American International Group Inc. reduced its position in shares of International Game Technology PLC (NYSE:IGT) by 49.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 57,942 shares of the company’s stock after selling 56,664 shares during the period. American International Group Inc.’s holdings in International Game Technology were worth $930,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of IGT. Vaughan Nelson Investment Management L.P. bought a new position in International Game Technology during the 4th quarter worth $35,776,000. Lazard Asset Management LLC grew its stake in shares of International Game Technology by 59.1% in the fourth quarter. Lazard Asset Management LLC now owns 5,080,480 shares of the company’s stock worth $86,063,000 after purchasing an additional 1,886,340 shares in the last quarter. Norges Bank bought a new position in shares of International Game Technology in the fourth quarter worth $24,476,000. FMR LLC grew its stake in shares of International Game Technology by 222.8% in the first quarter. FMR LLC now owns 2,057,614 shares of the company’s stock worth $26,729,000 after purchasing an additional 1,420,212 shares in the last quarter. Finally, Waterfront Capital Partners LLC bought a new position in shares of International Game Technology in the fourth quarter worth $16,434,000. 40.90% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently issued reports on IGT. Macquarie increased their price target on International Game Technology from $22.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 3rd. Deutsche Bank Aktiengesellschaft increased their price target on International Game Technology from $28.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, May 12th. Finally, Credit Suisse Group started coverage on International Game Technology in a research note on Thursday, May 13th. They issued an “outperform” rating and a $32.00 price target for the company. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $23.29.
International Game Technology (NYSE:IGT) last announced its earnings results on Tuesday, May 11th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.03 by $0.35. International Game Technology had a negative return on equity of 5.10% and a negative net margin of 15.85%. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $874.59 million. During the same period in the prior year, the business posted $0.08 earnings per share. International Game Technology’s revenue was up 24.7% compared to the same quarter last year. Sell-side analysts expect that International Game Technology PLC will post 1.06 EPS for the current year.
About International Game Technology
International Game Technology PLC operates and provides gaming technology products and services worldwide. It operates in two segments, Global Lottery and Global Gaming. 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.
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