Parsifal Capital Management LP Sells 2,837,353 Shares of International Game Technology PLC (NYSE:IGT)

Parsifal Capital Management LP lowered its position in International Game Technology PLC (NYSE:IGT - Free Report) by 87.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 394,649 shares of the company's stock after selling 2,837,353 shares during the quarter. International Game Technology makes up approximately 0.6% of Parsifal Capital Management LP's holdings, making the stock its 16th biggest position. Parsifal Capital Management LP owned about 0.20% of International Game Technology worth $6,970,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in IGT. Norges Bank bought a new stake in shares of International Game Technology during the 4th quarter worth about $25,616,000. Lazard Asset Management LLC boosted its stake in shares of 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 acquiring an additional 1,267,625 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in International Game Technology during the 4th quarter valued at approximately $19,453,000. Beryl Capital Management LLC bought a new stake in International Game Technology during the 4th quarter valued at approximately $15,213,000. Finally, Massachusetts Financial Services Co. MA boosted 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 valued at $151,495,000 after purchasing an additional 787,543 shares during the period. Institutional investors own 44.33% of the company's stock.

International Game Technology Trading Down 4.3%

NYSE:IGT traded down $0.72 on Monday, reaching $16.18. The company's stock had a trading volume of 1,785,889 shares, compared to its average volume of 1,228,656. International Game Technology PLC has a 1-year low of $13.81 and a 1-year high of $24.13. The company has a debt-to-equity ratio of 2.85, a quick ratio of 2.31 and a current ratio of 2.36. The firm has a market cap of $3.27 billion, a PE ratio of 27.08 and a beta of 1.61. The business's 50-day moving average price is $16.35 and its two-hundred day moving average price is $17.55.

International Game Technology (NYSE:IGT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 13th. The company reported $0.09 earnings per share 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 analyst estimates of $630.30 million. International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The firm's quarterly revenue was down 11.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.46 earnings per share. Equities research analysts anticipate that International Game Technology PLC will post 1.24 earnings per share for the current fiscal year.

International Game Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Thursday, May 29th will be given 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 4.95%. International Game Technology's dividend payout ratio (DPR) is presently 55.56%.

Analyst Upgrades and Downgrades

IGT has been the subject of several recent research reports. Stifel Nicolaus cut 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. StockNews.com downgraded International Game Technology from a "buy" rating to a "hold" rating in a research report on Monday, April 14th. 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 report on Wednesday, April 23rd. Finally, Susquehanna restated a "positive" rating and set a $25.00 target price (down previously from $30.00) on shares of International Game Technology in a research report on Wednesday, May 14th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $23.75.

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.