International Game Technology (NYSE:IGT) Stock Rating Upgraded by StockNews.com

International Game Technology (NYSE:IGT) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Tuesday.

Separately, Truist Financial reduced their target price on shares of 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. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $28.25.

International Game Technology Stock Performance

Shares of IGT traded down $0.21 on Tuesday, reaching $16.86. 931,373 shares of the company’s stock traded hands, compared to its average volume of 1,107,459. The stock’s 50 day simple moving average is $17.28 and its two-hundred day simple moving average is $18.88. The company has a current ratio of 2.36, a quick ratio of 2.31 and a debt-to-equity ratio of 2.85. International Game Technology has a 52-week low of $16.42 and a 52-week high of $24.13. The stock has a market cap of $3.41 billion, a PE ratio of 28.10 and a beta of 1.86.

International Game Technology (NYSE:IGT) last released its 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 business had revenue of $651.00 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.56 earnings per share. On average, analysts forecast that International Game Technology will post 1.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On International Game Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IGT. Mackenzie Financial Corp lifted its stake in shares of International Game Technology by 15.3% during the 4th quarter. Mackenzie Financial Corp now owns 31,032 shares of the company’s stock valued at $548,000 after buying an additional 4,124 shares in the last quarter. PharVision Advisers LLC purchased a new stake in shares of International Game Technology during the fourth quarter worth $427,000. Two Sigma Investments LP bought a new position in shares of International Game Technology in the fourth quarter worth $238,000. Two Sigma Advisers LP grew its position in shares of International Game Technology by 123.8% in the fourth quarter. Two Sigma Advisers LP now owns 47,900 shares of the company’s stock valued at $846,000 after purchasing an additional 26,500 shares in the last quarter. Finally, Teza Capital Management LLC bought a new stake in shares of International Game Technology during the 4th quarter valued at $354,000. Institutional investors own 44.33% of the company’s stock.

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.