Envestnet Asset Management Inc., a renowned institutional investor, has recently declared that it has reduced its stake in International Game Technology PLC (NYSE:IGT) by 9.4% in the fourth quarter of the fiscal year. According to the company’s most recent 13F filing with the Securities and Exchange Commission, Envestnet Asset Management Inc. owned 44,989 shares of IGT’s stock after selling 4,663 shares during the period. As per their financials, the stakes held by Envestnet Asset Management Inc. were valued at around $1,020,000 at the end of December 2020.
International Game Technology PLC is one of the most prominent players in designing, manufacturing, and marketing electronic gaming equipment worldwide. The company operates through its Global Lottery, Global Gaming, and Digital & Betting segments. The Global Lottery segment supervises traditional lottery and iLottery businesses globally, including sales operations along with product development technology and support.
On Friday i.e., February 12th, 2021 shares of IGT’s stock witnessed opening at $24.64. With extreme fluctuations in stock prices throughout these exceptional times caused by COVID-19 pandemic coupled with ongoing political issues had resulted in facing many challenges; however, IGT performed remarkably well despite such events having occurred.
International Game Technology PLC has a decent track record on price-performance ranging from $15.01 as its one-year low and $28.98 as its one year high leading up to its current market capitalization worth approximately $4.91 billion with a PE ratio of 23.03 along with a beta value recorded at 1.86 indicating moderate volatility attached to this equity investment.
Moreover, International Game Technology is currently working towards enhancing its balance sheet strength by closely monitoring its liquidity whilst continuing to focus on developing robust restructuring strategies for better future growth perspectives generating higher profitability margins over time that would eventually lead to a maximization of its share value in the long run. The company has a debt-to-equity ratio of 2.96 showcasing its tendency to finance its growth through leverage, but paying close attention to managing the same won’t affect investor confidence.
In conclusion, while reflecting on these latest developments in IGT’s investment portfolio, it is safe to say that Enventnet Asset Management Inc.’s reduced stake would not affect IGT’s thriving business prospects anytime soon. Nonetheless, onlookers are still early into the year and yet to see how International Game Technology PLC will perform over an extended period.
Investor Activity and Performance of International Game Technology
International Game Technology: An Overview of Recent Investor Activity and Company Performance
International Game Technology (IGT), which specializes in designing, manufacturing, and marketing electronic gaming equipment, software and network systems, has seen activity from high-profile investors recently. Several major investment organizations have increased their holdings in IGT during the third quarter of 2016. Lazard Asset Management LLC increased its position by 28.2%, now owning just under 10 million shares worth $157 million. Massachusetts Financial Services Co. MA and Bank of New York Mellon Corp boosted their stakes by 3.9% and 19.7% respectively; holding sums valued at $130 million and just under $101 million each.
Boston Partners also added to its holdings by 1.7%, while Neuberger Berman Group did so by 4.2%. All four firms now have an interest in IGT worth more than $100 million each, making a total of around 44% of the company’s stocks currently owned by institutional investors and hedge funds.
Several research companies have been discussing IGT recently with mostly positive sentiment conveyed through stock ratings and target prices for the business. Susquehanna upgraded International Game Technology from ‘neutral’ to ‘positive’ rating with a target price set at $31 per share while Credit Suisse Group raised its target from $62 to $66 price objective labeling the business stock as an “outperform” rating overall, predicting a positive future for the company.
According to data accumulated from Bloomberg.com six analysts out of seven surveyed over recent months gave positive projections for IGT stocks, with one analyst providing an extremely bullish projection pointing towards a strong buy model outcome for IGT shares.
In May this year, International Game Technology reported earnings per share (EPS) figures that successfully exceeded expectations by ten cents at $0.49 EPS for the quarter contributing sales revenue worth USD1.06 billion versus industry expert’s predictions of USD1.03 billion. IGT has maintained a performance margin of net profit figures somewhere around the ballpark of 5%. Analysts have predicted that IGT will end the fiscal year with a promising EPS of around 1.68.
IGT recently announced it will offer its shareholders a quarterly dividend payment on June 8th, amounting to $0.20 per share with an ex-dividend date set for May 24th, making for a total payout of $0.80 each yearly causing a dividend yield rate of approximately 3.25%. While investors are sure to appreciate this, career analysts and experienced market watchers remain overall bullish that International Game Technology will continue to perform exceptionally well in coming periods based on current growth patterns across multiple sectors and geographical areas in which the company operates; already major stakeholders movers and shakers anticipate IGT profits will soon start to soar giving them further reason to hold onto their investment shares in this fascinating industry-leading employer, International Game Technology PLC.
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