International Game Technology PLC Declares Quarterly Dividend of $0.20 (NYSE:IGT)

International Game Technology PLC (NYSE:IGT – Get Rating) announced a quarterly dividend on Friday, May 5th, Zacks reports. Stockholders of record on Thursday, May 25th will be given a dividend of 0.20 per share on Thursday, June 8th. This represents a $0.80 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend is Wednesday, May 24th.

International Game Technology has a dividend payout ratio of 40.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect International Game Technology to earn $1.86 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 43.0%.

International Game Technology Stock Performance

Shares of International Game Technology stock opened at $26.00 on Monday. The stock has a market cap of $5.18 billion, a PE ratio of 24.30 and a beta of 1.86. The business has a fifty day simple moving average of $26.41 and a 200-day simple moving average of $25.31. The company has a quick ratio of 0.90, a current ratio of 1.03 and a debt-to-equity ratio of 2.96. International Game Technology has a 12 month low of $15.01 and a 12 month high of $28.98.

International Game Technology (NYSE:IGT – Get Rating) last issued its earnings results on Tuesday, May 9th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.39 by $0.10. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.03 billion. International Game Technology had a return on equity of 28.84% and a net margin of 5.17%. International Game Technology’s revenue was up .9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.39 earnings per share. On average, sell-side analysts anticipate that International Game Technology will post 1.68 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on IGT. Susquehanna raised International Game Technology from a “neutral” rating to a “positive” rating and set a $31.00 target price for the company in a research report on Thursday, May 11th. B. Riley initiated coverage on International Game Technology in a research report on Thursday, April 20th. They issued a “buy” rating and a $43.00 target price for the company. Stifel Nicolaus lifted their price objective on International Game Technology from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Tuesday, February 7th. StockNews.com initiated coverage on International Game Technology in a research report on Thursday. They set a “strong-buy” rating for the company. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on International Game Technology from $29.00 to $33.00 in a research report on Wednesday, March 1st. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, International Game Technology has an average rating of “Buy” and a consensus target price of $39.00.

Institutional Trading of International Game Technology

A number of institutional investors have recently bought and sold shares of the company. Parkside Financial Bank & Trust raised its holdings in International Game Technology by 84.9% during the first quarter. Parkside Financial Bank & Trust now owns 1,163 shares of the company’s stock valued at $29,000 after buying an additional 534 shares in the last quarter. Brown Brothers Harriman & Co. bought a new position in International Game Technology during the first quarter valued at about $49,000. Steward Partners Investment Advisory LLC raised its holdings in International Game Technology by 71.4% during the first quarter. Steward Partners Investment Advisory LLC now owns 2,400 shares of the company’s stock valued at $64,000 after buying an additional 1,000 shares in the last quarter. Great West Life Assurance Co. Can raised its holdings in International Game Technology by 35.1% during the first quarter. Great West Life Assurance Co. Can now owns 4,031 shares of the company’s stock valued at $106,000 after buying an additional 1,048 shares in the last quarter. Finally, Captrust Financial Advisors raised its holdings in International Game Technology by 9.8% during the second quarter. Captrust Financial Advisors now owns 6,582 shares of the company’s stock valued at $122,000 after buying an additional 586 shares in the last quarter. Institutional investors and hedge funds own 44.33% of the company’s stock.

About International Game Technology

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International Game Technology PLC engages in the designing, manufacturing, and marketing of electronic gaming equipment, software, and network systems. It operates through the Global Lottery, Global Gaming, and Digital & Betting segments. The Global Lottery segment has responsibility for the worldwide traditional lottery and iLottery business, including sales, operations, product development, technology, and support.