International Game Technology (NYSE:IGT) Earns Buy Rating from Analysts at B. Riley

B. Riley started coverage on shares of International Game Technology (NYSE:IGT - Free Report) in a research note released on Friday morning, Marketbeat reports. The firm issued a buy rating and a $30.00 price objective on the stock.

IGT has been the subject of a number of other reports. Jefferies Financial Group restated a hold rating and issued a $29.00 target price (down from $36.00) on shares of International Game Technology in a report on Thursday, January 4th. Stifel Nicolaus restated a hold rating and issued a $26.00 target price (down from $30.00) on shares of International Game Technology in a report on Wednesday, March 13th. Truist Financial reduced their price target on shares of International Game Technology from $30.00 to $28.00 and set a hold rating on the stock in a research report on Wednesday, March 13th. StockNews.com raised shares of International Game Technology from a buy rating to a strong-buy rating in a research report on Wednesday. Finally, Argus reduced their price objective on shares of International Game Technology from $30.00 to $27.00 and set a buy rating for the company in a report on Wednesday, March 13th. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $31.33.

International Game Technology Trading Up 0.1 %

Shares of NYSE IGT traded up $0.03 during midday trading on Friday, reaching $21.24. 1,399,711 shares of the stock were exchanged, compared to its average volume of 1,206,796. The company has a market capitalization of $4.23 billion, a P/E ratio of 27.95 and a beta of 1.94. International Game Technology has a 52-week low of $19.96 and a 52-week high of $33.99. The company has a current ratio of 1.26, a quick ratio of 1.07 and a debt-to-equity ratio of 2.90. The stock has a 50 day moving average price of $24.30 and a 200-day moving average price of $26.62.

International Game Technology (NYSE:IGT - Get Free Report) last issued its quarterly earnings results on Tuesday, March 12th. The company reported $0.56 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.11. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.11 billion. International Game Technology had a net margin of 3.62% and a return on equity of 21.10%. The company's quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.40 earnings per share. Equities research analysts expect that International Game Technology will post 1.48 earnings per share for the current fiscal year.

International Game Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 9th. Stockholders of record on Tuesday, March 26th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, March 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.77%. International Game Technology's dividend payout ratio is 105.26%.

Hedge Funds Weigh In On International Game Technology

A number of hedge funds have recently added to or reduced their stakes in IGT. Huntington National Bank boosted its position 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 purchasing an additional 489 shares during the period. Parkside Financial Bank & Trust lifted its position in International Game Technology by 84.9% in the first quarter. Parkside Financial Bank & Trust now owns 1,163 shares of the company's stock worth $29,000 after purchasing an additional 534 shares during the period. CWM LLC lifted its position in International Game Technology by 166.5% in the third quarter. CWM LLC now owns 898 shares of the company's stock worth $27,000 after purchasing an additional 561 shares during the period. Captrust Financial Advisors lifted its position in International Game Technology by 9.8% in the second quarter. Captrust Financial Advisors now owns 6,582 shares of the company's stock worth $122,000 after purchasing an additional 586 shares during the period. Finally, Amalgamated Bank lifted its position in International Game Technology by 4.2% in the third quarter. Amalgamated Bank now owns 16,766 shares of the company's stock worth $508,000 after purchasing an additional 682 shares during the period. Institutional investors and hedge funds 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.