International Game Technology PLC (NYSE:IGT) to Issue Quarterly Dividend of $0.20

International Game Technology PLC (NYSE:IGTGet Rating) declared a quarterly dividend on Thursday, November 3rd, Wall Street Journal reports. Investors of record on Monday, November 28th will be paid a dividend of 0.20 per share on Friday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date is Friday, November 25th.

International Game Technology has decreased its dividend payment by an average of 37.0% annually over the last three years. International Game Technology has a dividend payout ratio of 47.9% meaning its dividend is sufficiently covered by earnings. Analysts expect International Game Technology to earn $1.48 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 54.1%.

International Game Technology Stock Performance

NYSE:IGT opened at $24.07 on Thursday. The stock’s 50-day simple moving average is $19.39 and its 200 day simple moving average is $19.54. The firm has a market capitalization of $4.90 billion, a PE ratio of 13.68 and a beta of 1.84. The company has a quick ratio of 1.01, a current ratio of 1.16 and a debt-to-equity ratio of 2.64. International Game Technology has a twelve month low of $15.01 and a twelve month high of $30.84.

International Game Technology (NYSE:IGTGet Rating) last released its quarterly earnings data on Tuesday, November 8th. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.18. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.01 billion. International Game Technology had a return on equity of 24.78% and a net margin of 8.56%. International Game Technology’s revenue was up 7.7% compared to the same quarter last year. During the same period last year, the firm posted $0.31 earnings per share. On average, analysts anticipate that International Game Technology will post 1.9 EPS for the current fiscal year.

Institutional Trading of International Game Technology

Hedge funds have recently made changes to their positions in the company. Pearl River Capital LLC acquired a new stake in shares of International Game Technology during the first quarter valued at about $559,000. UBS Group AG lifted its stake in shares of International Game Technology by 65.9% in the third quarter. UBS Group AG now owns 26,363 shares of the company’s stock worth $416,000 after acquiring an additional 10,473 shares during the period. Federated Hermes Inc. lifted its stake in shares of International Game Technology by 999.9% in the third quarter. Federated Hermes Inc. now owns 25,837 shares of the company’s stock worth $409,000 after acquiring an additional 23,488 shares during the period. AlphaCrest Capital Management LLC acquired a new position in shares of International Game Technology in the first quarter worth approximately $374,000. Finally, Toroso Investments LLC acquired a new position in shares of International Game Technology in the third quarter worth approximately $266,000. 44.33% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Stifel Nicolaus reduced their price objective on International Game Technology from $36.00 to $26.00 in a research note on Monday, August 1st. StockNews.com raised International Game Technology from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 15th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on International Game Technology from $35.00 to $30.00 in a research note on Wednesday, August 3rd. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, International Game Technology currently has a consensus rating of “Buy” and an average price target of $35.00.

About International Game Technology

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International Game Technology PLC operates and provides gaming technology products and services in North America, Europe, the Middle East, Africa, Asia-Pacific, Latin America, and the Caribbean. It operates in three segments: Global Lottery, Global Gaming, and Digital & Betting. 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.

Further Reading

Dividend History for International Game Technology (NYSE:IGT)

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