Traders Purchase Large Volume of Put Options on International Game Technology (NYSE:IGT)

International Game Technology PLC (NYSE:IGT) was the recipient of some unusual options trading activity on Friday. Traders bought 14,737 put options on the company. This represents an increase of approximately 584% compared to the typical daily volume of 2,154 put options.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IGT. Signaturefd LLC purchased a new stake in International Game Technology in the third quarter worth about $26,000. Oliver Lagore Vanvalin Investment Group purchased a new stake in International Game Technology in the 2nd quarter worth approximately $31,000. Blue Trust Inc. bought a new stake in International Game Technology during the 2nd quarter worth approximately $44,000. Hexagon Capital Partners LLC boosted its position in shares of International Game Technology by 1,633.6% in the second quarter. Hexagon Capital Partners LLC now owns 2,219 shares of the company’s stock worth $45,000 after purchasing an additional 2,091 shares during the period. Finally, CWM LLC increased its stake in shares of International Game Technology by 156.7% in the second quarter. CWM LLC now owns 2,321 shares of the company’s stock worth $47,000 after purchasing an additional 1,417 shares in the last quarter. 44.33% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on IGT shares. B. Riley restated a “buy” rating and issued a $30.00 price objective on shares of International Game Technology in a report on Friday, July 26th. Stifel Nicolaus boosted their price target on International Game Technology from $26.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, StockNews.com raised International Game Technology from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $28.67.

International Game Technology Stock Performance

IGT stock opened at $19.52 on Friday. The company has a debt-to-equity ratio of 2.85, a current ratio of 2.36 and a quick ratio of 0.71. International Game Technology has a 1 year low of $18.90 and a 1 year high of $28.82. The company has a market cap of $3.89 billion, a P/E ratio of 32.00 and a beta of 1.96. The stock’s fifty day moving average price is $20.99 and its 200-day moving average price is $20.92.

International Game Technology (NYSE:IGT) last announced its earnings results on Tuesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.24). International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The firm had revenue of $587.00 million during the quarter, compared to analysts’ expectations of $591.50 million. During the same period in the previous year, the business posted $0.52 earnings per share. The company’s revenue for the quarter was down 2.3% on a year-over-year basis. On average, equities analysts forecast that International Game Technology will post 1.2 earnings per share for the current year.

International Game Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, November 26th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, November 26th. This represents a $0.80 dividend on an annualized basis and a yield of 4.10%. International Game Technology’s dividend payout ratio is currently 133.34%.

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.