International Game Technology (IGT) Bond Prices Fall 0.8% Earnings

An issue of International Game Technology (NYSE:IGT) debt fell 0.8% against its face value during trading on Wednesday following a weaker than expected earnings announcement. The high-yield issue of debt has a 6.5% coupon and will mature on February 15, 2025. The debt is now trading at $104.00 and was trading at $104.94 one week ago. Price moves in a company’s debt in credit markets often anticipate parallel moves in its stock price. The company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.12). The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.16 billion. International Game Technology had a positive return on equity of 10.28% and a negative net margin of 21.64%. International Game Technology’s revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.29 EPS.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 19th. Stockholders of record on Tuesday, June 5th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, June 4th. This represents a $0.80 annualized dividend and a dividend yield of 2.90%. International Game Technology’s payout ratio is 52.63%.

A number of research analysts recently issued reports on the company. Jefferies Group set a $34.00 price objective on International Game Technology and gave the company a “buy” rating in a research report on Friday, March 9th. ValuEngine upgraded International Game Technology from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Finally, Bank of America set a $32.00 price objective on International Game Technology and gave the company a “buy” rating in a research report on Thursday, March 8th. One research analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $32.40.

A number of large investors have recently added to or reduced their stakes in IGT. Renaissance Technologies LLC boosted its position in International Game Technology by 62.3% during the 4th quarter. Renaissance Technologies LLC now owns 4,790,800 shares of the company’s stock valued at $127,004,000 after purchasing an additional 1,838,400 shares during the period. Jennison Associates LLC boosted its position in International Game Technology by 114.4% during the 4th quarter. Jennison Associates LLC now owns 2,132,681 shares of the company’s stock valued at $56,537,000 after purchasing an additional 1,138,049 shares during the period. TimesSquare Capital Management LLC boosted its position in International Game Technology by 34.3% during the 4th quarter. TimesSquare Capital Management LLC now owns 3,394,600 shares of the company’s stock valued at $89,991,000 after purchasing an additional 867,000 shares during the period. Interval Partners LP acquired a new position in International Game Technology during the 1st quarter valued at approximately $20,044,000. Finally, Boston Advisors LLC boosted its position in International Game Technology by 1,671.7% during the 4th quarter. Boston Advisors LLC now owns 626,276 shares of the company’s stock valued at $16,603,000 after purchasing an additional 590,928 shares during the period. Institutional investors and hedge funds own 40.45% of the company’s stock.

The stock has a market cap of $6.03 billion, a PE ratio of 18.13 and a beta of 1.55. The company has a debt-to-equity ratio of 3.30, a current ratio of 0.83 and a quick ratio of 0.75.

International Game Technology Company Profile

International Game Technology PLC operates and provides technology products and services across lotteries, electronic gaming machines, sports betting, and interactive gaming markets worldwide. The company operates through: North America Gaming and Interactive, North America Lottery, International, and Italy segments.

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