International Game Technology (NYSE:IGT) downgraded by StockNews.com to “Hold”
International Games Technology (NYSE: IGT – Get an assessment) was downgraded by equity research analysts to StockNews.com from a “buy” rating to a “hold” rating in a research report released Thursday to clients and investors.
Several other equity research analysts have also recently weighed in on IGT. Stifel Nicolaus lowered his price target on shares of International Game Technology from $36.00 to $26.00 in a Monday, August 1 research note. Deutsche Bank Aktiengesellschaft lowered its price target on shares of International Game Technology from $35.00 to $30.00 in a Wednesday, August 3 research note. Finally, Truist Financial lowered its price target on International Game Technology shares from $36.00 to $30.00 and set a “buy” rating for the company in a Wednesday, July 20 research note. One research analyst gave the stock a hold rating and six gave the company a buy rating. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $35.00.
International gaming technology stock down 2.2%
IGT lost $0.39 during Thursday’s trading, hitting $17.60. The stock recorded a trading volume of 823,213 shares, compared to an average volume of 1,792,990. The company has a market capitalization of $3.58 billion, a PE ratio of 22.86 and a beta of 1, 78. International Game Technology has a 12-month low of $15.01 and a 12-month high of $32.95. The company has a debt ratio of 3.53, a quick ratio of 1.44 and a current ratio of 1.56. The stock has a 50-day simple moving average of $18.72 and a 200-day simple moving average of $20.26.
International Games Technology (NYSE: IGT – Get an assessment) last announced its results on Tuesday, August 2. The company reported earnings per share of $0.57 for the quarter, beating the consensus estimate of $0.31 by $0.26. The company posted revenue of $1.02 billion in the quarter, versus a consensus estimate of $1.02 billion. International Game Technology achieved a net margin of 3.87% and a return on equity of 14.56%. On average, research analysts expect International Game Technology to post earnings per share of 0.82 for the current year.
Institutional entries and exits
A number of institutional investors and hedge funds have recently increased or reduced their holdings in IGT. Parkside Financial Bank & Trust increased its position in International Game Technology by 84.9% in the first quarter. Parkside Financial Bank & Trust now owns 1,163 shares of the company valued at $29,000 after purchasing an additional 534 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in International Game Technology during the first quarter worth $34,000. Brown Brothers Harriman & Co. acquired a new position in International Game Technology during the first quarter worth $49,000. Saltoro Capital LP acquired a new position in International Game Technology during the second quarter worth $55,000. Finally, CoreCap Advisors LLC acquired a new position in International Game Technology during the second quarter at a value of $59,000. 44.33% of the shares are currently held by institutional investors and hedge funds.
About International Gaming Technology
International Game Technology PLC operates and provides game technology products and services in North America, Europe, the Middle East, Africa, Asia-Pacific, Latin America and the Caribbean. It operates in three segments: Global Lottery, Global Gaming and Digital & Betting. The company designs, sells, operates and leases a suite of point-of-sale machines that reconciles lottery funds between the retailer and the 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.
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