International Game Technology’s (IGT) Buy Rating Reaffirmed at Truist Financial

Truist Financial reissued their buy rating on shares of International Game Technology (NYSE:IGT) in a research report released on Friday, Benzinga reports. Truist Financial currently has a $37.00 target price on the stock.

A number of other equities research analysts also recently commented on IGT. Stifel Nicolaus raised their target price on International Game Technology from $32.00 to $38.00 in a report on Monday, June 26th. StockNews.com downgraded International Game Technology from a strong-buy rating to a buy rating in a report on Thursday, September 14th. Finally, Susquehanna lifted their price target on International Game Technology from $49.00 to $54.00 and gave the stock a positive rating in a research note on Wednesday, August 2nd. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of Buy and a consensus price target of $45.17.

International Game Technology Stock Performance

NYSE:IGT opened at $32.58 on Friday. The firm’s fifty day moving average price is $32.13 and its 200 day moving average price is $29.09. International Game Technology has a 1-year low of $15.01 and a 1-year high of $33.99. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.16 and a quick ratio of 0.99. The firm has a market cap of $6.49 billion, a price-to-earnings ratio of 24.68 and a beta of 1.96.

International Game Technology (NYSE:IGT) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.11. International Game Technology had a net margin of 6.30% and a return on equity of 27.29%. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.03 billion. On average, sell-side analysts expect that International Game Technology will post 1.77 EPS for the current year.

International Game Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 29th. Investors of record on Tuesday, August 15th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date was Monday, August 14th. International Game Technology’s dividend payout ratio is presently 60.61%.

Institutional Trading of International Game Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its position in International Game Technology by 47.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 11,072,313 shares of the company’s stock worth $353,096,000 after purchasing an additional 3,545,549 shares in the last quarter. Lazard Asset Management LLC grew its holdings in International Game Technology by 3.7% in the 1st quarter. Lazard Asset Management LLC now owns 6,207,288 shares of the company’s stock valued at $153,195,000 after buying an additional 220,574 shares during the period. Neuberger Berman Group LLC grew its holdings in International Game Technology by 2.0% in the 4th quarter. Neuberger Berman Group LLC now owns 3,969,508 shares of the company’s stock valued at $90,018,000 after buying an additional 79,232 shares during the period. Goldman Sachs Group Inc. grew its holdings in International Game Technology by 87.3% in the 2nd quarter. Goldman Sachs Group Inc. now owns 2,343,145 shares of the company’s stock valued at $43,488,000 after buying an additional 1,092,029 shares during the period. Finally, Capital Research Global Investors grew its holdings in International Game Technology by 115.5% in the 1st quarter. Capital Research Global Investors now owns 2,331,200 shares of the company’s stock valued at $57,534,000 after buying an additional 1,249,200 shares during the period. Hedge funds and other institutional investors 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 North America, Europe, the Middle East, Africa, Asia-Pacific, Latin America, and the Caribbean. It operates in three segments: Global Lottery, Global Gaming, and Digital & Betting. 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.