StockNews.com Upgrades International Game Technology (NYSE:IGT) to “Buy”

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

Separately, Truist Financial lowered their price target on shares of International Game Technology from $23.00 to $20.00 and set a “hold” rating for the company in a research report on Tuesday, January 14th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $28.25.

International Game Technology Price Performance

Shares of NYSE:IGT opened at $16.95 on Tuesday. The company has a market cap of $3.43 billion, a PE ratio of 28.26 and a beta of 1.86. International Game Technology has a fifty-two week low of $16.42 and a fifty-two week high of $24.13. The firm has a 50-day simple moving average of $17.27 and a 200 day simple moving average of $18.87. The company has a quick ratio of 2.31, a current ratio of 2.36 and a debt-to-equity ratio of 2.85.

International Game Technology (NYSE:IGT) last announced its quarterly earnings results 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). International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The company had revenue of $651.00 million for the quarter, compared to analyst estimates of $657.84 million. During the same quarter in the previous year, the company posted $0.56 earnings per share. The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. On average, sell-side analysts anticipate that International Game Technology will post 1.24 EPS for the current year.

Institutional Investors Weigh In On International Game Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. increased its stake in International Game Technology by 4.2% during the 4th quarter. Victory Capital Management Inc. now owns 15,519 shares of the company’s stock valued at $274,000 after buying an additional 622 shares during the period. Summit Investment Advisors Inc. increased its stake in shares of 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 acquiring an additional 655 shares during the period. Point72 DIFC Ltd lifted its position in International Game Technology by 7.9% in the third quarter. Point72 DIFC Ltd now owns 12,870 shares of the company’s stock worth $274,000 after purchasing an additional 947 shares during the period. Van ECK Associates Corp lifted its position in International Game Technology by 5.1% in the fourth quarter. Van ECK Associates Corp now owns 23,749 shares of the company’s stock worth $419,000 after purchasing an additional 1,145 shares during the period. Finally, Harbor Capital Advisors Inc. increased its position in shares of International Game Technology by 2.6% during the 4th quarter. Harbor Capital Advisors Inc. now owns 56,048 shares of the company’s stock valued at $990,000 after purchasing an additional 1,442 shares during the period. 44.33% of the stock is currently owned by institutional investors.

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.