International Game Technology PLC (NYSE:IGT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of International Game Technology PLC (NYSE:IGT) have been assigned a consensus rating of “Moderate Buy” from the six brokerages that are currently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $28.67.

Several equities analysts have issued reports on the company. Stifel Nicolaus lifted their target price on International Game Technology from $26.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. StockNews.com downgraded shares of International Game Technology from a “buy” rating to a “hold” rating in a research report on Friday, September 13th. Finally, B. Riley reissued a “buy” rating and set a $30.00 target price on shares of International Game Technology in a research report on Friday, July 26th.

International Game Technology Stock Performance

Shares of IGT stock opened at $20.78 on Thursday. The firm has a market cap of $4.14 billion, a price-to-earnings ratio of 19.79 and a beta of 1.95. International Game Technology has a 52-week low of $18.90 and a 52-week high of $29.17. The company has a quick ratio of 0.71, a current ratio of 0.84 and a debt-to-equity ratio of 2.57. The company’s 50 day moving average is $21.28 and its 200 day moving average is $20.88.

International Game Technology (NYSE:IGT) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.07. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.06 billion. International Game Technology had a return on equity of 19.95% and a net margin of 4.89%. The business’s revenue was down .6% compared to the same quarter last year. During the same period last year, the business posted $0.45 EPS. On average, sell-side analysts anticipate that International Game Technology will post 1.48 EPS for the current fiscal year.

Institutional Investors Weigh In On International Game Technology

Several institutional investors and hedge funds have recently made changes to their positions in IGT. Lazard Asset Management LLC increased its position in shares of International Game Technology by 63.4% in the 1st quarter. Lazard Asset Management LLC now owns 10,751,703 shares of the company’s stock valued at $242,880,000 after acquiring an additional 4,170,813 shares during the period. Solel Partners LP purchased a new stake in International Game Technology during the 2nd quarter valued at about $43,478,000. Long Pond Capital LP acquired a new position in shares of International Game Technology in the second quarter valued at about $32,053,000. Massachusetts Financial Services Co. MA raised its stake in shares of International Game Technology by 17.8% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,743,447 shares of the company’s stock worth $158,431,000 after purchasing an additional 1,169,999 shares during the last quarter. Finally, Deprince Race & Zollo Inc. lifted its holdings in shares of International Game Technology by 75.5% during the second quarter. Deprince Race & Zollo Inc. now owns 2,313,954 shares of the company’s stock worth $47,343,000 after purchasing an additional 995,570 shares during the period. 44.33% of the stock is currently owned by institutional investors and hedge funds.

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.