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

International Game Technology PLC (NYSE:IGT) has earned a consensus rating of “Moderate Buy” from the six brokerages that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $28.00.

Several equities analysts recently issued reports on IGT shares. B. Riley initiated coverage on International Game Technology in a report on Friday, April 5th. They issued a “buy” rating and a $30.00 price target on the stock. Susquehanna cut their target price on International Game Technology from $40.00 to $33.00 and set a “positive” rating on the stock in a research note on Thursday, May 16th. Argus cut their target price on International Game Technology from $30.00 to $27.00 and set a “buy” rating on the stock in a research note on Wednesday, March 13th. Truist Financial dropped their price target on International Game Technology from $26.00 to $23.00 and set a “hold” rating on the stock in a research report on Wednesday, May 15th. Finally, StockNews.com lowered International Game Technology from a “strong-buy” rating to a “buy” rating in a research report on Monday, May 13th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IGT. Deutsche Bank AG grew its stake in International Game Technology by 2.2% in the third quarter. Deutsche Bank AG now owns 257,852 shares of the company’s stock valued at $7,818,000 after purchasing an additional 5,648 shares in the last quarter. Rhumbline Advisers grew its stake in International Game Technology by 3.0% in the third quarter. Rhumbline Advisers now owns 153,844 shares of the company’s stock valued at $4,665,000 after purchasing an additional 4,479 shares in the last quarter. Invesco Ltd. boosted its stake in shares of International Game Technology by 2.3% during the 3rd quarter. Invesco Ltd. now owns 1,600,691 shares of the company’s stock worth $48,533,000 after acquiring an additional 35,911 shares during the period. Hsbc Holdings PLC bought a new position in shares of International Game Technology during the 3rd quarter worth approximately $1,613,000. Finally, Point Break Capital Management LLC bought a new position in shares of International Game Technology during the 3rd quarter worth approximately $4,569,000. 44.33% of the stock is currently owned by institutional investors.

International Game Technology Price Performance

Shares of IGT stock opened at $20.42 on Friday. The stock’s fifty day moving average is $20.27 and its 200-day moving average is $23.40. The company has a debt-to-equity ratio of 2.59, a quick ratio of 0.67 and a current ratio of 0.80. The stock has a market capitalization of $4.07 billion, a PE ratio of 19.45 and a beta of 1.94. International Game Technology has a 52 week low of $18.90 and a 52 week high of $33.99.

International Game Technology (NYSE:IGT) last posted its quarterly earnings results on Tuesday, May 14th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.17. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.03 billion. International Game Technology had a return on equity of 20.84% and a net margin of 4.98%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter last year, the business earned $0.49 earnings per share. Equities research analysts expect that International Game Technology will post 1.53 EPS for the current fiscal year.

International Game Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Investors of record on Thursday, May 30th were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, May 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.92%. International Game Technology’s payout ratio is presently 76.19%.

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.