Solel Partners LP Increases Stake in International Game Technology PLC (NYSE:IGT)

Solel Partners LP raised its holdings in shares of International Game Technology PLC (NYSE:IGT) by 14.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 3,058,150 shares of the company’s stock after buying an additional 390,726 shares during the quarter. International Game Technology comprises 10.6% of Solel Partners LP’s portfolio, making the stock its 3rd largest holding. Solel Partners LP’s holdings in International Game Technology were worth $54,007,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of International Game Technology during the 4th quarter valued at about $45,000. Sterling Capital Management LLC raised its position in International Game Technology by 782.5% during the fourth quarter. Sterling Capital Management LLC now owns 3,124 shares of the company’s stock valued at $55,000 after purchasing an additional 2,770 shares during the period. Quarry LP lifted its stake in shares of International Game Technology by 103.9% in the 4th quarter. Quarry LP now owns 6,185 shares of the company’s stock valued at $109,000 after purchasing an additional 3,151 shares during the last quarter. Cibc World Markets Corp purchased a new position in shares of International Game Technology in the 4th quarter worth approximately $188,000. Finally, Summit Investment Advisors Inc. increased its position in shares of International Game Technology by 5.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 11,903 shares of the company’s stock valued at $210,000 after purchasing an additional 655 shares during the last quarter. 44.33% of the stock is owned by hedge funds and other institutional investors.

International Game Technology Stock Up 0.4 %

NYSE:IGT opened at $16.47 on Friday. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 27.44 and a beta of 1.66. International Game Technology PLC has a twelve month low of $13.81 and a twelve month high of $24.13. The company has a current ratio of 2.36, a quick ratio of 2.31 and a debt-to-equity ratio of 2.85. The stock has a fifty day simple moving average of $16.54 and a 200-day simple moving average of $17.88.

International Game Technology (NYSE:IGT) last announced its quarterly earnings data on Tuesday, February 25th. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.10). The company had revenue of $651.00 million for the quarter, compared to the consensus estimate of $657.84 million. International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The company’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.56 EPS. Analysts anticipate that International Game Technology PLC will post 1.24 EPS for the current year.

International Game Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Tuesday, March 11th were issued a $0.20 dividend. The ex-dividend date was Tuesday, March 11th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.86%. International Game Technology’s payout ratio is 46.78%.

Analysts Set New Price Targets

A number of analysts recently issued reports on IGT shares. Truist Financial lowered their price target on International Game Technology from $20.00 to $18.00 and set a “hold” rating for the company in a research report on Wednesday, April 23rd. StockNews.com cut shares of International Game Technology from a “buy” rating to a “hold” rating in a research note on Monday, April 14th. Finally, Stifel Nicolaus cut their price target on shares of International Game Technology from $26.00 to $22.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, International Game Technology currently has an average rating of “Moderate Buy” and a consensus price target of $25.75.

International Game Technology 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.