Traders Purchase High Volume of Put Options on International Game Technology (IGT)
International Game Technology (NYSE:IGT) was the target of some unusual options trading on Monday. Traders bought 3,767 put options on the stock. This is an increase of 1,085% compared to the average daily volume of 318 put options.
Hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System raised its holdings in International Game Technology by 3.4% during the second quarter. California State Teachers Retirement System now owns 199,045 shares of the company’s stock worth $3,643,000 after purchasing an additional 6,537 shares during the last quarter. Korea Investment CORP acquired a new position in International Game Technology during the third quarter worth $2,946,000. Ladenburg Thalmann Financial Services Inc. raised its holdings in International Game Technology by 3,030.1% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,644 shares of the company’s stock worth $286,000 after purchasing an additional 11,272 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in International Game Technology by 40.4% during the third 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 last quarter. Finally, Scoggin Management LP acquired a new position in International Game Technology during the third quarter worth $12,275,000. 41.12% of the stock is owned by hedge funds and other institutional investors.
IGT has been the subject of several recent analyst reports. Deutsche Bank raised their price target on International Game Technology to $34.00 and gave the company a “buy” rating in a report on Monday, November 20th. Argus raised International Game Technology from a “hold” rating to a “buy” rating and set a $35.00 price target for the company in a report on Wednesday, November 29th. Bank of America raised their price target on 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 cut International Game Technology from a “buy” rating to a “hold” rating in a report on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $30.70.
International Game Technology (NYSE:IGT) last issued its quarterly earnings data on Tuesday, November 14th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.16. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.16 billion. International Game Technology had a positive return on equity of 10.68% and a negative net margin of 18.62%. International Game Technology’s revenue was down 3.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 earnings per share. sell-side analysts anticipate that International Game Technology will post 1.23 EPS for the current year.
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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.
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