Truist Financial Lowers International Game Technology (NYSE:IGT) Price Target to $26.00

International Game Technology (NYSE:IGT) had its price target reduced by Truist Financial from $28.00 to $26.00 in a research note published on Tuesday morning, Benzinga reports. Truist Financial currently has a hold rating on the stock.

IGT has been the subject of a number of other reports. B. Riley initiated coverage on International Game Technology in a research report on Friday, April 5th. They issued a buy rating and a $30.00 price objective for the company. Stifel Nicolaus reiterated a hold rating and issued a $26.00 price objective (down from $30.00) on shares of International Game Technology in a research report on Wednesday, March 13th. Jefferies Financial Group reiterated a hold rating and issued a $29.00 price objective (down from $36.00) on shares of International Game Technology in a research report on Thursday, January 4th. Argus lowered their price objective on International Game Technology from $30.00 to $27.00 and set a buy rating for the company in a research report on Wednesday, March 13th. Finally, StockNews.com upgraded International Game Technology from a buy rating to a strong-buy rating in a research report on Wednesday, April 3rd. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $31.00.

International Game Technology Stock Performance

Shares of NYSE:IGT opened at $20.31 on Tuesday. International Game Technology has a twelve month low of $19.54 and a twelve month high of $33.99. The firm has a market cap of $4.04 billion, a PE ratio of 26.72 and a beta of 1.94. The company has a debt-to-equity ratio of 2.90, a quick ratio of 1.07 and a current ratio of 1.26. The business has a fifty day moving average of $22.56 and a 200-day moving average of $25.57.

International Game Technology (NYSE:IGT) last announced its earnings results on Tuesday, March 12th. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.11. International Game Technology had a return on equity of 21.10% and a net margin of 3.62%. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period last year, the company posted $0.40 earnings per share. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities research analysts predict that International Game Technology will post 1.47 EPS for the current fiscal year.

International Game Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 9th. Stockholders of record on Tuesday, March 26th were given a dividend of $0.20 per share. The ex-dividend date was Monday, March 25th. This represents a $0.80 annualized dividend and a dividend yield of 3.94%. International Game Technology’s payout ratio is currently 105.26%.

Hedge Funds Weigh In On International Game Technology

Institutional investors have recently modified their holdings of the stock. CWM LLC lifted its holdings in shares of International Game Technology by 166.5% during the 3rd quarter. CWM LLC now owns 898 shares of the company’s stock valued at $27,000 after purchasing an additional 561 shares in the last quarter. Venturi Wealth Management LLC bought a new position in shares of International Game Technology during the 4th quarter valued at about $25,000. Huntington National Bank lifted its holdings in shares of International Game Technology by 113.2% during the 3rd quarter. Huntington National Bank now owns 921 shares of the company’s stock valued at $28,000 after purchasing an additional 489 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of International Game Technology by 770.0% during the 3rd quarter. Allworth Financial LP now owns 957 shares of the company’s stock valued at $29,000 after purchasing an additional 847 shares in the last quarter. Finally, Highlander Capital Management LLC bought a new position in shares of International Game Technology during the 4th quarter valued at about $27,000. 44.33% of the stock is currently owned by institutional investors and hedge funds.

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.