International Game Technology (NYSE:IGT) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of International Game Technology (NYSE:IGT) from a hold rating to a buy rating in a research note published 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 note on Tuesday, January 14th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, International Game Technology has a consensus rating of “Moderate Buy” and a consensus target price of $28.25.

International Game Technology Trading Down 1.2 %

International Game Technology stock opened at $16.86 on Tuesday. International Game Technology has a 1 year low of $16.42 and a 1 year high of $24.13. The firm’s 50-day moving average is $17.28 and its 200-day moving average is $18.88. The company has a debt-to-equity ratio of 2.85, a quick ratio of 2.31 and a current ratio of 2.36. The company has a market cap of $3.41 billion, a P/E ratio of 28.10 and a beta of 1.86.

International Game Technology (NYSE:IGT) last issued its 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). The business had revenue of $651.00 million during the quarter, compared to the consensus estimate of $657.84 million. International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The business’s revenue was down 4.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.56 EPS. On average, equities analysts expect that International Game Technology will post 1.24 earnings per share for the current year.

International Game Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $0.80 annualized dividend and a dividend yield of 4.74%. International Game Technology’s dividend payout ratio is presently 46.78%.

Institutional Trading of International Game Technology

Several large investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. grew its stake in shares of International Game Technology by 4.2% in the fourth quarter. Victory Capital Management Inc. now owns 15,519 shares of the company’s stock worth $274,000 after purchasing an additional 622 shares in the last quarter. Summit Investment Advisors Inc. raised its stake in shares of International Game Technology by 5.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,903 shares of the company’s stock valued at $210,000 after purchasing an additional 655 shares in the last quarter. Point72 DIFC Ltd lifted its holdings in International Game Technology by 7.9% in the third quarter. Point72 DIFC Ltd now owns 12,870 shares of the company’s stock worth $274,000 after purchasing an additional 947 shares during the period. Van ECK Associates Corp grew its position in International Game Technology by 5.1% in the 4th quarter. Van ECK Associates Corp now owns 23,749 shares of the company’s stock valued at $419,000 after buying an additional 1,145 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its stake in International Game Technology by 2.6% during the 4th quarter. Harbor Capital Advisors Inc. now owns 56,048 shares of the company’s stock valued at $990,000 after buying an additional 1,442 shares during the period. 44.33% of the stock is currently owned by institutional investors and hedge funds.

About International Game Technology

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.