International Game Technology (NYSE:IGT) Shares Gap Down Following Weak Earnings

International Game Technology PLC (NYSE:IGT - Get Free Report)'s share price gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $17.89, but opened at $15.29. International Game Technology shares last traded at $16.16, with a volume of 754,694 shares.

The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.05). International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The firm had revenue of $583.00 million during the quarter, compared to analyst estimates of $630.30 million.

International Game Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Thursday, May 29th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.85%. The ex-dividend date of this dividend is Thursday, May 29th. International Game Technology's dividend payout ratio is currently 46.78%.

Analyst Ratings Changes

IGT has been the topic of several recent analyst reports. Susquehanna restated a "positive" rating and set a $25.00 price objective (down previously from $30.00) on shares of International Game Technology in a report on Wednesday. Truist Financial cut their target price on 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. Stifel Nicolaus decreased their target price on International Game Technology from $26.00 to $22.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Finally, StockNews.com cut International Game Technology from a "buy" rating to a "hold" rating in a report on Monday, April 14th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $23.75.

Institutional Trading of International Game Technology

Institutional investors have recently added to or reduced their stakes in the company. Barclays PLC raised its holdings in shares of International Game Technology by 49.1% during the 3rd quarter. Barclays PLC now owns 291,626 shares of the company's stock worth $6,212,000 after buying an additional 96,019 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of International Game Technology in the fourth quarter valued at about $45,000. Van ECK Associates Corp increased its stake in shares of International Game Technology by 5.1% in the fourth quarter. Van ECK Associates Corp now owns 23,749 shares of the company's stock valued at $419,000 after buying an additional 1,145 shares during the period. Rhumbline Advisers increased its holdings in International Game Technology by 2.0% in the fourth quarter. Rhumbline Advisers now owns 180,285 shares of the company's stock worth $3,184,000 after purchasing an additional 3,611 shares in the last quarter. Finally, Peregrine Capital Management LLC boosted its stake in International Game Technology by 1.7% during the fourth quarter. Peregrine Capital Management LLC now owns 640,864 shares of the company's stock worth $11,318,000 after acquiring an additional 10,901 shares in the last quarter. 44.33% of the stock is currently owned by institutional investors.

International Game Technology Stock Down 0.7%

The firm's fifty day moving average price is $16.36 and its two-hundred day moving average price is $17.62. The stock has a market cap of $3.34 billion, a price-to-earnings ratio of 27.52 and a beta of 1.61. The company has a debt-to-equity ratio of 2.85, a current ratio of 2.36 and a quick ratio of 2.31.

About International Game Technology

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.