Seven Eight Capital LP Sells 9,362 Shares of International Game Technology PLC (NYSE:IGT)

Posted by admin on Aug 29th, 2022

Seven Eight Capital LP decreased its position in shares of International Game Technology PLC (NYSE:IGT – Get Rating) by 49.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 9,403 shares of the company’s stock after selling 9,362 shares during the quarter. Seven Eight Capital LP’s holdings in International Game Technology were worth $232,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA grew its stake in shares of International Game Technology by 8.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,433,167 shares of the company’s stock worth $183,451,000 after acquiring an additional 549,731 shares during the period. Boston Partners boosted its stake in International Game Technology by 36.9% in the 1st quarter. Boston Partners now owns 6,662,138 shares of the company’s stock worth $161,326,000 after purchasing an additional 1,796,129 shares during the period. Lazard Asset Management LLC boosted its stake in International Game Technology by 16.1% in the 4th quarter. Lazard Asset Management LLC now owns 5,986,714 shares of the company’s stock worth $173,074,000 after purchasing an additional 828,482 shares during the period. Bank of New York Mellon Corp boosted its stake in International Game Technology by 62.2% in the 1st quarter. Bank of New York Mellon Corp now owns 5,025,282 shares of the company’s stock worth $124,024,000 after purchasing an additional 1,927,848 shares during the period. Finally, 140 Summer Partners LP boosted its stake in International Game Technology by 164.4% in the 4th quarter. 140 Summer Partners LP now owns 2,556,259 shares of the company’s stock worth $73,901,000 after purchasing an additional 1,589,548 shares during the period. Institutional investors own 44.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. StockNews.com downgraded International Game Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, August 24th. Jefferies Financial Group upgraded International Game Technology from a “hold” rating to a “buy” rating and cut their target price for the stock from $30.00 to $26.00 in a research note on Thursday, May 12th. Stifel Nicolaus cut their target price on International Game Technology from $36.00 to $26.00 in a research note on Monday, August 1st. Deutsche Bank Aktiengesellschaft lowered their price target on International Game Technology from $35.00 to $30.00 in a report on Wednesday, August 3rd. Finally, Truist Financial lowered their price target on International Game Technology from $36.00 to $30.00 and set a “buy” rating on the stock in a report on Wednesday, July 20th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $35.00.

International Game Technology Stock Performance

Shares of NYSE IGT opened at $19.00 on Monday. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of 24.68 and a beta of 1.83. The company has a current ratio of 1.56, a quick ratio of 1.44 and a debt-to-equity ratio of 3.53. International Game Technology PLC has a 1-year low of $16.46 and a 1-year high of $32.95. The stock’s 50-day moving average is $19.55 and its 200 day moving average is $22.07.

International Game Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 30th. Investors of record on Tuesday, August 16th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, August 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.21%. International Game Technology’s dividend payout ratio is 103.90%.

About International Game Technology

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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.

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