Gabelli Funds LLC Decreases Holdings in International Game Technology PLC (NYSE:IGT)

Posted by Defense World Staff on Jun 11th, 2023

Gabelli Funds LLC trimmed its position in shares of International Game Technology PLC (NYSE:IGT – Get Rating) by 13.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 124,700 shares of the company’s stock after selling 18,800 shares during the period. Gabelli Funds LLC owned about 0.06% of International Game Technology worth $2,828,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of IGT. JPMorgan Chase & Co. increased its stake in International Game Technology by 48.0% in the 1st quarter. JPMorgan Chase & Co. now owns 435,238 shares of the company’s stock worth $10,742,000 after purchasing an additional 141,105 shares during the period. AlphaCrest Capital Management LLC purchased a new position in International Game Technology in the 1st quarter worth approximately $374,000. Rhumbline Advisers increased its stake in International Game Technology by 1.6% in the 1st quarter. Rhumbline Advisers now owns 103,240 shares of the company’s stock worth $2,548,000 after purchasing an additional 1,616 shares during the period. Great West Life Assurance Co. Can increased its stake in International Game Technology by 35.1% in the 1st quarter. Great West Life Assurance Co. Can now owns 4,031 shares of the company’s stock worth $106,000 after purchasing an additional 1,048 shares during the period. Finally, Raymond James Trust N.A. purchased a new position in International Game Technology in the 1st quarter worth approximately $212,000. 44.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

IGT has been the topic of a number of analyst reports. Credit Suisse Group lifted their price target on International Game Technology from $62.00 to $66.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 1st. StockNews.com started coverage on International Game Technology in a research report on Thursday, May 18th. They issued a “strong-buy” rating on the stock. B. Riley started coverage on International Game Technology in a research report on Thursday, April 20th. They issued a “buy” rating and a $43.00 price objective on the stock. Susquehanna upgraded International Game Technology from a “neutral” rating to a “positive” rating and set a $31.00 price objective on the stock in a research report on Thursday, May 11th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on International Game Technology from $29.00 to $33.00 in a research report on Wednesday, March 1st. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $39.00.

International Game Technology Trading Down 2.6 %

NYSE IGT opened at $30.69 on Friday. The company has a quick ratio of 0.90, a current ratio of 1.03 and a debt-to-equity ratio of 2.96. International Game Technology PLC has a twelve month low of $15.01 and a twelve month high of $31.84. The firm has a market capitalization of $6.11 billion, a PE ratio of 28.68 and a beta of 1.88. The stock’s 50 day moving average is $26.75 and its 200 day moving average is $25.62.

International Game Technology (NYSE:IGT – Get Rating) last released its quarterly earnings results on Tuesday, May 9th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.10. International Game Technology had a return on equity of 28.84% and a net margin of 5.17%. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the company posted $0.39 earnings per share. The firm’s revenue was up .9% on a year-over-year basis. Research analysts forecast that International Game Technology PLC will post 1.68 earnings per share for the current fiscal year.

International Game Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 8th. Investors of record on Thursday, May 25th were given a dividend of $0.20 per share. The ex-dividend date was Wednesday, May 24th. This represents a $0.80 annualized dividend and a dividend yield of 2.61%. International Game Technology’s dividend payout ratio is presently 74.77%.

International Game Technology Profile

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International Game Technology PLC engages in the designing, manufacturing, and marketing of electronic gaming equipment, software, and network systems. It operates through the Global Lottery, Global Gaming, and Digital & Betting segments. The Global Lottery segment has responsibility for the worldwide traditional lottery and iLottery business, including sales, operations, product development, technology, and support.