International Game Technology (NYSE:IGT) Downgraded to “Hold” at StockNews.com

StockNews.com cut shares of International Game Technology (NYSE:IGT) from a buy rating to a hold rating in a report released on Friday.

A number of other analysts also recently issued reports on the stock. B. Riley restated a buy rating and set a $30.00 price target on shares of International Game Technology in a report on Friday, July 26th. Stifel Nicolaus raised their price target on shares of International Game Technology from $26.00 to $30.00 and gave the stock a buy rating in a report on Wednesday, July 31st. Finally, Susquehanna lowered their price objective on shares of International Game Technology from $40.00 to $33.00 and set a positive rating for the company in a research report on Thursday, May 16th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, International Game Technology presently has an average rating of Moderate Buy and an average target price of $28.67.

International Game Technology Stock Up 0.7 %

Shares of NYSE IGT opened at $21.68 on Friday. The company has a 50 day simple moving average of $21.59 and a 200-day simple moving average of $21.22. The company has a market capitalization of $4.32 billion, a P/E ratio of 20.65 and a beta of 1.96. The company has a debt-to-equity ratio of 2.57, a current ratio of 0.84 and a quick ratio of 0.71. International Game Technology has a 1 year low of $18.90 and a 1 year high of $33.48.

International Game Technology (NYSE:IGT) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.07. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.06 billion. International Game Technology had a net margin of 4.89% and a return on equity of 19.95%. The business’s revenue was down .6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.45 EPS. On average, equities research analysts predict that International Game Technology will post 1.48 earnings per share for the current year.

International Game Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.69%. International Game Technology’s payout ratio is currently 76.19%.

Hedge Funds Weigh In On International Game Technology

A number of hedge funds have recently made changes to their positions in IGT. Oliver Lagore Vanvalin Investment Group purchased a new position in International Game Technology in the 2nd quarter valued at approximately $31,000. Blue Trust Inc. purchased a new position in International Game Technology in the 2nd quarter valued at approximately $44,000. General Partner Inc. purchased a new position in International Game Technology in the 1st quarter valued at approximately $45,000. Hexagon Capital Partners LLC boosted its position in International Game Technology by 1,633.6% in the 2nd quarter. Hexagon Capital Partners LLC now owns 2,219 shares of the company’s stock valued at $45,000 after buying an additional 2,091 shares during the period. Finally, CWM LLC boosted its position in International Game Technology by 156.7% in the 2nd quarter. CWM LLC now owns 2,321 shares of the company’s stock valued at $47,000 after buying an additional 1,417 shares during the period. Hedge funds and other institutional investors own 44.33% of the company’s stock.

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.