International Game Technology (NYSE:IGT) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of International Game Technology (NYSE:IGT) from a buy rating to a strong-buy rating in a report issued on Monday.

IGT has been the topic of a number of other research reports. Stifel Nicolaus cut their target price on shares of International Game Technology from $39.00 to $35.00 and set a buy rating on the stock in a research report on Wednesday, November 1st. Truist Financial cut their target price on shares of International Game Technology from $37.00 to $35.00 and set a buy rating on the stock in a research report on Wednesday, November 1st. Finally, Susquehanna cut their target price on shares of International Game Technology from $50.00 to $48.00 and set a positive rating on the stock in a research report on Thursday, November 2nd. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Buy and an average target price of $43.33.

International Game Technology Stock Performance

Shares of International Game Technology stock opened at $26.74 on Monday. The company has a 50 day moving average of $29.50 and a 200-day moving average of $29.92. International Game Technology has a 1-year low of $21.38 and a 1-year high of $33.99. The company has a current ratio of 1.13, a quick ratio of 0.96 and a debt-to-equity ratio of 2.76. The company has a market cap of $5.32 billion, a PE ratio of 55.71 and a beta of 2.00.

International Game Technology (NYSE:IGT) last issued its quarterly earnings results on Tuesday, October 31st. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.13. International Game Technology had a net margin of 2.32% and a return on equity of 19.39%. The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the firm posted $1.30 EPS. The firm’s quarterly revenue was up .5% on a year-over-year basis. As a group, equities research analysts forecast that International Game Technology will post 1.81 earnings per share for the current fiscal year.

International Game Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 13th. Stockholders of record on Wednesday, November 29th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.99%. The ex-dividend date is Tuesday, November 28th. International Game Technology’s payout ratio is currently 166.67%.

Hedge Funds Weigh In On International Game Technology

Hedge funds have recently bought and sold shares of the company. CWM LLC raised its stake in International Game Technology by 166.5% during the third quarter. CWM LLC now owns 898 shares of the company’s stock worth $27,000 after buying an additional 561 shares during the last quarter. Huntington National Bank raised its stake in International Game Technology by 113.2% during the third quarter. Huntington National Bank now owns 921 shares of the company’s stock worth $28,000 after buying an additional 489 shares during the last quarter. Allworth Financial LP raised its stake in International Game Technology by 770.0% during the third quarter. Allworth Financial LP now owns 957 shares of the company’s stock worth $29,000 after buying an additional 847 shares during the last quarter. Parkside Financial Bank & Trust raised its stake in International Game Technology by 84.9% during the first quarter. Parkside Financial Bank & Trust now owns 1,163 shares of the company’s stock worth $29,000 after buying an additional 534 shares during the last quarter. Finally, Industrial Alliance Investment Management Inc. bought a new position in International Game Technology during the second quarter worth $37,000. Institutional investors own 44.33% of the company’s stock.

About International Game Technology

International Game Technology PLC operates and provides gaming 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 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.