International Game Technology PLC (NYSE:IGT) to Issue $0.20 Quarterly Dividend

International Game Technology PLC (NYSE:IGT) announced a quarterly dividend on Wednesday, May 14th, Wall Street Journal reports. Shareholders of record on Thursday, May 29th will be paid a dividend of 0.20 per share on Thursday, June 12th. This represents a $0.80 annualized dividend and a yield of 4.81%. The ex-dividend date of this dividend is Thursday, May 29th.

International Game Technology has increased its dividend payment by an average of 58.7% per year over the last three years. International Game Technology has a dividend payout ratio of 54.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect International Game Technology to earn $1.25 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 64.0%.

International Game Technology Price Performance

NYSE:IGT opened at $16.62 on Friday. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of 27.70 and a beta of 1.61. The company has a debt-to-equity ratio of 2.85, a current ratio of 2.36 and a quick ratio of 2.31. The business has a 50 day simple moving average of $16.36 and a 200-day simple moving average of $17.62. International Game Technology has a 1 year low of $13.81 and a 1 year high of $24.13.

International Game Technology (NYSE:IGT) last issued its quarterly earnings results on Tuesday, May 13th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.05). The company had revenue of $583.00 million during the quarter, compared to the consensus estimate of $630.30 million. International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. Equities analysts forecast that International Game Technology will post 1.24 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Susquehanna reaffirmed a “positive” rating and set a $25.00 price target (down from $30.00) on shares of International Game Technology in a research note on Wednesday. Truist Financial decreased their price objective on shares of International Game Technology from $20.00 to $18.00 and set a “hold” rating for the company in a research note on Wednesday, April 23rd. StockNews.com cut International Game Technology from a “buy” rating to a “hold” rating in a research note on Monday, April 14th. Finally, Stifel Nicolaus reduced their price target on International Game Technology from $26.00 to $22.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.75.

About International Game Technology

International Game Technology PLC operates and provides gaming technology products and services in the United States, Canada, Italy, The United Kingdom, rest of Europe, and internationally. It operates through three segments: Global Lottery, Global Gaming, and PlayDigital. The company designs, sells, operates, and leases a suite of point-of-sale machines that reconciles lottery funds between the retailer and lottery authority; provides online lottery transaction processing systems; produces instant ticket games; and offers printing services, such as instant ticket marketing plans and graphic design, programming, packaging, shipping, and delivery services, as well as iLottery solutions and services.