Renaissance Group LLC Has $9.62 Million Position in International Game Technology PLC (NYSE:IGT)

Posted by MarketBeat News on Sep 8th, 2023

Renaissance Group LLC reduced its position in shares of International Game Technology PLC (NYSE:IGT – Free Report) by 2.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 358,846 shares of the company’s stock after selling 8,218 shares during the period. Renaissance Group LLC owned approximately 0.18% of International Game Technology worth $9,617,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Stifel Financial Corp increased its stake in International Game Technology by 83.5% during the 1st quarter. Stifel Financial Corp now owns 73,310 shares of the company’s stock worth $1,965,000 after acquiring an additional 33,369 shares during the period. Bank of America Corp DE increased its stake in International Game Technology by 23.5% during the 1st quarter. Bank of America Corp DE now owns 525,138 shares of the company’s stock worth $14,074,000 after acquiring an additional 100,094 shares during the period. O Shaughnessy Asset Management LLC increased its stake in shares of International Game Technology by 182.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 48,649 shares of the company’s stock valued at $1,304,000 after purchasing an additional 31,402 shares during the last quarter. Gallacher Capital Management LLC bought a new position in shares of International Game Technology in the 1st quarter valued at $537,000. Finally, UBS Group AG increased its stake in shares of International Game Technology by 35.0% in the 1st quarter. UBS Group AG now owns 38,545 shares of the company’s stock valued at $1,033,000 after purchasing an additional 9,983 shares during the last quarter. 44.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

IGT has been the topic of several recent analyst reports. Stifel Nicolaus lifted their price target on International Game Technology from $32.00 to $38.00 in a research note on Monday, June 26th. Susquehanna lifted their price target on International Game Technology from $49.00 to $54.00 and gave the company a “positive” rating in a research note on Wednesday, August 2nd. StockNews.com upgraded International Game Technology from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Finally, Truist Financial lifted their price target on International Game Technology from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, August 2nd. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $45.17.

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International Game Technology Price Performance

IGT stock traded down $0.05 during midday trading on Friday, reaching $31.08. 89,708 shares of the stock were exchanged, compared to its average volume of 1,220,930. The stock has a market capitalization of $6.19 billion, a PE ratio of 23.59 and a beta of 1.96. International Game Technology PLC has a 52 week low of $15.01 and a 52 week high of $33.99. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.16 and a quick ratio of 0.99. The company has a fifty day moving average price of $32.12 and a 200 day moving average price of $28.80.

International Game Technology (NYSE:IGT – Get Free Report) last announced its earnings results on Tuesday, August 1st. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.34 by $0.11. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.03 billion. International Game Technology had a return on equity of 27.29% and a net margin of 6.30%. As a group, analysts expect that International Game Technology PLC will post 1.77 EPS for the current fiscal year.

International Game Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 29th. Shareholders of record on Tuesday, August 15th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.57%. The ex-dividend date of this dividend was Monday, August 14th. International Game Technology’s payout ratio is presently 60.61%.

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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