StockNews.com Downgrades International Game Technology (NYSE:IGT) to Hold

International Game Technology (NYSE:IGT) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Wednesday.

Separately, Truist Financial dropped their target price on shares of International Game Technology from $23.00 to $20.00 and set a “hold” rating on the stock in a research report on Tuesday, January 14th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

International Game Technology Trading Down 2.3 %

NYSE IGT opened at $17.93 on Wednesday. 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 business has a fifty day simple moving average of $17.34 and a 200 day simple moving average of $19.50. International Game Technology has a 12 month low of $16.42 and a 12 month high of $27.27. The firm has a market capitalization of $3.57 billion, a P/E ratio of 29.88 and a beta of 1.91.

International Game Technology (NYSE:IGT) last announced its earnings results on Tuesday, February 25th. The company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.10). International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The firm had revenue of $651.00 million during the quarter, compared to analysts’ expectations of $657.84 million. During the same quarter in the prior year, the company earned $0.56 EPS. The business’s revenue for the quarter was down 4.4% on a year-over-year basis. On average, analysts predict that International Game Technology will post 1.24 EPS for the current fiscal year.

Institutional Investors Weigh In On International Game Technology

Large investors have recently modified their holdings of the stock. Signaturefd LLC bought a new position in International Game Technology during the third quarter valued at $26,000. Harbor Capital Advisors Inc. boosted its holdings in shares of International Game Technology by 127.2% in the third quarter. Harbor Capital Advisors Inc. now owns 54,606 shares of the company’s stock worth $1,163,000 after acquiring an additional 30,569 shares during the period. Concurrent Investment Advisors LLC grew its position in shares of International Game Technology by 11.0% in the third quarter. Concurrent Investment Advisors LLC now owns 64,320 shares of the company’s stock valued at $1,370,000 after purchasing an additional 6,400 shares in the last quarter. M&G PLC raised its stake in shares of International Game Technology by 2.9% during the 3rd quarter. M&G PLC now owns 455,533 shares of the company’s stock valued at $9,566,000 after purchasing an additional 13,010 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in International Game Technology by 7.2% during the 3rd quarter. Victory Capital Management Inc. now owns 14,897 shares of the company’s stock worth $317,000 after purchasing an additional 996 shares in the last quarter. Hedge funds and other institutional investors own 44.33% of the company’s stock.

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.