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

International Game Technology (NYSE:IGT - Get Free Report) was downgraded by equities research analysts at StockNews.com from a "buy" rating to a "hold" rating in a note issued to investors on Monday.

Separately, Truist Financial dropped their price target on International Game Technology from $23.00 to $20.00 and set a "hold" rating on the stock in a research note on Tuesday, January 14th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $28.25.

International Game Technology Stock Up 2.3 %

IGT traded up $0.36 during trading on Monday, reaching $16.08. 1,570,186 shares of the stock were exchanged, compared to its average volume of 1,173,574. 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 50 day moving average price is $16.76 and its two-hundred day moving average price is $18.13. International Game Technology has a twelve month low of $13.81 and a twelve month high of $24.13. The stock has a market cap of $3.25 billion, a P/E ratio of 26.79 and a beta of 1.66.

International Game Technology (NYSE:IGT - Get Free Report) 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). International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The firm had revenue of $651.00 million for the quarter, compared to analyst estimates of $657.84 million. During the same quarter in the prior year, the firm earned $0.56 earnings per share. The firm's revenue for the quarter was down 4.4% on a year-over-year basis. Equities analysts expect that International Game Technology will post 1.24 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. acquired a new stake in International Game Technology during the fourth quarter worth approximately $45,000. Sterling Capital Management LLC increased its holdings in International Game Technology by 782.5% in the 4th quarter. Sterling Capital Management LLC now owns 3,124 shares of the company's stock valued at $55,000 after buying an additional 2,770 shares during the period. Quarry LP boosted its position in shares of International Game Technology by 103.9% during the 4th quarter. Quarry LP now owns 6,185 shares of the company's stock worth $109,000 after acquiring an additional 3,151 shares in the last quarter. Cibc World Markets Corp bought a new position in International Game Technology in the fourth quarter valued at approximately $188,000. Finally, Summit Investment Advisors Inc. raised its position in International Game Technology by 5.8% during 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. 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.