Massachusetts Financial Services has recently announced that it has increased stake in International Game Technology PLC (NYSE:IGT) by 25.52%. After grabbing 10.33 million shares, the institutional investor is now in possession of 2.1 million shares of the Consumer Cyclical Company. The new investment brought the stake of investor firm to 5.11% having worth around $274.36 million. Moreover, Boston Partners Global Investors, increased its share by 0.23 million to have a control over 7.03 million shares. And Newton Investment Management Nort raised its holdings to 0.28 million shares by acquiring 5.93 million shares or 2.93% of the stake.
International Game Technology PLC (IGT) concluded trading on 03/15/23 at a closing price of $24.01, with 3.24 million shares of worth about $77.8 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 33.76% during that period and on Wednesday the price saw a gain of about 0.13%. Currently the company’s common shares owned by public are about 199.29M shares, out of which, 103.87M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 10 analysts are covering the IGT stock and their offered price forecasts bring an average price target of $34.32. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $66.00 and could fall to a lowest price of $24.90. The stock’s current price level is 27.44% above of average price target set by the analysts, while a rise to estimated low would result in gain of 3.57% for the stock. However, touching the estimated high of $66.00 would mean a gain of 63.62% for the stock.
MFS Mid Cap Value Fund, John Hancock III – Disciplined Va, and MFS New Discovery Value Fund are the top 3 mutual funds which are holding stakes in International Game Technology PLC MFS Mid Cap Value Fund is currently holding 4.78 million shares of worth totaling $127.08 million. The company recently came buying 0.0 shares which brought its stake up to 2.37% of the company’s outstanding shares. MFS New Discovery Value Fund, after selling 2.58 million shares, have now control over 1.28% of the stake in the company. It holds -0.36 million shares of worth $68.59 million.
International Game Technology PLC (NYSE: IGT) started trading at $23.03, below -$0.95 from concluding price of the previous day. However, the stock later moved at a day high price of 24.10, or with a gain of 0.13%. Stock saw a price change of -8.53% in past 5 days and over the past one month there was a price change of -10.68%. Year-to-date (YTD), IGT shares are showing a performance of 5.86% which increased to 13.95% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $15.01 but also hit the highest price of $27.82 during that period. The average intraday trading volume for International Game Technology PLC shares is 999.41K. The stock is currently trading -7.61% below its 20-day simple moving average (SMA20), while that difference is down -6.31% for SMA50 and it goes to 11.51% higher than SMA200.
Massachusetts Financial Services acquired 10.33 million shares of International Game Technology PLC having value of about $274.36 million. Data submitted at the U.S SEC by Massachusetts Financial Services revealed that the firm now holds 2.1 million shares in the company valued at close to $50432284.7, or have control over 25.52% stake in the company. International Game Technology PLC (NYSE: IGT) currently have 199.29M outstanding shares and institutions hold larger chunk of about 48.50% of that. Holding of mutual funds in the company is about 19.51% while other institutional holders and individual stake holders have control over 25.07% and — of the stake respectively.
The stock has a current market capitalization of $4.98B and its 3Y-monthly beta is at 1.89. PE ratio of stock for trailing 12 months is 17.86, while it has posted earnings per share of $1.34 in the same period. Its PEG reads 0.53 and has Quick Ratio of 1.00 while making debt-to-equity ratio of 4.02. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for IGT, volatility over the week remained 5.07% while standing at 3.42% over the month.
Analysts are in expectations that International Game Technology PLC (IGT) stock would likely to be making an EPS of $0.27 in the current quarter, while forecast for next quarter EPS is $0.4 and it is $1.54 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.19 which is $0.33 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.87 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 330.10% while it is estimated to increase by 10.26% in next year. EPS is likely to grow at an annualized rate of 33.45% for next 5-years, compared to annual growth of 17.40% made by the stock over the past 5-years.
Analysts at 10 brokerage firms have issued recommendations for the International Game Technology PLC (IGT)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.10. Out of those 10 Wall Street analysts, 7 recommended a “Buy” rating, while 3 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Jefferies on May 12, 2022 offering a Buy rating for the stock and assigned a target price range of between $30 and $26 to it. Coverage by Stifel stated International Game Technology PLC (IGT) stock as a Buy in their note to investors on December 17, 2021, suggesting a price target of $43 for the stock. On November 17, 2021, Jefferies Downgrade their recommendations, while on October 19, 2021, Berenberg Initiated their ratings for the stock with a price target of $35. Stock get an Outperform rating from Credit Suisse on May 13, 2021.
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