Stifel Nicolaus Cuts International Game Technology (NYSE:IGT) Price Target to $22.00

International Game Technology (NYSE:IGT) had its price objective lowered by Stifel Nicolaus from $26.00 to $22.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price target suggests a potential upside of 34.20% from the company’s current price.

A number of other research firms have also weighed in on IGT. Truist Financial cut their price objective on shares of 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. StockNews.com downgraded International Game Technology from a “buy” rating to a “hold” rating in a research report on Monday, April 14th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, International Game Technology currently has an average rating of “Moderate Buy” and an average price target of $26.25.

International Game Technology Stock Performance

IGT traded up $0.32 on Tuesday, reaching $16.39. 234,615 shares of the stock were exchanged, compared to its average volume of 1,169,834. The company has a debt-to-equity ratio of 2.85, a current ratio of 2.36 and a quick ratio of 2.31. The company’s 50-day moving average price is $16.74 and its 200 day moving average price is $18.06. The firm has a market capitalization of $3.31 billion, a PE ratio of 27.22 and a beta of 1.66. International Game Technology has a fifty-two week low of $13.81 and a fifty-two week high of $24.13.

International Game Technology (NYSE:IGT) last released its earnings results on Tuesday, February 25th. The company reported $0.22 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 firm had revenue of $651.00 million for the quarter, compared to analyst estimates of $657.84 million. During the same period last year, the firm earned $0.56 EPS. The company’s revenue for the quarter was down 4.4% compared to the same quarter last year. As a group, sell-side analysts forecast that International Game Technology will post 1.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of International Game Technology during the 4th quarter valued at about $45,000. Sterling Capital Management LLC grew its holdings in International Game Technology by 782.5% in the fourth quarter. Sterling Capital Management LLC now owns 3,124 shares of the company’s stock valued at $55,000 after purchasing an additional 2,770 shares during the period. GAMMA Investing LLC raised its stake in shares of International Game Technology by 7,771.0% during the 1st quarter. GAMMA Investing LLC now owns 5,431 shares of the company’s stock worth $880,000 after buying an additional 5,362 shares during the period. Quarry LP lifted 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 valued at $109,000 after buying an additional 3,151 shares in the last quarter. Finally, Cibc World Markets Corp acquired a new stake in International Game Technology in the 4th quarter valued at $188,000. 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.