Stock traders are buying a high volume of international gaming technology put options (NYSE:IGT)
International Game Technology PLC (NYSE:IGT – Get Rating) saw unusually heavy options trading activity on Tuesday. Stock traders bought 30,250 put options on the company. This represents a 424% increase from the average volume of 5,769 put options.
International gaming technology stock up 5.2%
Shares of NYSE IGT traded at $0.79 at midday on Tuesday, hitting $16.12. The company had a trading volume of 15,096 shares, compared to an average volume of 1,198,128 shares. The company has a current ratio of 1.56, a quick ratio of 1.44 and a debt ratio of 3.53. The company has a 50-day simple moving average of $19.05 and a two-hundred-day simple moving average of $20.63. The stock has a market capitalization of $3.28 billion, a P/E ratio of 19.91 and a beta of 1.82. International Game Technology has a 52 week low of $15.01 and a 52 week high of $32.95.
International Game Technology Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 30. Shareholders of record on Tuesday August 16 received a dividend of $0.20 per share. This represents an annualized dividend of $0.80 and a yield of 4.96%. The ex-dividend date was Monday, August 15. International Game Technology’s payout rate is currently 103.90%.
A Wall Street analyst gives his opinion
A number of research companies have published reports on IGT. StockNews.com upgraded shares of International Game Technology from a “hold” rating to a “buy” rating in a Thursday, September 1, report. Deutsche Bank Aktiengesellschaft cut its price target on shares of International Game Technology from $35.00 to $30.00 in a Wednesday, August 3, report. Stifel Nicolaus lowered his price target on shares of International Game Technology from $36.00 to $26.00 in a Monday, August 1 research report. Finally, Truist Financial lowered its price target on shares of International Game Technology from $36.00 to $30.00 and set a “buy” rating on the stock in a Wednesday, July 20 research report. Seven equity research analysts rated the stock with a buy rating. Based on data from MarketBeat.com, International Game Technology currently has an average rating of “Buy” and a consensus price target of $35.00.
Institutional entries and exits
Several hedge funds and other institutional investors have recently bought and sold shares of IGT. Amundi increased its stake in International Game Technology shares by 8.8% in the second quarter. Amundi now owns 918,023 shares of the company worth $15,487,000 after acquiring an additional 73,932 shares during the period. Verition Fund Management LLC acquired a new stake in shares of International Game Technology in Q2 for a value of $248,000. Garde Capital Inc. acquired a new stake in the shares of International Game Technology in the 2nd quarter at a value of $256,000. ExodusPoint Capital Management LP acquired a new stake in shares of International Game Technology in Q2 for a value of $1,377,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of International Game Technology by 87.3% in the second quarter. Goldman Sachs Group Inc. now owns 2,343,145 shares of the company valued at $43,488,000 after purchasing an additional 1,092,029 shares during the period. 44.33% of the shares are held by hedge funds and other institutional investors.
International Gaming Technology Company Profile
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International Game Technology PLC operates and provides game 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 the 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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