International Game Technology (NYSE:IGT) Lowered to Hold Rating by Argus

International Game Technology (NYSE:IGT - Get Free Report) was downgraded by analysts at Argus from a "strong-buy" rating to a "hold" rating in a research report issued on Tuesday,Zacks.com reports.

IGT has been the subject of several other research reports. Wall Street Zen lowered International Game Technology from a "buy" rating to a "hold" rating in a report on Monday, April 14th. Susquehanna reissued a "positive" rating and set a $25.00 price target (down previously from $30.00) on shares of International Game Technology in a report on Wednesday, May 14th. Stifel Nicolaus reissued a "buy" rating and set a $20.00 price target (down previously from $22.00) on shares of International Game Technology in a report on Wednesday. Finally, Truist Financial cut their price target on International Game Technology from $20.00 to $18.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $23.25.

International Game Technology Stock Performance

International Game Technology stock traded up $0.06 during mid-day trading on Tuesday, reaching $15.26. 2,194,158 shares of the stock traded hands, compared to its average volume of 1,267,758. The stock has a market capitalization of $3.08 billion, a PE ratio of 25.43 and a beta of 1.61. The company has a debt-to-equity ratio of 2.85, a current ratio of 2.36 and a quick ratio of 2.31. International Game Technology has a 12-month low of $13.81 and a 12-month high of $24.13. The business's 50-day moving average is $16.21 and its 200-day moving average is $17.39.

International Game Technology (NYSE:IGT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 13th. The company reported $0.09 EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.05). The firm had revenue of $583.00 million for the quarter, compared to analysts' expectations of $630.30 million. International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The firm's revenue was down 11.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.46 EPS. As a group, sell-side analysts predict that International Game Technology will post 1.24 EPS for the current fiscal year.

Hedge Funds Weigh In On International Game Technology

A number of hedge funds have recently made changes to their positions in the business. Lazard Asset Management LLC boosted its stake in shares of International Game Technology by 13.1% in the fourth quarter. Lazard Asset Management LLC now owns 10,927,433 shares of the company's stock worth $192,978,000 after acquiring an additional 1,267,625 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of International Game Technology by 10.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 8,578,432 shares of the company's stock worth $151,495,000 after acquiring an additional 787,543 shares during the period. Solel Partners LP boosted its stake in shares of International Game Technology by 14.6% in the fourth quarter. Solel Partners LP now owns 3,058,150 shares of the company's stock worth $54,007,000 after acquiring an additional 390,726 shares during the period. Deprince Race & Zollo Inc. boosted its stake in shares of International Game Technology by 3.7% in the fourth quarter. Deprince Race & Zollo Inc. now owns 2,783,234 shares of the company's stock worth $49,152,000 after acquiring an additional 98,502 shares during the period. Finally, Brown Advisory Inc. purchased a new stake in shares of International Game Technology in the first quarter worth about $30,407,000. 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.