International Game Technology (NYSE:IGT) Downgraded to “Sell” Rating by Wall Street Zen

International Game Technology (NYSE:IGT) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

Several other equities analysts also recently weighed in on IGT. Susquehanna reissued a “positive” rating and issued a $25.00 price target (down from $30.00) on shares of International Game Technology in a research note on Wednesday, May 14th. Truist Financial cut their price objective on shares of International Game Technology from $20.00 to $18.00 and set a “hold” rating for the company in a research report on Wednesday, April 23rd. Stifel Nicolaus restated a “buy” rating and set a $20.00 price objective (down from $22.00) on shares of International Game Technology in a research report on Wednesday, May 21st. Finally, Argus cut shares of International Game Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $23.25.

International Game Technology Stock Performance

NYSE:IGT opened at $14.59 on Friday. The company’s 50-day moving average price is $15.82 and its 200-day moving average price is $16.85. The company has a current ratio of 2.36, a quick ratio of 2.31 and a debt-to-equity ratio of 2.85. The company has a market cap of $2.95 billion, a P/E ratio of 24.32 and a beta of 1.53. International Game Technology has a twelve month low of $13.81 and a twelve month high of $24.13.

International Game Technology (NYSE:IGT) last posted its quarterly earnings results on Tuesday, May 13th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.05). The business had revenue of $583.00 million during the quarter, compared to analysts’ expectations of $630.30 million. International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The business’s quarterly revenue was down 11.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.46 earnings per share. On average, sell-side analysts forecast that International Game Technology will post 1.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On International Game Technology

A number of institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. increased its position in shares of International Game Technology by 4.2% during the fourth quarter. Victory Capital Management Inc. now owns 15,519 shares of the company’s stock valued at $274,000 after acquiring an additional 622 shares during the last quarter. Summit Investment Advisors Inc. increased its position in shares of International Game Technology by 5.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,903 shares of the company’s stock valued at $210,000 after acquiring an additional 655 shares during the last quarter. Cerity Partners LLC increased its position in shares of International Game Technology by 2.3% during the first quarter. Cerity Partners LLC now owns 31,336 shares of the company’s stock valued at $510,000 after acquiring an additional 715 shares during the last quarter. Linden Thomas Advisory Services LLC increased its position in shares of International Game Technology by 4.0% during the first quarter. Linden Thomas Advisory Services LLC now owns 22,895 shares of the company’s stock valued at $372,000 after acquiring an additional 891 shares during the last quarter. Finally, CWM LLC increased its position in shares of International Game Technology by 61.1% during the first quarter. CWM LLC now owns 2,460 shares of the company’s stock valued at $40,000 after acquiring an additional 933 shares during the last quarter. 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.