Schwab Charles Investment Management Inc. Lowers Stake in International Game Technology (IGT)

Schwab Charles Investment Management Inc. decreased its stake in shares of International Game Technology (NYSE:IGT) by 22.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 315,242 shares of the company’s stock after selling 93,536 shares during the period. Schwab Charles Investment Management Inc. owned about 0.16% of International Game Technology worth $7,472,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. FMR LLC increased its stake in shares of International Game Technology by 37.8% in the first quarter. FMR LLC now owns 2,402,519 shares of the company’s stock valued at $56,940,000 after buying an additional 659,564 shares during the last quarter. Vanguard Group Inc. increased its stake in International Game Technology by 4.0% in the first quarter. Vanguard Group Inc. now owns 2,271,003 shares of the company’s stock worth $53,822,000 after buying an additional 86,552 shares in the last quarter. Mittleman Brothers LLC increased its stake in International Game Technology by 8.8% in the first quarter. Mittleman Brothers LLC now owns 1,729,836 shares of the company’s stock worth $40,997,000 after buying an additional 139,578 shares in the last quarter. Morgan Stanley increased its stake in International Game Technology by 16.0% in the first quarter. Morgan Stanley now owns 1,374,633 shares of the company’s stock worth $32,579,000 after buying an additional 189,841 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in International Game Technology by 17.2% in the first quarter. Renaissance Technologies LLC now owns 1,362,800 shares of the company’s stock worth $32,298,000 after buying an additional 200,000 shares in the last quarter. 37.42% of the stock is currently owned by hedge funds and other institutional investors.

International Game Technology (NYSE:IGT) opened at 20.00 on Friday. International Game Technology has a 52 week low of $17.25 and a 52 week high of $32.07. The firm has a 50-day moving average price of $19.32 and a 200-day moving average price of $21.80. The stock’s market cap is $4.06 billion.

International Game Technology (NYSE:IGT) last announced its quarterly earnings data on Tuesday, August 1st. The company reported $0.15 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.17. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.20 billion. International Game Technology had a negative net margin of 2.28% and a positive return on equity of 10.35%. International Game Technology’s revenue was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.43 EPS. On average, equities research analysts predict that International Game Technology will post $1.14 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Friday, August 11th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.00%. The ex-dividend date of this dividend is Wednesday, August 9th. International Game Technology’s payout ratio is -142.86%.

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A number of brokerages have recently issued reports on IGT. Telsey Advisory Group cut their target price on International Game Technology from $31.00 to $27.00 and set an “outperform” rating on the stock in a research report on Friday, May 26th. ValuEngine lowered International Game Technology from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Bank of America Corporation reaffirmed a “neutral” rating and set a $27.00 target price (up from $22.00) on shares of International Game Technology in a research report on Sunday, May 28th. Finally, BidaskClub raised International Game Technology from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. International Game Technology has an average rating of “Hold” and an average price target of $27.38.

International Game Technology Company Profile

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.

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

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