International Game Technology (NYSE:IGT) Upgraded at StockNews.com

StockNews.com upgraded shares of International Game Technology (NYSE:IGT) from a hold rating to a buy rating in a research report released on Tuesday.

Separately, Truist Financial lowered their price objective on International Game Technology from $23.00 to $20.00 and set a “hold” rating for the company in a research report on Tuesday, January 14th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.25.

International Game Technology Price Performance

Shares of IGT stock opened at $16.48 on Tuesday. The stock’s 50-day moving average is $17.26 and its 200 day moving average is $18.85. International Game Technology has a 1-year low of $16.42 and a 1-year high of $24.13. 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 company has a market cap of $3.33 billion, a P/E ratio of 27.46 and a beta of 1.86.

International Game Technology (NYSE:IGT) last released its quarterly earnings results on Tuesday, February 25th. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.10). International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The firm had revenue of $651.00 million during the quarter, compared to the consensus estimate of $657.84 million. During the same quarter in the prior year, the business posted $0.56 earnings per share. The firm’s quarterly revenue was down 4.4% on a year-over-year basis. Research analysts predict that International Game Technology will post 1.24 earnings per share for the current fiscal year.

International Game Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Tuesday, March 11th were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.86%. International Game Technology’s dividend payout ratio is currently 46.78%.

Institutional Trading of International Game Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IGT. Qsemble Capital Management LP boosted its holdings in shares of International Game Technology by 230.0% in the 3rd quarter. Qsemble Capital Management LP now owns 42,941 shares of the company’s stock valued at $915,000 after acquiring an additional 29,929 shares during the last quarter. Zacks Investment Management acquired a new position in International Game Technology during the third quarter valued at $645,000. Stifel Financial Corp boosted its holdings in International Game Technology by 22.2% in the third quarter. Stifel Financial Corp now owns 56,179 shares of the company’s stock valued at $1,197,000 after purchasing an additional 10,193 shares during the last quarter. BBR Partners LLC acquired a new stake in International Game Technology during the 3rd quarter worth about $639,000. Finally, Fox Run Management L.L.C. raised its stake in shares of International Game Technology by 283.6% during the 4th quarter. Fox Run Management L.L.C. now owns 71,033 shares of the company’s stock valued at $1,254,000 after buying an additional 52,516 shares during the last quarter. Institutional investors and hedge funds own 44.33% of the company’s stock.

International Game Technology Company Profile

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.