International Game Technology (NYSE:IGT) Receives $23.25 Consensus Price Target from Analysts

International Game Technology (NYSE:IGT - Get Free Report) has earned a consensus rating of "Moderate Buy" from the five ratings firms that are covering the company, MarketBeat reports. Two analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $23.25.

A number of analysts have issued reports on IGT shares. Wall Street Zen lowered International Game Technology from a "hold" rating to a "sell" rating in a research report on Saturday, June 14th. Susquehanna reaffirmed a "positive" rating and issued a $25.00 price objective (down from $30.00) on shares of International Game Technology in a research note on Wednesday, May 14th. Argus cut International Game Technology from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 20th. Stifel Nicolaus reaffirmed a "buy" rating and issued a $20.00 target price (down from $22.00) on shares of International Game Technology in a research report on Wednesday, May 21st. Finally, Truist Financial cut their price target on shares of International Game Technology from $20.00 to $18.00 and set a "hold" rating on the stock in a research note on Wednesday, April 23rd.

Institutional Trading of International Game Technology

A number of institutional investors have recently bought and sold shares of the business. Brown Advisory Inc. purchased a new position in shares of International Game Technology in the 1st quarter valued at about $30,407,000. Nuveen LLC acquired a new position in International Game Technology in the first quarter valued at approximately $28,228,000. Norges Bank acquired a new position in International Game Technology in the fourth quarter valued at approximately $25,616,000. Lazard Asset Management LLC increased its stake in 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 valued at $192,978,000 after purchasing an additional 1,267,625 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. acquired a new stake in International Game Technology during the fourth quarter worth approximately $19,453,000. 44.33% of the stock is owned by hedge funds and other institutional investors.

International Game Technology Trading Down 1.3%

IGT stock traded down $0.21 during midday trading on Monday, hitting $15.03. 1,212,022 shares of the company's stock were exchanged, compared to its average volume of 1,328,048. International Game Technology has a 1-year low of $13.81 and a 1-year high of $24.13. The company has a current ratio of 2.48, a quick ratio of 2.43 and a debt-to-equity ratio of 2.74. The stock has a market capitalization of $3.04 billion, a PE ratio of 10.43 and a beta of 1.53. The business has a 50-day simple moving average of $15.79 and a two-hundred day simple moving average of $16.77.

International Game Technology (NYSE:IGT - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The company reported $0.09 earnings per share for the quarter, missing analysts' consensus estimates of $0.14 by ($0.05). The business had revenue of $583.00 million for the quarter, compared to analysts' expectations of $630.30 million. International Game Technology had a return on equity of 7.86% and a net margin of 11.46%. The business's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.46 earnings per share. On average, sell-side analysts predict that International Game Technology will post 1.24 EPS for the current fiscal year.

International Game Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Thursday, May 29th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 5.32%. The ex-dividend date was Thursday, May 29th. International Game Technology's dividend payout ratio (DPR) is presently 55.56%.

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.