International Game Technology (NYSE:IGT) Lifted to Strong-Buy at StockNews.com

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

Several other equities analysts have also recently commented on IGT. B. Riley initiated coverage on shares of International Game Technology in a research report on Friday, April 5th. They set a buy rating and a $30.00 price target on the stock. Argus dropped their price objective on shares of International Game Technology from $30.00 to $27.00 and set a buy rating on the stock in a research note on Wednesday, March 13th. Susquehanna dropped their price objective on shares of International Game Technology from $40.00 to $33.00 and set a positive rating on the stock in a research note on Thursday, May 16th. Stifel Nicolaus upgraded shares of International Game Technology from a hold rating to a buy rating and increased their price objective for the stock from $24.00 to $26.00 in a research note on Thursday, May 30th. Finally, Truist Financial dropped their price objective on shares of International Game Technology from $26.00 to $23.00 and set a hold rating on the stock in a research note on Wednesday, May 15th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $28.00.

International Game Technology Stock Performance

NYSE:IGT opened at $20.46 on Thursday. The company has a debt-to-equity ratio of 2.59, a current ratio of 0.80 and a quick ratio of 0.67. International Game Technology has a 1-year low of $18.90 and a 1-year high of $33.99. The firm has a 50-day moving average of $20.29 and a two-hundred day moving average of $23.19. The stock has a market cap of $4.07 billion, a P/E ratio of 19.49 and a beta of 1.94.

International Game Technology (NYSE:IGT) last issued its quarterly earnings results on Tuesday, May 14th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.29 by $0.17. International Game Technology had a net margin of 4.98% and a return on equity of 20.84%. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter last year, the company posted $0.49 earnings per share. The company’s quarterly revenue was up .7% compared to the same quarter last year. On average, research analysts expect that International Game Technology will post 1.53 earnings per share for the current fiscal year.

International Game Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Thursday, May 30th were paid a $0.20 dividend. The ex-dividend date was Thursday, May 30th. This represents a $0.80 annualized dividend and a dividend yield of 3.91%. International Game Technology’s payout ratio is currently 76.19%.

Institutional Investors Weigh In On International Game Technology

Large investors have recently made changes to their positions in the company. Venturi Wealth Management LLC acquired a new stake in shares of International Game Technology in the fourth quarter valued at approximately $25,000. Highlander Capital Management LLC acquired a new stake in shares of International Game Technology in the fourth quarter valued at approximately $27,000. VisionPoint Advisory Group LLC acquired a new stake in shares of International Game Technology in the fourth quarter valued at approximately $38,000. General Partner Inc. acquired a new position in shares of International Game Technology during the first quarter valued at approximately $45,000. Finally, Neo Ivy Capital Management acquired a new position in shares of International Game Technology during the fourth quarter valued at approximately $93,000. Institutional investors and hedge funds 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.