International Game Technology PLC (NYSE:IGT) Declares $0.20 Quarterly Dividend

International Game Technology PLC (NYSE:IGT) declared a quarterly dividend on Wednesday, May 14th, Wall Street Journal reports. Stockholders of record on Thursday, May 29th will be paid a dividend of 0.20 per share on Thursday, June 12th. This represents a $0.80 annualized dividend and a dividend yield of 5.24%. The ex-dividend date is Thursday, May 29th.

International Game Technology has increased its dividend payment by an average of 58.7% annually over the last three years. International Game Technology has a payout ratio of 56.3% meaning its dividend is sufficiently covered by earnings. Analysts expect International Game Technology to earn $1.25 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 64.0%.

International Game Technology Price Performance

Shares of IGT stock opened at $15.26 on Tuesday. The business has a fifty day simple moving average of $16.17 and a 200 day simple moving average of $17.32. The company has a market cap of $3.08 billion, a P/E ratio of 25.43 and a beta of 1.61. The company has a quick ratio of 2.31, a current ratio of 2.36 and a debt-to-equity ratio of 2.85. International Game Technology has a twelve month low of $13.81 and a twelve month high of $24.13.

International Game Technology (NYSE:IGT) last posted its earnings results on Tuesday, May 13th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.05). International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The company had revenue of $583.00 million during the quarter, compared to the consensus estimate of $630.30 million. During the same period last year, the company posted $0.46 EPS. The firm’s revenue was down 11.8% compared to the same quarter last year. On average, sell-side analysts forecast that International Game Technology will post 1.24 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on IGT. Susquehanna restated a “positive” rating and issued a $25.00 target price (down previously from $30.00) on shares of International Game Technology in a research report on Wednesday, May 14th. Argus cut International Game Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 20th. Stifel Nicolaus reissued a “buy” rating and set a $20.00 price objective (down previously from $22.00) on shares of International Game Technology in a report on Wednesday, May 21st. Wall Street Zen cut International Game Technology from a “buy” rating to a “hold” rating in a report on Monday, April 14th. Finally, Truist Financial cut their price target on International Game Technology from $20.00 to $18.00 and set a “hold” rating on the stock in a research note on Wednesday, April 23rd. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.25.

Institutional Trading of International Game Technology

Several institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of International Game Technology by 9.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 72,465 shares of the company’s stock valued at $1,178,000 after acquiring an additional 6,128 shares in the last quarter. AQR Capital Management LLC acquired a new stake in International Game Technology in the first quarter worth $472,000. Finally, Millennium Management LLC increased its stake in International Game Technology by 109.2% in the first quarter. Millennium Management LLC now owns 839,490 shares of the company’s stock valued at $13,650,000 after purchasing an additional 438,157 shares in the last quarter. Institutional investors own 44.33% of the company’s stock.

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.