International Game Technology (NYSE:IGT) Rating Lowered to Buy at StockNews.com

International Game Technology (NYSE:IGT) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Friday.

IGT has been the topic of several other reports. Truist Financial reduced their target price 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. Argus cut their price objective on International Game Technology from $30.00 to $27.00 and set a “buy” rating on the stock in a report on Wednesday, March 13th. Stifel Nicolaus raised International Game Technology from a “hold” rating to a “buy” rating and increased their price objective for the company from $24.00 to $26.00 in a report on Thursday, May 30th. B. Riley started coverage on International Game Technology in a report on Friday, April 5th. They issued a “buy” rating and a $30.00 price objective on the stock. Finally, Susquehanna cut their price objective on International Game Technology from $40.00 to $33.00 and set a “positive” rating on the stock in a report on Thursday, May 16th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $28.00.

International Game Technology Trading Down 0.9 %

IGT opened at $19.98 on Friday. The firm has a market cap of $3.98 billion, a price-to-earnings ratio of 19.03 and a beta of 1.98. The company has a current ratio of 0.80, a quick ratio of 0.67 and a debt-to-equity ratio of 2.59. International Game Technology has a 12 month low of $18.90 and a 12 month high of $33.99. The stock has a fifty day moving average price of $20.26 and a 200-day moving average price of $23.01.

International Game Technology (NYSE:IGT) last announced its 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. International Game Technology had a return on equity of 20.84% and a net margin of 4.98%. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the company posted $0.49 EPS. The firm’s quarterly revenue was up .7% compared to the same quarter last year. As a group, equities research analysts anticipate that International Game Technology will post 1.53 earnings per share for the current fiscal year.

Hedge Funds Weigh In On International Game Technology

A number of hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp boosted its position in International Game Technology by 6.4% during the first quarter. Bank of New York Mellon Corp now owns 13,871,989 shares of the company’s stock worth $313,368,000 after purchasing an additional 838,622 shares in the last quarter. Lazard Asset Management LLC boosted its position in International Game Technology by 63.4% during the first quarter. Lazard Asset Management LLC now owns 10,751,703 shares of the company’s stock worth $242,880,000 after purchasing an additional 4,170,813 shares in the last quarter. Capital Research Global Investors boosted its position in International Game Technology by 102.1% during the fourth quarter. Capital Research Global Investors now owns 6,193,990 shares of the company’s stock worth $169,777,000 after purchasing an additional 3,129,559 shares in the last quarter. Parsifal Capital Management LP boosted its position in International Game Technology by 40.8% during the fourth quarter. Parsifal Capital Management LP now owns 4,290,025 shares of the company’s stock worth $117,590,000 after purchasing an additional 1,243,514 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of International Game Technology by 23.1% in the fourth quarter. Wellington Management Group LLP now owns 2,717,801 shares of the company’s stock valued at $74,495,000 after acquiring an additional 509,722 shares in the last quarter. 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 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.