Cornercap Investment Counsel Inc. Buys New Stake in International Game Technology PLC (NYSE:IGT)

Cornercap Investment Counsel Inc. purchased a new position in International Game Technology PLC (NYSE:IGT) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 37,019 shares of the company’s stock, valued at approximately $1,015,000.

Other institutional investors have also modified their holdings of the company. Wellington Management Group LLP grew its stake in shares of International Game Technology by 36.8% in the third quarter. Wellington Management Group LLP now owns 2,208,079 shares of the company’s stock worth $66,949,000 after acquiring an additional 594,552 shares in the last quarter. Invesco Ltd. grew its stake in shares of International Game Technology by 2.3% in the third quarter. Invesco Ltd. now owns 1,600,691 shares of the company’s stock worth $48,533,000 after acquiring an additional 35,911 shares in the last quarter. Barclays PLC grew its stake in shares of International Game Technology by 24.8% in the third quarter. Barclays PLC now owns 105,878 shares of the company’s stock worth $3,212,000 after acquiring an additional 21,029 shares in the last quarter. Deutsche Bank AG grew its stake in shares of International Game Technology by 2.2% in the third quarter. Deutsche Bank AG now owns 257,852 shares of the company’s stock worth $7,818,000 after acquiring an additional 5,648 shares in the last quarter. Finally, Allworth Financial LP grew its stake in shares of International Game Technology by 770.0% in the third quarter. Allworth Financial LP now owns 957 shares of the company’s stock worth $29,000 after acquiring an additional 847 shares in the last quarter. Institutional investors and hedge funds own 44.33% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group reaffirmed a “hold” rating and set a $29.00 price objective (down from $36.00) on shares of International Game Technology in a research report on Thursday, January 4th. Truist Financial decreased their price objective on shares of International Game Technology from $30.00 to $28.00 and set a “hold” rating for the company in a research report on Wednesday, March 13th. B. Riley began coverage on shares of International Game Technology in a research report on Friday, April 5th. They set a “buy” rating and a $30.00 price objective for the company. Stifel Nicolaus reissued a “hold” rating and issued a $26.00 price target (down from $30.00) on shares of International Game Technology in a research report on Wednesday, March 13th. Finally, Argus reduced their price target on shares of International Game Technology from $30.00 to $27.00 and set a “buy” rating for the company in a research report on Wednesday, March 13th. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $31.33.

International Game Technology Price Performance

Shares of NYSE:IGT opened at $19.81 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.26 and a debt-to-equity ratio of 2.90. The company has a market cap of $3.94 billion, a P/E ratio of 26.07 and a beta of 1.94. International Game Technology PLC has a 52 week low of $19.70 and a 52 week high of $33.99. The company has a 50-day moving average price of $23.64 and a 200 day moving average price of $26.14.

International Game Technology (NYSE:IGT) last issued its earnings results on Tuesday, March 12th. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.11. International Game Technology had a net margin of 3.62% and a return on equity of 21.10%. The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period last year, the company posted $0.40 earnings per share. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. Research analysts predict that International Game Technology PLC will post 1.46 earnings per share for the current year.

International Game Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 9th. Stockholders of record on Tuesday, March 26th were paid a dividend of $0.20 per share. The ex-dividend date was Monday, March 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.04%. International Game Technology’s dividend payout ratio (DPR) is 105.26%.

International Game Technology 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.