’s stock valued at $194,000 after acquiring an additional 836 shares during the last quarter. Venturi Wealth Management LLC bought a new stake in shares of International Game Technology in the 4th quarter valued at about $25,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of International Game Technology by 2.0% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 49,393 shares of the company’s stock valued at $1,354,000 after acquiring an additional 973 shares during the last quarter. Finally, Highlander Capital Management LLC bought a new stake in shares of International Game Technology in the 4th quarter valued at about $27,000. Institutional investors own 44.33% of the company’s stock.

About International Game Technology

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.