Twinbeech Capital LP Lowers Stake in International Game Technology PLC (NYSE:IGT)

Twinbeech Capital LP lowered its holdings in shares of International Game Technology PLC (NYSE:IGT - Free Report) by 51.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 98,851 shares of the company's stock after selling 103,953 shares during the period. Twinbeech Capital LP's holdings in International Game Technology were worth $1,746,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of IGT. Norges Bank acquired a new stake in International Game Technology during the 4th quarter worth $25,616,000. Lazard Asset Management LLC boosted its stake in International Game Technology by 13.1% during the 4th quarter. Lazard Asset Management LLC now owns 10,927,433 shares of the company's stock worth $192,978,000 after purchasing an additional 1,267,625 shares during the period. T. Rowe Price Investment Management Inc. acquired a new stake in International Game Technology during the 4th quarter worth $19,453,000. Beryl Capital Management LLC acquired a new stake in International Game Technology during the 4th quarter worth $15,213,000. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of International Game Technology by 10.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 8,578,432 shares of the company's stock worth $151,495,000 after acquiring an additional 787,543 shares during the period. Institutional investors and hedge funds own 44.33% of the company's stock.

International Game Technology Price Performance

Shares of IGT traded up $0.38 during trading hours on Tuesday, reaching $15.67. The company had a trading volume of 296,756 shares, compared to its average volume of 1,556,005. The firm has a 50 day simple moving average of $16.17 and a 200-day simple moving average of $17.32. 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 company has a market capitalization of $3.16 billion, a price-to-earnings ratio of 26.09 and a beta of 1.61. International Game Technology PLC has a 12-month low of $13.81 and a 12-month high of $24.13.

International Game Technology (NYSE:IGT - Get Free Report) last announced its quarterly earnings results on Tuesday, May 13th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.14 by ($0.05). The company had revenue of $583.00 million during the quarter, compared to analysts' expectations of $630.30 million. International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The business's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.46 EPS. Research analysts expect that International Game Technology PLC will post 1.24 earnings per share for the current year.

International Game Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 29th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, May 29th. This represents a $0.80 annualized dividend and a yield of 5.11%. International Game Technology's dividend payout ratio (DPR) is currently 55.56%.

Analysts Set New Price Targets

Several analysts have recently commented on IGT shares. Truist Financial reduced their target price on shares of International Game Technology from $20.00 to $18.00 and set a "hold" rating for the company in a research note on Wednesday, April 23rd. Wall Street Zen cut shares of International Game Technology from a "buy" rating to a "hold" rating in a research note on Monday, April 14th. Argus cut shares of International Game Technology from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 20th. 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 note on Wednesday, May 14th. Finally, Stifel Nicolaus restated a "buy" rating and issued a $20.00 target price (down previously from $22.00) on shares of International Game Technology in a research note on Wednesday, May 21st. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $23.25.

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.