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

StockNews.com downgraded shares of International Game Technology (NYSE:IGT) from a buy rating to a hold rating in a research report sent to investors on Monday.

Separately, Truist Financial dropped their price target on International Game Technology from $23.00 to $20.00 and set a “hold” rating for the company in a research report on Tuesday, January 14th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, International Game Technology presently has an average rating of “Moderate Buy” and a consensus price target of $28.25.

International Game Technology Trading Down 0.1 %

Shares of International Game Technology stock opened at $15.64 on Monday. The company’s 50-day moving average price is $16.81 and its 200-day moving average price is $18.23. The company has a market cap of $3.16 billion, a price-to-earnings ratio of 26.07 and a beta of 1.66. International Game Technology has a 12-month low of $13.81 and a 12-month high of $24.13. The company has a current ratio of 2.36, a quick ratio of 2.31 and a debt-to-equity ratio of 2.85.

International Game Technology (NYSE:IGT) last posted its earnings results on Tuesday, February 25th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.10). The firm had revenue of $651.00 million during the quarter, compared to analysts’ expectations 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 for the quarter was down 4.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.56 earnings per share. On average, equities analysts expect that International Game Technology will post 1.24 earnings per share for the current fiscal year.

International Game Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Tuesday, March 11th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 5.12%. The ex-dividend date was Tuesday, March 11th. International Game Technology’s payout ratio is currently 46.78%.

Institutional Trading of International Game Technology

Several hedge funds have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of International Game Technology in the 4th quarter valued at about $45,000. Sterling Capital Management LLC increased its stake in International Game Technology by 782.5% in the 4th quarter. Sterling Capital Management LLC now owns 3,124 shares of the company’s stock worth $55,000 after purchasing an additional 2,770 shares during the period. Quarry LP lifted its position in International Game Technology by 103.9% in the fourth quarter. Quarry LP now owns 6,185 shares of the company’s stock valued at $109,000 after purchasing an additional 3,151 shares during the last quarter. Cibc World Markets Corp bought a new position in shares of International Game Technology in the fourth quarter worth approximately $188,000. Finally, Summit Investment Advisors Inc. increased its stake in shares of International Game Technology by 5.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,903 shares of the company’s stock worth $210,000 after buying an additional 655 shares during the period. 44.33% of the stock is owned by institutional investors.

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.