International Game Technology (NYSE:IGT) Rating Lowered to Buy at StockNews.com

Posted by MarketBeat News on Sep 18th, 2023

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

IGT has been the subject of a number of other reports. Stifel Nicolaus lifted their price target on shares of International Game Technology from $32.00 to $38.00 in a research report on Monday, June 26th. Truist Financial lifted their price target on shares of International Game Technology from $35.00 to $37.00 and gave the company a buy rating in a research report on Wednesday, August 2nd. Finally, Susquehanna lifted their price target on shares of International Game Technology from $49.00 to $54.00 and gave the company a positive rating in a research report on Wednesday, August 2nd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of Buy and an average price target of $45.17.

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International Game Technology Price Performance

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Shares of IGT opened at $32.57 on Thursday. International Game Technology has a twelve month low of $15.01 and a twelve month high of $33.99. The stock’s 50 day moving average is $32.11 and its two-hundred day moving average is $29.05. The firm has a market capitalization of $6.48 billion, a PE ratio of 24.67 and a beta of 1.96. The company has a current ratio of 1.16, a quick ratio of 0.99 and a debt-to-equity ratio of 2.95.

International Game Technology (NYSE:IGT – Get Free Report) last announced its quarterly earnings data on Tuesday, August 1st. The company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.11. International Game Technology had a return on equity of 27.29% and a net margin of 6.30%. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.03 billion. Research analysts anticipate that International Game Technology will post 1.77 earnings per share for the current year.

International Game Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 29th. Investors of record on Tuesday, August 15th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, August 14th. This represents a $0.80 annualized dividend and a dividend yield of 2.46%. International Game Technology’s dividend payout ratio is currently 60.61%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of IGT. JPMorgan Chase & Co. raised its holdings in International Game Technology by 48.0% in the 1st quarter. JPMorgan Chase & Co. now owns 435,238 shares of the company’s stock valued at $10,742,000 after acquiring an additional 141,105 shares during the last quarter. AlphaCrest Capital Management LLC acquired a new position in International Game Technology in the 1st quarter valued at $374,000. Rhumbline Advisers grew its stake in shares of International Game Technology by 1.6% during the 1st quarter. Rhumbline Advisers now owns 103,240 shares of the company’s stock valued at $2,548,000 after buying an additional 1,616 shares during the period. Great West Life Assurance Co. Can grew its stake in shares of International Game Technology by 35.1% during the 1st quarter. Great West Life Assurance Co. Can now owns 4,031 shares of the company’s stock valued at $106,000 after buying an additional 1,048 shares during the period. Finally, Raymond James Trust N.A. purchased a new stake in shares of International Game Technology during the 1st quarter valued at $212,000. 44.33% of the stock is currently owned by institutional investors and hedge funds.

International Game Technology Company Profile

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International Game Technology PLC operates and provides gaming technology products and services in North America, Europe, the Middle East, Africa, Asia-Pacific, Latin America, and the Caribbean. It operates in three segments: Global Lottery, Global Gaming, and Digital & Betting. 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.