International Game Technology (NYSE: IGT) Receives Buy Rating from Berenberg Bank Analysts

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Berenberg Bank started hedging the shares of International Gaming Technology (NYSE: IGT) in a note sent to investors on Tuesday, Fly reports. The company has set a “buy” rating on the stock.

Separately, Credit Suisse Group raised its price target on International Game Technology from $ 35 to $ 36.00 and gave the company an “outperformance” rating in a report released Thursday, September 23. Eight investment analysts rated the stock with a buy rating. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $ 26.00.

IGT stock opened at $ 29.07 on Tuesday. The company has a market cap of $ 5.96 billion, a P / E ratio of 223.62 and a beta of 2.21. The stock’s 50-day simple moving average is $ 23.18 and its 200-day simple moving average is $ 21.74. International Game Technology has a 12-month low of $ 7.68 and a 12-month high of $ 30.30. The company has a current ratio of 1.28, a quick ratio of 1.20, and a debt ratio of 3.61.

International Game Technology (NYSE: IGT) last released its quarterly results on Tuesday, August 3. The company reported ($ 0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of $ 0.23 of ($ 0.71). International Game Technology posted a net margin of 0.71% and a negative return on equity of 3.61%. The company posted revenue of $ 1.04 billion for the quarter, compared to analysts’ estimates of $ 926.69 million. In the same quarter of last year, the company posted ($ 1.37) earnings per share. The company’s revenue for the quarter increased 73.5% compared to the same quarter last year. On average, research analysts predict that International Game Technology will post 0.06 BPA for the current fiscal year.

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Hedge funds recently bought and sold shares in the company. Foundry Partners LLC increased its stake in International Game Technology by 18.7% during the third quarter. Foundry Partners LLC now owns 618,223 shares of the company valued at $ 16,272,000 after purchasing an additional 97,281 shares during the last quarter. Parametric Portfolio Associates LLC increased its position in International Game Technology by 14.0% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 460,271 shares of the company valued at $ 11,028,000 after acquiring an additional 56,632 shares during the last quarter. Morgan Stanley increased its stake in International Game Technology by 147.7% during the 2nd quarter. Morgan Stanley now owns 1,248,905 shares of the company valued at $ 29,924,000 after purchasing an additional 744,706 shares in the last quarter. Walleye Capital LLC purchased a new equity stake in International Game Technology in the second quarter valued at approximately $ 460,000. Finally, Zacks Investment Management purchased a new equity stake in International Game Technology in the second quarter for a value of approximately $ 261,000. 42.78% of the shares are held by institutional investors and hedge funds.

About International Game Technology

International Game Technology Plc is engaged in the design, manufacture and marketing of electronic game equipment, software and network systems. It operates through the Global Lottery and Global Gaming segments. The Global Lottery segment is responsible for the global traditional lottery and iLottery business, including sales, operations, product development, technology and support.

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Analyst Recommendations for International Game Technology (NYSE: IGT)

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