Parsifal Capital Management LP Makes New Investment in International Game Technology PLC (NYSE:IGT)
Parsifal Capital Management LP bought a new position in International Game Technology PLC (NYSE:IGT – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,105,003 shares of the company’s stock, valued at approximately $35,239,000. International Game Technology makes up approximately 2.6% of Parsifal Capital Management LP’s portfolio, making the stock its 16th biggest holding. Parsifal Capital Management LP owned 0.56% of International Game Technology at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Metropolitan Life Insurance Co NY raised its stake in shares of International Game Technology by 8.8% in the second quarter. Metropolitan Life Insurance Co NY now owns 5,936 shares of the company’s stock worth $189,000 after purchasing an additional 481 shares during the last quarter. Resources Management Corp CT ADV purchased a new position in shares of International Game Technology in the first quarter worth $96,000. Parkside Financial Bank & Trust raised its stake in shares of International Game Technology by 84.9% in the first quarter. Parkside Financial Bank & Trust now owns 1,163 shares of the company’s stock worth $29,000 after purchasing an additional 534 shares during the last quarter. Captrust Financial Advisors raised its stake in shares of International Game Technology by 9.8% in the second quarter. Captrust Financial Advisors now owns 6,582 shares of the company’s stock worth $122,000 after purchasing an additional 586 shares during the last quarter. Finally, Spire Wealth Management raised its stake in shares of International Game Technology by 98.9% in the second quarter. Spire Wealth Management now owns 1,810 shares of the company’s stock worth $58,000 after purchasing an additional 900 shares during the last quarter. 44.33% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several research analysts have recently weighed in on IGT shares. StockNews.com upgraded International Game Technology from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 13th. Truist Financial reduced their price objective on International Game Technology from $37.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, November 1st. Stifel Nicolaus reduced their price objective on International Game Technology from $39.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, November 1st. Finally, Susquehanna reduced their price objective on International Game Technology from $50.00 to $48.00 and set a “positive” rating for the company in a research report on Thursday, November 2nd. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $43.33.
Read Our Latest Research Report on International Game Technology
International Game Technology Stock Performance
IGT traded up $0.87 during midday trading on Friday, reaching $27.60. The company had a trading volume of 1,168,986 shares, compared to its average volume of 1,419,372. The company has a quick ratio of 0.96, a current ratio of 1.13 and a debt-to-equity ratio of 2.76. The business has a 50-day moving average of $28.49 and a two-hundred day moving average of $29.95. The company has a market cap of $5.49 billion, a P/E ratio of 57.50 and a beta of 1.95. International Game Technology PLC has a 1 year low of $21.38 and a 1 year high of $33.99.
International Game Technology (NYSE:IGT – Get Free Report) last issued its quarterly earnings results on Tuesday, October 31st. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.13. The business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.03 billion. International Game Technology had a return on equity of 19.39% and a net margin of 2.32%. The business’s quarterly revenue was up .5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.30 earnings per share. As a group, equities research analysts predict that International Game Technology PLC will post 1.81 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 Wednesday, December 13th. Shareholders of record on Wednesday, November 29th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend is Tuesday, November 28th. International Game Technology’s payout ratio is 166.67%.
International Game Technology Company Profile (Free Report)
International Game Technology PLC operates and provides gaming technology products and services in North America, Europe, the Middle East, Africa, Asia-Pacific, Latin America, and the Caribbean. It operates in three segments: Global Lottery, Global Gaming, and Digital & Betting. 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.
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