Orvieto Partners L.P. Makes New Investment in International Game Technology PLC (NYSE:IGT)

Orvieto Partners L.P. bought a new position in shares of International Game Technology PLC (NYSE:IGT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 469,518 shares of the company's stock, valued at approximately $8,292,000. International Game Technology accounts for approximately 7.0% of Orvieto Partners L.P.'s investment portfolio, making the stock its 2nd largest holding. Orvieto Partners L.P. owned 0.24% of International Game Technology as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently made changes to their positions in the company. Norges Bank bought a new position in shares of International Game Technology during the fourth quarter worth approximately $25,616,000. Massachusetts Financial Services Co. MA increased its stake in 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 worth $151,495,000 after acquiring an additional 787,543 shares during the period. Fox Run Management L.L.C. increased its stake in International Game Technology by 283.6% during the 4th quarter. Fox Run Management L.L.C. now owns 71,033 shares of the company's stock worth $1,254,000 after acquiring an additional 52,516 shares during the period. Barclays PLC increased its stake in 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 acquiring an additional 96,019 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its stake in International Game Technology by 54.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 265,098 shares of the company's stock worth $4,682,000 after acquiring an additional 93,553 shares during the period. Institutional investors own 44.33% of the company's stock.

International Game Technology Price Performance

Shares of IGT traded up $0.04 during midday trading on Tuesday, hitting $16.45. The company's stock had a trading volume of 308,732 shares, compared to its average volume of 1,403,967. International Game Technology PLC has a one year low of $13.81 and a one year high of $24.13. The company's fifty day simple moving average is $16.63 and its two-hundred day simple moving average is $17.92. The company has a quick ratio of 2.31, a current ratio of 2.36 and a debt-to-equity ratio of 2.85. The stock has a market capitalization of $3.32 billion, a price-to-earnings ratio of 27.41 and a beta of 1.66.

International Game Technology (NYSE:IGT - Get Free Report) last released its quarterly earnings data on Tuesday, February 25th. The company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.10). International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The firm had revenue of $651.00 million for the quarter, compared to analyst estimates of $657.84 million. During the same period last year, the business earned $0.56 EPS. The company's revenue was down 4.4% compared to the same quarter last year. As a group, equities analysts expect that International Game Technology PLC will post 1.24 earnings per share for the current fiscal year.

International Game Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Tuesday, March 11th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.86%. The ex-dividend date of this dividend was Tuesday, March 11th. International Game Technology's dividend payout ratio (DPR) is 46.78%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on IGT. Stifel Nicolaus lowered their price objective on International Game Technology from $26.00 to $22.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. StockNews.com lowered International Game Technology from a "buy" rating to a "hold" rating in a research note on Monday, April 14th. Finally, Truist Financial lowered their price objective 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. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, International Game Technology currently has an average rating of "Moderate Buy" and an average price target of $25.75.

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.