Truist Financial Cuts International Game Technology (NYSE:IGT) Price Target to $20.00

International Game Technology (NYSE:IGT) had its price objective reduced by Truist Financial from $23.00 to $20.00 in a research report released on Tuesday morning,Benzinga reports. They currently have a hold rating on the stock.

Separately, StockNews.com raised International Game Technology from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, International Game Technology presently has an average rating of “Moderate Buy” and an average target price of $28.00.

International Game Technology Stock Down 1.6 %

IGT opened at $17.24 on Tuesday. The company has a debt-to-equity ratio of 2.85, a quick ratio of 2.31 and a current ratio of 2.36. The stock’s fifty day moving average is $18.56 and its 200-day moving average is $20.30. International Game Technology has a one year low of $16.83 and a one year high of $27.27. The company has a market capitalization of $3.43 billion, a PE ratio of 28.73 and a beta of 1.92.

International Game Technology (NYSE:IGT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.24). International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The company had revenue of $587.00 million for the quarter, compared to analyst estimates of $591.50 million. During the same quarter in the previous year, the firm posted $0.52 EPS. International Game Technology’s quarterly revenue was down 2.3% on a year-over-year basis. On average, equities analysts predict that International Game Technology will post 1.16 EPS for the current fiscal year.

International Game Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Tuesday, November 26th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, November 26th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.64%. International Game Technology’s dividend payout ratio (DPR) is presently 133.33%.

Institutional Trading of International Game Technology

Several institutional investors have recently modified their holdings of IGT. Solel Partners LP bought a new position in shares of International Game Technology during the 2nd quarter worth approximately $43,478,000. Long Pond Capital LP acquired a new stake in shares of International Game Technology in the second quarter valued at approximately $32,053,000. Massachusetts Financial Services Co. MA lifted its stake in shares of International Game Technology by 17.8% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,743,447 shares of the company’s stock valued at $158,431,000 after acquiring an additional 1,169,999 shares during the period. Deprince Race & Zollo Inc. lifted its holdings in International Game Technology by 75.5% in the second quarter. Deprince Race & Zollo Inc. now owns 2,313,954 shares of the company’s stock valued at $47,343,000 after buying an additional 995,570 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC grew its stake in shares of International Game Technology by 80.8% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 1,202,620 shares of the company’s stock worth $25,616,000 after purchasing an additional 537,330 shares during the period. Institutional investors and hedge funds 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.