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

StockNews.com lowered shares of International Game Technology (NYSE:IGT) from a buy rating to a hold rating in a research report report published on Wednesday.

Separately, Truist Financial cut their price objective 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 equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, International Game Technology has an average rating of “Moderate Buy” and a consensus target price of $28.00.

International Game Technology Trading Up 1.8 %

Shares of IGT stock opened at $18.35 on Wednesday. The company has a market cap of $3.65 billion, a P/E ratio of 30.58 and a beta of 1.91. International Game Technology has a fifty-two week low of $16.42 and a fifty-two week high of $27.27. The stock has a 50 day simple moving average of $17.33 and a two-hundred day simple moving average of $19.51. The company has a debt-to-equity ratio of 2.85, a quick ratio of 2.31 and a current ratio of 2.36.

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

International Game Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Tuesday, March 11th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date is Tuesday, March 11th. International Game Technology’s dividend payout ratio (DPR) is 133.33%.

Institutional Investors Weigh In On International Game Technology

Several hedge funds and other institutional investors have recently made changes to their positions in IGT. Victory Capital Management Inc. lifted its position in International Game Technology by 4.2% in the 4th quarter. Victory Capital Management Inc. now owns 15,519 shares of the company’s stock valued at $274,000 after acquiring an additional 622 shares in the last quarter. Summit Investment Advisors Inc. lifted its holdings 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 valued at $210,000 after purchasing an additional 655 shares in the last quarter. Point72 DIFC Ltd lifted its holdings in shares of International Game Technology by 7.9% in the third quarter. Point72 DIFC Ltd now owns 12,870 shares of the company’s stock valued at $274,000 after purchasing an additional 947 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of International Game Technology by 5.1% during the fourth quarter. Van ECK Associates Corp now owns 23,749 shares of the company’s stock valued at $419,000 after buying an additional 1,145 shares during the last quarter. Finally, Signaturefd LLC bought a new stake in International Game Technology during the third quarter worth $26,000. 44.33% of the stock is 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.