Brokerages Set International Game Technology PLC (NYSE:IGT) PT at $31.00

International Game Technology PLC (NYSE:IGT) has been given an average rating of “Moderate Buy” by the six ratings firms that are covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $31.00.

A number of equities analysts recently issued reports on IGT shares. Stifel Nicolaus reiterated a “hold” rating and set a $26.00 price objective (down from $30.00) on shares of International Game Technology in a research report on Wednesday, March 13th. StockNews.com upgraded International Game Technology from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, April 3rd. Argus reduced their price objective on International Game Technology from $30.00 to $27.00 and set a “buy” rating on the stock in a research report on Wednesday, March 13th. B. Riley began coverage on International Game Technology in a research report on Friday, April 5th. They issued a “buy” rating and a $30.00 target price for the company. Finally, Truist Financial reduced their price target on International Game Technology from $28.00 to $26.00 and set a “hold” rating on the stock in a report on Tuesday, April 23rd.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Huntington National Bank grew its holdings in shares of International Game Technology by 113.2% during the third quarter. Huntington National Bank now owns 921 shares of the company’s stock valued at $28,000 after buying an additional 489 shares during the last quarter. CWM LLC boosted its holdings in shares of International Game Technology by 166.5% in the 3rd quarter. CWM LLC now owns 898 shares of the company’s stock worth $27,000 after buying an additional 561 shares during the last quarter. Amalgamated Bank increased its stake in shares of International Game Technology by 4.2% during the 3rd quarter. Amalgamated Bank now owns 16,766 shares of the company’s stock worth $508,000 after purchasing an additional 682 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in International Game Technology by 10.6% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 8,425 shares of the company’s stock valued at $231,000 after acquiring an additional 805 shares during the period. Finally, SG Americas Securities LLC lifted its position in shares of International Game Technology by 10.8% during the first quarter. SG Americas Securities LLC now owns 8,607 shares of the company’s stock worth $194,000 after acquiring an additional 836 shares in the last quarter. 44.33% of the stock is owned by institutional investors and hedge funds.

International Game Technology Stock Performance

Shares of NYSE:IGT opened at $20.10 on Thursday. The company’s 50 day simple moving average is $21.63 and its 200 day simple moving average is $24.94. The company has a debt-to-equity ratio of 2.90, a current ratio of 1.26 and a quick ratio of 1.07. International Game Technology has a 1 year low of $19.48 and a 1 year high of $33.99. The stock has a market capitalization of $4.00 billion, a price-to-earnings ratio of 26.44 and a beta of 1.94.

International Game Technology (NYSE:IGT) last posted 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 company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.11 billion. International Game Technology had a return on equity of 21.10% and a net margin of 3.62%. International Game Technology’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.40 EPS. As a group, research analysts predict that International Game Technology will post 1.46 EPS for the current fiscal year.

International Game Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 9th. Shareholders of record on Tuesday, March 26th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date was Monday, March 25th. International Game Technology’s payout ratio is 105.26%.

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.