International Game Technology PLC (NYSE:IGT) Receives Average Recommendation of “Moderate Buy” from Brokerages

International Game Technology PLC (NYSE:IGT) has been assigned an average recommendation of “Moderate Buy” from the five ratings firms that are presently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $23.25.

IGT has been the topic of several analyst reports. Argus cut shares of International Game Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 20th. Susquehanna reiterated a “positive” rating and set a $25.00 price objective (down from $30.00) on shares of International Game Technology in a report on Wednesday, May 14th. Wall Street Zen lowered shares of International Game Technology from a “hold” rating to a “sell” rating in a report on Saturday. Stifel Nicolaus reiterated a “buy” rating and set a $20.00 price objective (down from $22.00) on shares of International Game Technology in a report on Wednesday, May 21st. Finally, Truist Financial cut their price objective on shares of International Game Technology from $20.00 to $18.00 and set a “hold” rating on the stock in a report on Wednesday, April 23rd.

International Game Technology Trading Down 3.2%

Shares of International Game Technology stock opened at $14.59 on Monday. The company has a fifty day simple moving average of $15.82 and a 200-day simple moving average of $16.85. 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. The stock has a market cap of $2.95 billion, a price-to-earnings ratio of 24.32 and a beta of 1.53.

International Game Technology (NYSE:IGT) last announced its quarterly earnings data on Tuesday, May 13th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.05). International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The firm had revenue of $583.00 million for the quarter, compared to analysts’ expectations of $630.30 million. During the same quarter in the previous year, the company posted $0.46 EPS. The firm’s quarterly revenue was down 11.8% compared to the same quarter last year. On average, equities analysts forecast that International Game Technology will post 1.24 EPS for the current fiscal year.

International Game Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Thursday, May 29th were given a $0.20 dividend. The ex-dividend date of this dividend was Thursday, May 29th. This represents a $0.80 annualized dividend and a yield of 5.48%. International Game Technology’s dividend payout ratio is presently 55.56%.

Institutional Trading of International Game Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. raised its position in shares of International Game Technology by 4.2% during the 4th quarter. Victory Capital Management Inc. now owns 15,519 shares of the company’s stock worth $274,000 after buying an additional 622 shares in the last quarter. Summit Investment Advisors Inc. grew its stake in shares of International Game Technology by 5.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 11,903 shares of the company’s stock worth $210,000 after purchasing an additional 655 shares during the last quarter. Cerity Partners LLC grew its stake in shares of International Game Technology by 2.3% in the 1st quarter. Cerity Partners LLC now owns 31,336 shares of the company’s stock worth $510,000 after purchasing an additional 715 shares during the last quarter. Linden Thomas Advisory Services LLC grew its stake in shares of International Game Technology by 4.0% in the 1st quarter. Linden Thomas Advisory Services LLC now owns 22,895 shares of the company’s stock worth $372,000 after purchasing an additional 891 shares during the last quarter. Finally, CWM LLC grew its stake in shares of International Game Technology by 61.1% in the 1st quarter. CWM LLC now owns 2,460 shares of the company’s stock worth $40,000 after purchasing an additional 933 shares during the last quarter. 44.33% of the stock is currently owned by institutional investors.

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.