International Game Technology (NYSE:IGT) Upgraded by StockNews.com to Buy Rating

StockNews.com upgraded shares of International Game Technology (NYSE:IGT - Free Report) from a hold rating to a buy rating in a research note published on Tuesday.

Separately, Truist Financial reduced their price objective on International Game Technology from $23.00 to $20.00 and set a "hold" rating for the company in a report on Tuesday, January 14th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, International Game Technology has an average rating of "Moderate Buy" and a consensus target price of $28.25.

International Game Technology Stock Down 1.2 %

International Game Technology stock traded down $0.20 during trading hours on Tuesday, hitting $16.26. The stock had a trading volume of 1,222,821 shares, compared to its average volume of 1,148,443. The stock's 50-day moving average price is $17.24 and its 200-day moving average price is $18.81. The stock has a market capitalization of $3.28 billion, a P/E ratio of 27.09 and a beta of 1.86. International Game Technology has a 12-month low of $16.12 and a 12-month high of $24.13. The company has a quick ratio of 2.31, a current ratio of 2.36 and a debt-to-equity ratio of 2.85.

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International Game Technology (NYSE:IGT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The company reported $0.22 earnings per share for the quarter, missing analysts' consensus estimates of $0.32 by ($0.10). The firm had revenue of $651.00 million during the quarter, compared to analysts' expectations 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 revenue was down 4.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.56 earnings per share. Equities research analysts anticipate that International Game Technology will post 1.24 EPS for the current fiscal year.

International Game Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th were paid a $0.20 dividend. The ex-dividend date was Tuesday, March 11th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.92%. International Game Technology's dividend payout ratio (DPR) is currently 46.78%.

Institutional Trading of International Game Technology

A number of hedge funds have recently bought and sold shares of the company. Qsemble Capital Management LP increased its position in shares of International Game Technology by 230.0% during the 3rd quarter. Qsemble Capital Management LP now owns 42,941 shares of the company's stock valued at $915,000 after purchasing an additional 29,929 shares during the last quarter. Zacks Investment Management purchased a new stake in International Game Technology during the third quarter valued at approximately $645,000. Stifel Financial Corp raised its position in International Game Technology by 22.2% in 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 period. BBR Partners LLC purchased a new position in shares of International Game Technology during the 3rd quarter worth $639,000. Finally, Fox Run Management L.L.C. grew its position in shares of International Game Technology by 283.6% during the 4th quarter. Fox Run Management L.L.C. now owns 71,033 shares of the company's stock valued at $1,254,000 after acquiring an additional 52,516 shares during the period. 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.