Renaissance Technologies LLC Sells 1,208,700 Shares of International Game Technology PLC (IGT)

Renaissance Technologies LLC reduced its holdings in shares of International Game Technology PLC (NYSE:IGT) by 34.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,276,000 shares of the company’s stock after selling 1,208,700 shares during the quarter. Renaissance Technologies LLC owned about 1.12% of International Game Technology worth $44,951,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in IGT. Poehling Capital Management LLC lifted its position in shares of International Game Technology by 34.1% in the 3rd quarter. Poehling Capital Management LLC now owns 74,280 shares of the company’s stock worth $1,467,000 after purchasing an additional 18,890 shares during the period. Stevens Capital Management LP purchased a new stake in shares of International Game Technology in the 3rd quarter worth about $781,000. RK Capital Management LLC lifted its position in shares of International Game Technology by 12.1% in the 3rd quarter. RK Capital Management LLC now owns 458,733 shares of the company’s stock worth $9,060,000 after purchasing an additional 49,600 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of International Game Technology by 0.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,871,808 shares of the company’s stock worth $36,968,000 after purchasing an additional 6,156 shares during the period. Finally, Rubric Capital Management LP lifted its position in shares of International Game Technology by 65.9% in the 3rd quarter. Rubric Capital Management LP now owns 3,850,000 shares of the company’s stock worth $76,038,000 after purchasing an additional 1,530,000 shares during the period. Institutional investors own 51.70% of the company’s stock.

Shares of International Game Technology stock opened at $15.56 on Friday. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.03 and a quick ratio of 0.88. The stock has a market capitalization of $3.17 billion, a P/E ratio of 10.96, a price-to-earnings-growth ratio of 1.41 and a beta of 1.27. International Game Technology PLC has a 1 year low of $14.14 and a 1 year high of $31.00.

International Game Technology (NYSE:IGT) last issued its quarterly earnings results on Wednesday, October 31st. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.01. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.20 billion. International Game Technology had a net margin of 3.27% and a return on equity of 11.52%. International Game Technology’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same period last year, the business earned $0.40 EPS. Equities research analysts expect that International Game Technology PLC will post 1.1 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 28th. Investors of record on Wednesday, November 14th were paid a $0.20 dividend. The ex-dividend date was Tuesday, November 13th. This represents a $0.80 annualized dividend and a dividend yield of 5.14%. International Game Technology’s payout ratio is 52.63%.

IGT has been the subject of several research analyst reports. ValuEngine cut shares of International Game Technology from a “sell” rating to a “strong sell” rating in a research report on Monday, October 8th. SunTrust Banks initiated coverage on shares of International Game Technology in a research report on Monday, October 1st. They issued a “hold” rating and a $21.00 target price for the company. Deutsche Bank dropped their target price on shares of International Game Technology from $35.00 to $29.00 and set a “buy” rating for the company in a research report on Thursday, November 1st. Jefferies Financial Group dropped their target price on shares of International Game Technology from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, November 1st. Finally, Susquehanna Bancshares started coverage on shares of International Game Technology in a research note on Friday, December 7th. They issued a “positive” rating and a $22.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $24.81.

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International Game Technology 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.

Further Reading: What is Depreciation?

Institutional Ownership by Quarter for International Game Technology (NYSE:IGT)

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