{"id":239233,"date":"2022-10-25T00:45:16","date_gmt":"2022-10-25T05:45:16","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=239233"},"modified":"2023-04-20T08:01:28","modified_gmt":"2023-04-20T13:01:28","slug":"igt-buyback-hits-22-million-over-past-month-shares-outstanding-shrink","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/igt-buyback-hits-22-million-over-past-month-shares-outstanding-shrink\/","title":{"rendered":"International Game Technology Repurchases 1.35M of Own Shares"},"content":{"rendered":"

International Game Technology (NYSE: IGT) recently repurchased 1.35 million shares, or about $22 million worth of its own stock.<\/p>\n

\"IGT
An International Game Technology booth at a gaming convention. The company recently bought back $22 million of its own shares. (Image: IGT)<\/figcaption><\/figure>\n

The buyback activity occurred across three transactions from September 30 through October 14 in amounts of 765,300, 289,735, and 298,580 shares, respectively. The minimum price the slot machine<\/a> manufacturer paid was $15.01 and the highest price it paid for its stock was $18.37, according to a Form 6-K filing with the Securities and Exchange Commission (SEC).<\/p>\n

IGT announced that it has repurchased the following number of its ordinary shares pursuant to its share repurchase program, details of which were announced on November 16, 2021,\u201d <\/strong>according to the regulatory document.<\/p><\/blockquote>\n

In November 2021, IGT<\/a> revealed plans for a $300 million, multi-year share repurchase program. That\u2019s the first buyback plan in the company\u2019s history and arrives a week after the maker of the popular Wheel of Fortune<\/em> slot machines<\/a> said it\u2019s reinstating its quarterly dividend of 20 cents a share.<\/p>\n

The UK-based<\/a> gaming technology company provides back-end services and solutions for lotteries and sportsbooks<\/a> around the world, and also manufactures slot machines.<\/p>\n

IGT Also Buying Back Debt<\/h2>\n

The gaming device maker has been active in repurchasing its various securities. Last month, the company announced plans to buy back up to $500 million<\/a> worth of its outstanding corporate debt.<\/p>\n

\n

The slot machine manufacturer said the buyback plan will pertain to two large bundles. They include some $1.1 billion of 6.5% senior unsecured notes coming due in 2025, and $499 million of 3.25% senior unsecured euro notes maturing in 2024. Bondholders that met a specific deadline were offered a premium of $30 per $1,000 tendered.<\/p>\n<\/div>\n

By removing debt from the market, the company is saving on interest expenses<\/a> — a valuable trait at a time when interest rates are rising. Via share buybacks, IGT\u2019s shares outstanding tally shrinks, potentially boosting its earnings per share in the process.<\/p>\n

IGT\u2019s debt reduction and balance sheet-firming efforts are relevant for another reason. As the company\u2019s liabilities decline, it positions itself for a better credit rating. Currently, IGT carries a junk grade. But if its balance sheet improves, it becomes a candidate for an investment-grade rating. Companies with those marks earn the benefit of lower financing costs.<\/p>\n

Other Catalysts for IGT<\/h2>\n

Although its stock is down 35.07% year-to-date, IGT is a catalyst-rich story, and that includes the aforementioned debt and share repurchase efforts.<\/p>\n

IGT is also actively working to reduce its debt burden and bolster cash flow, efforts that could be enhanced by the streamlining of its iGaming and sports betting businesses. Forming a dedicated outfit for those units could be well-timed, because the move is occurring at a moment of exponential growth in those industries.<\/strong><\/p>\n

There\u2019s some speculation in the investment community that could ultimately lead to a spin-off of the newly formed online casino\/sports betting subsidiary. That could unlock value for investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

International Game Technology (NYSE: IGT) recently repurchased 1.35 million shares, or about $22 million worth of its own stock. The buyback activity occurred across three transactions from September 30 through October 14 in amounts of 765,300, 289,735, and 298,580 shares, respectively. The minimum price the slot machine manufacturer paid was $15.01 and the highest price […]<\/p>\n","protected":false},"author":46,"featured_media":239234,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,69293],"tags":[81903,81890],"acf":[],"yoast_head":"\nIGT Buyback Hits $22 Million Over Past Month, Shares Outstanding Shrink<\/title>\n<meta name=\"description\" content=\"International Game Technology's buyback plan resulted in $22 million in repurcahses since September.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/igt-buyback-hits-22-million-over-past-month-shares-outstanding-shrink\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IGT Buyback Hits $22 Million Over Past Month, Shares Outstanding Shrink\" \/>\n<meta property=\"og:description\" content=\"International Game Technology's buyback plan resulted in $22 million in repurcahses since September.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/igt-buyback-hits-22-million-over-past-month-shares-outstanding-shrink\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-25T05:45:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-20T13:01:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/IGT.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1680\" \/>\n\t<meta property=\"og:image:height\" content=\"490\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/igt-buyback-hits-22-million-over-past-month-shares-outstanding-shrink\/\",\"url\":\"https:\/\/www.casino.org\/news\/igt-buyback-hits-22-million-over-past-month-shares-outstanding-shrink\/\",\"name\":\"IGT Buyback Hits $22 Million Over Past Month, Shares Outstanding Shrink\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/igt-buyback-hits-22-million-over-past-month-shares-outstanding-shrink\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/igt-buyback-hits-22-million-over-past-month-shares-outstanding-shrink\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/IGT.jpg\",\"datePublished\":\"2022-10-25T05:45:16+00:00\",\"dateModified\":\"2023-04-20T13:01:28+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"International Game Technology's buyback plan resulted in $22 million in repurcahses since September.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/igt-buyback-hits-22-million-over-past-month-shares-outstanding-shrink\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/igt-buyback-hits-22-million-over-past-month-shares-outstanding-shrink\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/igt-buyback-hits-22-million-over-past-month-shares-outstanding-shrink\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/IGT.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/IGT.jpg\",\"width\":1680,\"height\":490,\"caption\":\"An International Game Technology booth at a gaming convention. 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