Stock Traders Buy High Volume of Put Options on International Game Technology (NYSE:IGT)

International Game Technology PLC (NYSE:IGT) saw unusually large options trading on Monday. Stock investors acquired 11,656 put options on the stock. This represents an increase of 327% compared to the average daily volume of 2,731 put options.

International Game Technology Stock Down 1.9 %

NYSE:IGT opened at $16.70 on Tuesday. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of 27.83 and a beta of 1.91. International Game Technology has a one year low of $16.42 and a one year high of $27.27. The stock has a 50-day simple moving average of $17.96 and a 200 day simple moving average of $20.05. The company has a debt-to-equity ratio of 2.85, a quick ratio of 2.31 and a current ratio of 2.36.

International Game Technology (NYSE:IGT) last announced its earnings results on Tuesday, November 12th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.22 by ($0.24). The firm had revenue of $587.00 million for the quarter, compared to the consensus estimate of $591.50 million. International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. International Game Technology’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.52 EPS. Sell-side analysts predict that International Game Technology will post 1.23 EPS for the current fiscal year.

International Game Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Tuesday, November 26th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.79%. The ex-dividend date was Tuesday, November 26th. International Game Technology’s dividend payout ratio is 133.34%.

Analyst Ratings Changes

IGT has been the topic of a number of analyst reports. StockNews.com upgraded International Game Technology from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Truist Financial reduced their price objective on International Game Technology from $23.00 to $20.00 and set a “hold” rating for the company in a research note on Tuesday, January 14th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $28.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Segall Bryant & Hamill LLC bought a new stake in International Game Technology in the third quarter valued at approximately $1,209,000. Massachusetts Financial Services Co. MA raised its stake in International Game Technology by 0.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,790,889 shares of the company’s stock worth $165,946,000 after purchasing an additional 47,442 shares in the last quarter. Qsemble Capital Management LP increased its holdings in International Game Technology by 230.0% in the 3rd quarter. Qsemble Capital Management LP now owns 42,941 shares of the company’s stock valued at $915,000 after buying an additional 29,929 shares during the period. Zacks Investment Management bought a new stake in shares of International Game Technology during the 3rd quarter valued at approximately $645,000. Finally, Stifel Financial Corp boosted its position in International Game Technology by 22.2% during the 3rd quarter. Stifel Financial Corp now owns 56,179 shares of the company’s stock worth $1,197,000 after buying an additional 10,193 shares during the period. Institutional investors own 44.33% of the company’s stock.

International Game Technology Company Profile

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.