International Game Technology (NYSE:IGT) Cut to Hold at Argus

International Game Technology (NYSE:IGT - Get Free Report) was downgraded by equities researchers at Argus from a "strong-buy" rating to a "hold" rating in a report released on Tuesday, May 20th,Zacks.com reports.

Other analysts have also issued reports about the company. Truist Financial dropped their target price on International Game Technology from $20.00 to $18.00 and set a "hold" rating on the stock in a research report on Wednesday, April 23rd. Susquehanna restated a "positive" rating and issued a $25.00 target price (down from $30.00) on shares of International Game Technology in a research note on Wednesday, May 14th. Wall Street Zen downgraded International Game Technology from a "buy" rating to a "hold" rating in a research note on Monday, April 14th. Finally, Stifel Nicolaus restated a "buy" rating and issued a $20.00 target price (down from $22.00) on shares of International Game Technology in a research note on Wednesday, May 21st. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $23.25.

International Game Technology Price Performance

NYSE IGT traded up $0.44 during mid-day trading on Tuesday, hitting $15.73. The stock had a trading volume of 485,532 shares, compared to its average volume of 1,264,857. International Game Technology has a 52-week low of $13.81 and a 52-week high of $24.13. The company has a market cap of $3.18 billion, a price-to-earnings ratio of 26.18 and a beta of 1.61. The company has a 50 day simple moving average of $16.17 and a 200 day simple moving average of $17.32. 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 - Get Free Report) last posted its quarterly earnings data on Tuesday, May 13th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.05). International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The business had revenue of $583.00 million for the quarter, compared to analyst estimates of $630.30 million. During the same quarter last year, the business earned $0.46 EPS. International Game Technology's revenue for the quarter was down 11.8% compared to the same quarter last year. Equities analysts forecast that International Game Technology will post 1.24 EPS for the current fiscal year.

Institutional Investors Weigh In On International Game Technology

Several hedge funds have recently made changes to their positions in IGT. CWM LLC lifted its stake in shares of International Game Technology by 61.1% in the first quarter. CWM LLC now owns 2,460 shares of the company's stock valued at $40,000 after buying an additional 933 shares during the period. Knott David M Jr bought a new stake in shares of International Game Technology in the first quarter valued at about $41,000. Mirae Asset Global Investments Co. Ltd. bought a new position in International Game Technology during the fourth quarter worth about $45,000. Sterling Capital Management LLC lifted its stake 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 purchasing an additional 2,770 shares during the period. Finally, Inlight Wealth Management LLC bought a new position in International Game Technology during the first quarter worth about $85,000. Institutional investors own 44.33% of the company's stock.

International Game Technology Company Profile

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.