International Game Technology (NYSE:IGT) Upgraded to “Strong-Buy” by StockNews.com

StockNews.com upgraded shares of International Game Technology (NYSE:IGT) from a buy rating to a strong-buy rating in a report released on Thursday.

A number of other research analysts have also recently commented on IGT. Susquehanna cut their target price on International Game Technology from $40.00 to $33.00 and set a positive rating on the stock in a research note on Thursday, May 16th. B. Riley assumed coverage on International Game Technology in a research report on Friday, April 5th. They set a buy rating and a $30.00 target price for the company. Argus cut their price target on shares of 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 upgraded shares of International Game Technology from a hold rating to a buy rating and lifted their price objective for the company from $24.00 to $26.00 in a report on Thursday, May 30th. Finally, Truist Financial dropped their target price on shares of International Game Technology from $26.00 to $23.00 and set a hold rating on the stock in a research note on Wednesday, May 15th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $28.00.

International Game Technology Price Performance

Shares of International Game Technology stock opened at $20.07 on Thursday. The stock has a market cap of $4.00 billion, a price-to-earnings ratio of 19.11 and a beta of 1.94. The company has a debt-to-equity ratio of 2.59, a quick ratio of 0.67 and a current ratio of 0.80. The stock has a 50 day moving average price of $20.29 and a 200-day moving average price of $23.26. International Game Technology has a one year low of $18.90 and a one year high of $33.99.

International Game Technology (NYSE:IGT) last posted its quarterly earnings data on Tuesday, May 14th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.29 by $0.17. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.03 billion. International Game Technology had a net margin of 4.98% and a return on equity of 20.84%. International Game Technology’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.49 earnings per share. Equities analysts expect that International Game Technology will post 1.53 EPS for the current year.

International Game Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th were given a $0.20 dividend. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $0.80 annualized dividend and a dividend yield of 3.99%. International Game Technology’s payout ratio is presently 76.19%.

Hedge Funds Weigh In On International Game Technology

Institutional investors have recently bought and sold shares of the business. Lazard Asset Management LLC increased its position in International Game Technology by 63.4% during the 1st quarter. Lazard Asset Management LLC now owns 10,751,703 shares of the company’s stock valued at $242,880,000 after buying an additional 4,170,813 shares in the last quarter. Capital Research Global Investors increased its holdings in shares of 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 valued at $169,777,000 after acquiring an additional 3,129,559 shares in the last quarter. Norges Bank purchased a new position in shares of International Game Technology in the 4th quarter valued at approximately $35,011,000. Parsifal Capital Management LP boosted its stake in International Game Technology by 40.8% in the 4th 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, Bank of New York Mellon Corp boosted its stake in International Game Technology by 6.4% in the 1st 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. 44.33% of the stock is owned by hedge funds and other 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.