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

International Game Technology (NYSE:IGT) had its price target dropped by Truist Financial from $28.00 to $26.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s target price indicates a potential upside of 26.61% from the company’s previous close.

Other equities analysts also recently issued reports about the company. StockNews.com raised International Game Technology from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 3rd. B. Riley started coverage on shares of International Game Technology in a research report on Friday, April 5th. They issued a “buy” rating and a $30.00 price objective on the stock. Jefferies Financial Group reiterated a “hold” rating and set a $29.00 target price (down previously from $36.00) on shares of International Game Technology in a research note on Thursday, January 4th. Argus cut their price target on International Game Technology from $30.00 to $27.00 and set a “buy” rating on the stock in a research note on Wednesday, March 13th. Finally, Stifel Nicolaus reaffirmed 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. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, International Game Technology has an average rating of “Moderate Buy” and a consensus target price of $31.00.

International Game Technology Price Performance

Shares of IGT opened at $20.54 on Tuesday. The company has a market cap of $4.09 billion, a P/E ratio of 27.02 and a beta of 1.94. International Game Technology has a fifty-two week low of $19.54 and a fifty-two week high of $33.99. The company has a quick ratio of 1.07, a current ratio of 1.26 and a debt-to-equity ratio of 2.90. The firm’s 50 day moving average price is $22.80 and its 200 day moving average price is $25.68.

International Game Technology (NYSE:IGT) last posted its quarterly earnings data on Tuesday, March 12th. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.11. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.11 billion. International Game Technology had a return on equity of 21.10% and a net margin of 3.62%. The company’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.40 earnings per share. On average, research analysts forecast that International Game Technology will post 1.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Venturi Wealth Management LLC purchased a new position in shares of International Game Technology during the fourth quarter worth approximately $25,000. CWM LLC boosted its stake in International Game Technology by 166.5% during the 3rd quarter. CWM LLC now owns 898 shares of the company’s stock worth $27,000 after purchasing an additional 561 shares during the period. Highlander Capital Management LLC purchased a new position in International Game Technology during the 4th quarter worth $27,000. Huntington National Bank increased its stake in International Game Technology by 113.2% in the third quarter. Huntington National Bank now owns 921 shares of the company’s stock valued at $28,000 after purchasing an additional 489 shares during the period. Finally, Allworth Financial LP raised its holdings in shares of International Game Technology by 770.0% in the third quarter. Allworth Financial LP now owns 957 shares of the company’s stock valued at $29,000 after buying an additional 847 shares during the last quarter. Hedge funds and other 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.