Analysts Set International Game Technology PLC (NYSE:IGT) Target Price at $28.00

Shares of International Game Technology PLC (NYSE:IGT) have received an average rating of “Moderate Buy” from the five analysts that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $28.00.

A number of research firms recently issued reports on IGT. StockNews.com downgraded shares of International Game Technology from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Truist Financial lowered their price objective on shares of International Game Technology from $23.00 to $20.00 and set a “hold” rating for the company in a research note on Tuesday, January 14th.

Institutional Investors Weigh In On International Game Technology

Several large investors have recently made changes to their positions in the business. Signaturefd LLC acquired a new position in shares of International Game Technology during the 3rd quarter valued at $26,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in International Game Technology in the fourth quarter valued at about $45,000. Sterling Capital Management LLC lifted its stake in shares of International Game Technology by 782.5% during the fourth quarter. Sterling Capital Management LLC now owns 3,124 shares of the company’s stock worth $55,000 after purchasing an additional 2,770 shares in the last quarter. Quarry LP lifted its stake in shares of International Game Technology by 103.9% during the fourth quarter. Quarry LP now owns 6,185 shares of the company’s stock worth $109,000 after purchasing an additional 3,151 shares in the last quarter. Finally, Cibc World Markets Corp purchased a new stake in shares of International Game Technology in the fourth quarter worth about $188,000. Institutional investors and hedge funds own 44.33% of the company’s stock.

International Game Technology Price Performance

IGT stock opened at $17.42 on Wednesday. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of 29.03 and a beta of 1.91. The company has a quick ratio of 2.31, a current ratio of 2.36 and a debt-to-equity ratio of 2.85. International Game Technology has a 52-week low of $16.42 and a 52-week high of $25.63. The stock’s fifty day simple moving average is $17.37 and its 200-day simple moving average is $19.39.

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

International Game Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Tuesday, March 11th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $0.80 dividend on an annualized basis and a yield of 4.59%. International Game Technology’s dividend payout ratio (DPR) is 46.78%.

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.