International Game Technology (NYSE:IGT) Rating Lowered to "Hold" at StockNews.com

International Game Technology (NYSE:IGT - Get Free Report) was downgraded by equities research analysts at StockNews.com from a "buy" rating to a "hold" rating in a research note issued to investors on Monday.

Separately, Truist Financial decreased their target price on 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. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, International Game Technology has an average rating of "Moderate Buy" and an average target price of $28.25.

International Game Technology Trading Up 2.3 %

IGT traded up $0.36 during trading on Monday, hitting $16.08. The company's stock had a trading volume of 1,570,186 shares, compared to its average volume of 1,173,016. The firm has a market capitalization of $3.25 billion, a P/E ratio of 26.79 and a beta of 1.66. International Game Technology has a twelve month low of $13.81 and a twelve month high of $24.13. The company has a quick ratio of 2.31, a current ratio of 2.36 and a debt-to-equity ratio of 2.85. The stock's fifty day moving average price is $16.76 and its 200-day moving average price is $18.11.

International Game Technology (NYSE:IGT - Get Free Report) last posted its quarterly 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). The company had revenue of $651.00 million during the quarter, compared to analyst estimates of $657.84 million. International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The company's revenue for the quarter was down 4.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.56 earnings per share. Analysts anticipate that International Game Technology will post 1.24 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. purchased a new stake in 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% during the fourth quarter. Sterling Capital Management LLC now owns 3,124 shares of the company's stock worth $55,000 after acquiring an additional 2,770 shares during the period. Quarry LP raised its position in International Game Technology by 103.9% during the fourth quarter. Quarry LP now owns 6,185 shares of the company's stock valued at $109,000 after acquiring an additional 3,151 shares in the last quarter. Cibc World Markets Corp acquired a new position in International Game Technology in the fourth quarter valued at approximately $188,000. Finally, Summit Investment Advisors Inc. grew its stake in shares of International Game Technology by 5.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 11,903 shares of the company's stock worth $210,000 after purchasing an additional 655 shares during the period. 44.33% of the stock is owned by hedge funds and other 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.