Jacobs Levy Equity Management Inc. Increases Holdings in International Game Technology PLC (NYSE:IGT)

Jacobs Levy Equity Management Inc. raised its holdings in International Game Technology PLC (NYSE:IGT - Free Report) by 1,195.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 653,345 shares of the company's stock after purchasing an additional 602,905 shares during the quarter. Jacobs Levy Equity Management Inc. owned 0.33% of International Game Technology worth $11,538,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of IGT. Norges Bank acquired a new stake in International Game Technology during the fourth quarter worth about $25,616,000. T. Rowe Price Investment Management Inc. purchased a new stake in International Game Technology in the 4th quarter worth approximately $19,453,000. Beryl Capital Management LLC acquired a new stake in shares of International Game Technology during the 4th quarter worth approximately $15,213,000. Massachusetts Financial Services Co. MA increased its holdings in shares of International Game Technology by 10.1% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 8,578,432 shares of the company's stock valued at $151,495,000 after purchasing an additional 787,543 shares in the last quarter. Finally, Orvieto Partners L.P. purchased a new stake in International Game Technology during the fourth quarter worth $8,292,000. Hedge funds and other institutional investors own 44.33% of the company's stock.

Wall Street Analysts Forecast Growth

IGT has been the subject of a number of analyst reports. StockNews.com downgraded shares of International Game Technology from a "buy" rating to a "hold" rating in a research report on Monday, April 14th. Stifel Nicolaus reduced their price target on International Game Technology from $26.00 to $22.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Susquehanna reissued a "positive" rating and issued a $25.00 price objective (down from $30.00) on shares of International Game Technology in a report on Wednesday. Finally, Truist Financial reduced 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. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $23.75.

International Game Technology Price Performance

IGT stock traded up $0.25 during trading on Friday, hitting $16.88. The stock had a trading volume of 2,476,902 shares, compared to its average volume of 1,221,841. The company's 50-day moving average price is $16.36 and its two-hundred day moving average price is $17.62. International Game Technology PLC has a twelve month low of $13.81 and a twelve month high of $24.13. The stock has a market capitalization of $3.41 billion, a P/E ratio of 28.13 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.

International Game Technology (NYSE:IGT - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.05). The firm had revenue of $583.00 million for the quarter, compared to analysts' expectations of $630.30 million. International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. As a group, research analysts predict that International Game Technology PLC will post 1.24 EPS for the current fiscal year.

International Game Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 29th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.74%. The ex-dividend date is Thursday, May 29th. International Game Technology's dividend payout ratio is currently 46.78%.

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.