International Game Technology (NYSE:IGT) Upgraded by StockNews.com to Buy Rating

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

Separately, Truist Financial dropped their price target on shares of International Game Technology from $23.00 to $20.00 and set a “hold” rating on the stock in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $28.25.

International Game Technology Stock Down 2.9 %

IGT opened at $16.48 on Tuesday. The company has a fifty day moving average of $17.26 and a two-hundred day moving average of $18.85. The company has a debt-to-equity ratio of 2.85, a quick ratio of 2.31 and a current ratio of 2.36. International Game Technology has a fifty-two week low of $16.42 and a fifty-two week high of $24.13. The stock has a market capitalization of $3.33 billion, a price-to-earnings 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 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 company posted $0.56 EPS. The business’s revenue for the quarter was down 4.4% compared to the same quarter last year. On average, research analysts expect that International Game Technology will post 1.24 earnings per share for the current year.

International Game Technology Announces Dividend

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

Hedge Funds Weigh In On International Game Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. grew its holdings in International Game Technology by 7.2% in the 3rd quarter. Victory Capital Management Inc. now owns 14,897 shares of the company’s stock valued at $317,000 after buying an additional 996 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of International Game Technology by 126.5% in the third quarter. Thrivent Financial for Lutherans now owns 45,960 shares of the company’s stock valued at $979,000 after purchasing an additional 25,665 shares during the period. Intech Investment Management LLC acquired a new stake in International Game Technology during the third quarter worth about $500,000. Charles Schwab Investment Management Inc. raised its stake in International Game Technology by 17.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,132,193 shares of the company’s stock worth $24,116,000 after purchasing an additional 164,935 shares during the period. Finally, Cerity Partners LLC acquired a new position in International Game Technology in the 3rd quarter valued at about $676,000. 44.33% of the stock is currently owned by institutional investors and hedge funds.

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.