International Game Technology (NYSE:IGT) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of International Game Technology (NYSE:IGT - Free Report) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.

Separately, Truist Financial lowered 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 report on Tuesday, January 14th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $28.00.

International Game Technology Stock Performance

NYSE:IGT traded down $0.23 during trading hours on Wednesday, reaching $17.70. 1,431,961 shares of the company's stock were exchanged, compared to its average volume of 1,443,409. International Game Technology has a 1-year low of $16.42 and a 1-year high of $27.27. The company has a quick ratio of 2.31, a current ratio of 2.36 and a debt-to-equity ratio of 2.85. The firm has a market capitalization of $3.52 billion, a price-to-earnings ratio of 29.49 and a beta of 1.91. The company has a 50-day moving average of $17.35 and a 200 day moving average of $19.46.

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International Game Technology (NYSE:IGT - Get Free Report) last announced its earnings results 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 business had revenue of $651.00 million for the quarter, compared to analyst estimates of $657.84 million. International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. International Game Technology's quarterly revenue was down 4.4% on a year-over-year basis. During the same quarter last year, the company posted $0.56 EPS. Research analysts anticipate that International Game Technology will post 1.24 EPS for the current year.

International Game Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Tuesday, March 11th will be given a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $0.80 annualized dividend and a dividend yield of 4.52%. International Game Technology's dividend payout ratio is presently 46.78%.

Hedge Funds Weigh In On International Game Technology

A number of institutional investors have recently made changes to their positions in IGT. Segall Bryant & Hamill LLC acquired a new position in International Game Technology in the 3rd quarter valued at about $1,209,000. Massachusetts Financial Services Co. MA raised its position in shares of International Game Technology by 0.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,790,889 shares of the company's stock valued at $165,946,000 after buying an additional 47,442 shares during the last quarter. Qsemble Capital Management LP lifted its stake in shares of International Game Technology by 230.0% during the third quarter. Qsemble Capital Management LP now owns 42,941 shares of the company's stock valued at $915,000 after buying an additional 29,929 shares during the period. Zacks Investment Management acquired a new stake in International Game Technology during the third quarter worth approximately $645,000. Finally, Stifel Financial Corp boosted its position in International Game Technology by 22.2% during the third quarter. Stifel Financial Corp now owns 56,179 shares of the company's stock worth $1,197,000 after acquiring an additional 10,193 shares during the last quarter. 44.33% of the stock is owned by institutional investors and hedge funds.

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.