Stock Traders Buy Large Volume of Put Options on International Game Technology (IGT)

International Game Technology (NYSE:IGT) was the recipient of some unusual options trading activity on Monday. Investors purchased 3,767 put options on the company. This is an increase of approximately 1,085% compared to the average volume of 318 put options.

A number of analysts have recently issued reports on IGT shares. Deutsche Bank raised their price target on shares of International Game Technology to $34.00 and gave the company a “buy” rating in a report on Monday, November 20th. Argus raised shares of International Game Technology from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a report on Wednesday, November 29th. Bank of America raised their price target on shares of International Game Technology from $30.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, November 15th. Finally, ValuEngine downgraded shares of International Game Technology from a “buy” rating to a “hold” rating in a report on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $30.70.

Shares of International Game Technology (NYSE IGT) traded up $0.67 during trading hours on Wednesday, hitting $26.61. 1,970,000 shares of the stock traded hands, compared to its average volume of 1,250,000. International Game Technology has a 52-week low of $17.25 and a 52-week high of $29.89. The company has a quick ratio of 0.70, a current ratio of 0.84 and a debt-to-equity ratio of 2.66. The company has a market cap of $5,260.00 and a PE ratio of -5.85.

International Game Technology (NYSE:IGT) last issued its quarterly earnings data on Tuesday, November 14th. The company reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.16. International Game Technology had a negative net margin of 18.62% and a positive return on equity of 10.68%. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the prior year, the business earned $0.45 EPS. The business’s quarterly revenue was down 3.6% on a year-over-year basis. equities analysts forecast that International Game Technology will post 1.23 earnings per share for the current year.

Several large investors have recently modified their holdings of the company. Point72 Asset Management L.P. lifted its stake in shares of International Game Technology by 40.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 6,632,396 shares of the company’s stock worth $162,825,000 after purchasing an additional 1,908,038 shares during the period. Renaissance Technologies LLC lifted its stake in shares of International Game Technology by 62.3% in the 4th quarter. Renaissance Technologies LLC now owns 4,790,800 shares of the company’s stock worth $127,004,000 after purchasing an additional 1,838,400 shares during the period. TimesSquare Capital Management LLC lifted its stake in shares of International Game Technology by 34.3% in the 4th quarter. TimesSquare Capital Management LLC now owns 3,394,600 shares of the company’s stock worth $89,991,000 after purchasing an additional 867,000 shares during the period. Vanguard Group Inc. lifted its stake in shares of International Game Technology by 14.1% in the 2nd quarter. Vanguard Group Inc. now owns 2,591,247 shares of the company’s stock worth $47,420,000 after purchasing an additional 320,244 shares during the period. Finally, Jennison Associates LLC lifted its stake in shares of International Game Technology by 114.4% in the 4th quarter. Jennison Associates LLC now owns 2,132,681 shares of the company’s stock worth $56,537,000 after purchasing an additional 1,138,049 shares during the period. Hedge funds and other institutional investors own 41.12% of the company’s stock.

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About International Game Technology

International Game Technology (IGT) is a global gaming company specializing in the design, development, manufacture, and marketing of casino-style gaming equipment, systems technology, and game content across multiple platforms: land-based, online real-money and social gaming. The Company is a supplier of gaming entertainment products worldwide.

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