Solel Partners LP Makes New Investment in International Game Technology PLC (NYSE:IGT)

Solel Partners LP purchased a new position in International Game Technology PLC (NYSE:IGT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,125,000 shares of the company’s stock, valued at approximately $43,478,000. International Game Technology comprises about 7.1% of Solel Partners LP’s holdings, making the stock its 4th largest holding. Solel Partners LP owned about 1.07% of International Game Technology at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its stake in International Game Technology by 6.4% in the first quarter. Bank of New York Mellon Corp now owns 13,871,989 shares of the company’s stock valued at $313,368,000 after acquiring an additional 838,622 shares during the last quarter. Lazard Asset Management LLC increased its position in shares of International Game Technology by 63.4% during the 1st quarter. Lazard Asset Management LLC now owns 10,751,703 shares of the company’s stock valued at $242,880,000 after purchasing an additional 4,170,813 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of International Game Technology by 17.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,743,447 shares of the company’s stock valued at $158,431,000 after buying an additional 1,169,999 shares in the last quarter. Capital Research Global Investors lifted its position in International Game Technology by 102.1% in the 4th quarter. Capital Research Global Investors now owns 6,193,990 shares of the company’s stock worth $169,777,000 after buying an additional 3,129,559 shares during the last quarter. Finally, Parsifal Capital Management LP boosted its stake in International Game Technology by 40.8% in the fourth quarter. Parsifal Capital Management LP now owns 4,290,025 shares of the company’s stock worth $117,590,000 after buying an additional 1,243,514 shares in the last quarter. Hedge funds and other institutional investors own 44.33% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on IGT shares. StockNews.com lowered shares of International Game Technology from a “buy” rating to a “hold” rating in a report on Friday, September 13th. B. Riley reissued a “buy” rating and issued a $30.00 price target on shares of International Game Technology in a research note on Friday, July 26th. Finally, Stifel Nicolaus raised their price objective on International Game Technology from $26.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Three analysts have rated the stock with a hold rating and four 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 target price of $28.67.

International Game Technology Price Performance

Shares of International Game Technology stock opened at $21.57 on Tuesday. The company’s fifty day simple moving average is $21.76 and its two-hundred day simple moving average is $21.07. International Game Technology PLC has a 12-month low of $18.90 and a 12-month high of $31.85. The firm has a market cap of $4.29 billion, a PE ratio of 20.54 and a beta of 1.96. The company has a quick ratio of 0.71, a current ratio of 0.84 and a debt-to-equity ratio of 2.57.

International Game Technology (NYSE:IGT) last posted its earnings results on Tuesday, July 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.07. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.06 billion. International Game Technology had a return on equity of 19.95% and a net margin of 4.89%. International Game Technology’s quarterly revenue was down .6% on a year-over-year basis. During the same period last year, the firm earned $0.45 earnings per share. As a group, equities analysts expect that International Game Technology PLC will post 1.48 EPS for the current year.

International Game Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were issued a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.71%. International Game Technology’s dividend payout ratio is presently 76.19%.

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.