International Game Technology said on May 9, 2023 that its board of directors declared a regular quarterly dividend of $0.20 per share ($0.80 annualized). Previously, the company paid $0.20 per share.
Shares must be purchased before the ex-div date of May 24, 2023 to qualify for the dividend. Shareholders of record as of May 25, 2023 will receive the payment on June 8, 2023.
At the current share price of $25.86 / share, the stock's dividend yield is 3.09%.
Looking back five years and taking a sample every week, the average dividend yield has been 4.97%, the lowest has been 2.51%, and the highest has been 17.78%. The standard deviation of yields is 2.49 (n=200).
The current dividend yield is 0.76 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.73. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company has not increased its dividend in the last three years.
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What is the Fund Sentiment?
There are 490 funds or institutions reporting positions in International Game Technology. This is an increase of 16 owner(s) or 3.38% in the last quarter. Average portfolio weight of all funds dedicated to IGT is 0.32%, an increase of 12.40%. Total shares owned by institutions decreased in the last three months by 2.73% to 116,229K shares. 
The put/call ratio of IGT is 0.34, indicating a bullish outlook.
Analyst Price Forecast Suggests 36.22% Upside
As of May 11, 2023, the average one-year price target for International Game Technology is 35.23. The forecasts range from a low of 25.15 to a high of $69.30. The average price target represents an increase of 36.22% from its latest reported closing price of 25.86.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for International Game Technology is 4,150MM, a decrease of 2.01%. The projected annual non-GAAP EPS is 1.49.
What are Other Shareholders Doing?
Massachusetts Financial Services holds 10,360K shares representing 5.19% ownership of the company. In it's prior filing, the firm reported owning 10,330K shares, representing an increase of 0.29%. The firm decreased its portfolio allocation in IGT by 82.18% over the last quarter.
Lazard Asset Management holds 7,788K shares representing 3.90% ownership of the company. In it's prior filing, the firm reported owning 9,946K shares, representing a decrease of 27.71%. The firm increased its portfolio allocation in IGT by 5.98% over the last quarter.
Bank of New York Mellon holds 7,527K shares representing 3.77% ownership of the company. In it's prior filing, the firm reported owning 6,662K shares, representing an increase of 11.49%. The firm decreased its portfolio allocation in IGT by 85.28% over the last quarter.
Boston Partners holds 6,743K shares representing 3.38% ownership of the company. In it's prior filing, the firm reported owning 7,025K shares, representing a decrease of 4.18%. The firm decreased its portfolio allocation in IGT by 55.34% over the last quarter.
Neuberger Berman Group holds 3,970K shares representing 1.99% ownership of the company. In it's prior filing, the firm reported owning 3,890K shares, representing an increase of 2.00%. The firm increased its portfolio allocation in IGT by 37.62% over the last quarter.
International Game Technology Background Information
(This description is provided by the company.)
IGT is the global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Gaming Machines and Lotteries to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, its solutions deliver unrivaled gaming experiences that engage players and drive growth. The Company has a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and creates value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 11,000 employees.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
