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

International Game Technology (NYSE:IGT) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Tuesday.

Separately, Truist Financial cut 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 issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $28.25.

International Game Technology Price Performance

NYSE:IGT traded down $0.21 during trading hours on Tuesday, hitting $16.86. The stock had a trading volume of 931,373 shares, compared to its average volume of 1,107,459. The company has a 50 day simple moving average of $17.28 and a two-hundred day simple moving average of $18.88. The firm has a market capitalization of $3.41 billion, a price-to-earnings ratio of 28.10 and a beta of 1.86. The company has a debt-to-equity ratio of 2.85, a current ratio of 2.36 and a quick ratio of 2.31. International Game Technology has a one year low of $16.42 and a one year high of $24.13.

International Game Technology (NYSE:IGT) last issued its quarterly earnings data on Tuesday, February 25th. The company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $651.00 million during the quarter, compared to analysts’ expectations of $657.84 million. During the same quarter last year, the business posted $0.56 EPS. The company’s quarterly revenue was down 4.4% on a year-over-year basis. Research analysts forecast that International Game Technology will post 1.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On International Game Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of International Game Technology during the 4th quarter valued at about $45,000. Sterling Capital Management LLC grew its position in International Game Technology by 782.5% during the fourth quarter. Sterling Capital Management LLC now owns 3,124 shares of the company’s stock valued at $55,000 after acquiring an additional 2,770 shares during the last quarter. Quarry LP raised its stake in shares of International Game Technology by 103.9% during the fourth 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 stake in shares of International Game Technology in the 4th quarter worth approximately $188,000. Finally, Summit Investment Advisors Inc. boosted its stake in shares of International Game Technology by 5.8% in the 4th 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. 44.33% of the stock is currently owned by hedge funds and other institutional investors.

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.