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

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

International Game Technology Stock Performance

International Game Technology stock traded down $0.30 during mid-day trading on Friday, hitting $21.63. The company had a trading volume of 362,573 shares, compared to its average volume of 1,152,832. The company has a market capitalization of $4.31 billion, a price-to-earnings ratio of 20.89 and a beta of 1.96. International Game Technology has a 12-month low of $18.90 and a 12-month high of $31.85. The company’s fifty day moving average is $21.73 and its 200-day moving average is $21.16. 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 (NYSE:IGT) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 4.89% and a return on equity of 19.95%. The firm’s quarterly revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.45 earnings per share. Equities research analysts predict that International Game Technology will post 1.48 EPS for the current year.

International Game Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were paid a $0.20 dividend. The ex-dividend date was Tuesday, August 13th. This represents a $0.80 annualized dividend and a dividend yield of 3.70%. International Game Technology’s dividend payout ratio is presently 76.19%.

Hedge Funds Weigh In On International Game Technology

Hedge funds have recently bought and sold shares of the business. Sei Investments Co. grew its position in shares of International Game Technology by 0.3% in the second quarter. Sei Investments Co. now owns 202,224 shares of the company’s stock valued at $4,137,000 after purchasing an additional 515 shares during the period. Qsemble Capital Management LP boosted its holdings in International Game Technology by 5.1% in the 2nd quarter. Qsemble Capital Management LP now owns 13,012 shares of the company’s stock worth $266,000 after buying an additional 631 shares during the last quarter. SG Americas Securities LLC increased its stake in International Game Technology by 10.8% during the 1st quarter. SG Americas Securities LLC now owns 8,607 shares of the company’s stock worth $194,000 after buying an additional 836 shares in the last quarter. Industrial Alliance Investment Management Inc. raised its holdings in shares of International Game Technology by 100.9% during the second quarter. Industrial Alliance Investment Management Inc. now owns 2,310 shares of the company’s stock valued at $47,000 after acquiring an additional 1,160 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of International Game Technology by 10.4% in the fourth quarter. Principal Financial Group Inc. now owns 12,545 shares of the company’s stock valued at $344,000 after acquiring an additional 1,186 shares in the last quarter. Hedge funds and other institutional investors own 44.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. B. Riley reaffirmed a “buy” rating and set a $30.00 price target on shares of International Game Technology in a research report on Friday, July 26th. Stifel Nicolaus upped their target price on International Game Technology from $26.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, StockNews.com lowered shares of International Game Technology from a “buy” rating to a “hold” rating in a research report on Friday, September 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $28.67.

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.