Seven Eight Capital LP Makes New $1.18 Million Investment in International Game Technology PLC (NYSE:IGT)

Seven Eight Capital LP bought a new stake in International Game Technology PLC (NYSE:IGT) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 57,766 shares of the company’s stock, valued at approximately $1,182,000.

A number of other large investors have also modified their holdings of the stock. Blue Trust Inc. purchased a new position in International Game Technology in the 2nd quarter worth approximately $44,000. General Partner Inc. acquired a new stake in International Game Technology during the 1st quarter valued at $45,000. Hexagon Capital Partners LLC increased its stake in International Game Technology by 1,633.6% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,219 shares of the company’s stock worth $45,000 after buying an additional 2,091 shares during the period. CWM LLC boosted its position in International Game Technology by 156.7% in the 2nd quarter. CWM LLC now owns 2,321 shares of the company’s stock valued at $47,000 after buying an additional 1,417 shares during the last quarter. Finally, Industrial Alliance Investment Management Inc. grew its stake 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 in the last quarter. Institutional investors and hedge funds own 44.33% of the company’s stock.

International Game Technology Stock Performance

IGT stock opened at $21.93 on Friday. The stock’s 50 day simple moving average is $21.73 and its 200 day simple moving average is $21.16. International Game Technology PLC has a 12-month low of $18.90 and a 12-month high of $32.24. The firm has a market cap of $4.37 billion, a P/E ratio of 20.89 and a beta of 1.96. 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 issued its earnings results on Tuesday, July 30th. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 4.89% and a return on equity of 19.95%. The firm’s revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.45 earnings per share. As a group, equities research analysts predict that International Game Technology PLC will post 1.48 EPS for the current year.

International Game Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend was Tuesday, August 13th. International Game Technology’s dividend payout ratio (DPR) is presently 76.19%.

Wall Street Analyst Weigh In

IGT has been the topic of several recent analyst reports. StockNews.com downgraded International Game Technology from a “buy” rating to a “hold” rating in a report on Friday, September 13th. Stifel Nicolaus raised their price target on shares of International Game Technology from $26.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, B. Riley reaffirmed a “buy” rating and issued a $30.00 price target on shares of International Game Technology in a report on Friday, July 26th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus 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.