International Game Technology (NYSE:IGT) Rating Increased to Strong-Buy at StockNews.com

International Game Technology (NYSE:IGT) was upgraded by research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday.

Other equities research analysts have also recently issued research reports about the company. Susquehanna dropped their price objective on International Game Technology from $50.00 to $48.00 and set a “positive” rating for the company in a report on Thursday, November 2nd. Stifel Nicolaus dropped their price target on International Game Technology from $39.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, November 1st. Finally, Truist Financial reduced their price objective on shares of International Game Technology from $37.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday, November 1st. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, International Game Technology presently has a consensus rating of “Buy” and an average price target of $43.33.

International Game Technology Stock Up 2.6 %

Shares of International Game Technology stock opened at $27.19 on Monday. The company’s 50 day moving average price is $29.68 and its 200-day moving average price is $29.97. International Game Technology has a 52-week low of $21.38 and a 52-week high of $33.99. The company has a debt-to-equity ratio of 2.76, a quick ratio of 0.96 and a current ratio of 1.13. The stock has a market capitalization of $5.41 billion, a price-to-earnings ratio of 56.65 and a beta of 2.00.

International Game Technology (NYSE:IGT) last announced its quarterly earnings results on Tuesday, October 31st. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.13. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.03 billion. International Game Technology had a net margin of 2.32% and a return on equity of 19.39%. The company’s revenue was up .5% on a year-over-year basis. During the same quarter last year, the firm earned $1.30 EPS. Equities research analysts forecast that International Game Technology will post 1.81 EPS for the current year.

Institutional Trading of International Game Technology

A number of hedge funds have recently modified their holdings of IGT. Bank of New York Mellon Corp lifted 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 valued at $353,096,000 after acquiring an additional 3,545,549 shares during the period. Invesco Ltd. lifted its holdings in shares of International Game Technology by 1,485.1% during the first quarter. Invesco Ltd. now owns 1,418,405 shares of the company’s stock valued at $35,006,000 after purchasing an additional 1,328,919 shares during the last quarter. Capital Research Global Investors boosted its position in shares of 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 worth $57,534,000 after purchasing an additional 1,249,200 shares in the last quarter. Parsifal Capital Management LP purchased a new stake in shares of International Game Technology in the 2nd quarter worth approximately $35,239,000. Finally, Goldman Sachs Group Inc. increased its position in International Game Technology by 87.3% during 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 in the last quarter. 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 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.