International Game Technology (NYSE:IGT) Price Target Raised to $30.00

International Game Technology (NYSE:IGT) had its price objective upped by Stifel Nicolaus from $26.00 to $30.00 in a report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also recently weighed in on IGT. Truist Financial dropped their target price on shares of International Game Technology from $26.00 to $23.00 and set a hold rating on the stock in a report on Wednesday, May 15th. Susquehanna dropped their price objective on shares of International Game Technology from $40.00 to $33.00 and set a positive rating on the stock in a research note on Thursday, May 16th. StockNews.com downgraded International Game Technology from a strong-buy rating to a buy rating in a research note on Friday, July 5th. Finally, B. Riley reiterated a buy rating and set a $30.00 price target on shares of International Game Technology in a research report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $28.67.

International Game Technology Price Performance

IGT stock opened at $21.67 on Wednesday. The stock’s 50 day moving average is $20.72 and its two-hundred day moving average is $22.18. International Game Technology has a 52-week low of $18.90 and a 52-week high of $33.48. The company has a market capitalization of $4.31 billion, a PE ratio of 20.64 and a beta of 1.98. The company has a quick ratio of 0.67, a current ratio of 0.84 and a debt-to-equity ratio of 2.57.

International Game Technology (NYSE:IGT) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.07. The firm had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.06 billion. International Game Technology had a net margin of 4.89% and a return on equity of 19.95%. The firm’s quarterly revenue was down .6% on a year-over-year basis. During the same period in the prior year, the company posted $0.45 earnings per share. Analysts predict that International Game Technology will post 1.43 earnings per share for the current fiscal year.

International Game Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, August 13th. This represents a $0.80 annualized dividend and a dividend yield of 3.69%. International Game Technology’s payout ratio is currently 76.19%.

Hedge Funds Weigh In On International Game Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IGT. SG Americas Securities LLC grew its stake in shares of International Game Technology by 43.7% in the fourth quarter. SG Americas Securities LLC now owns 7,771 shares of the company’s stock worth $213,000 after purchasing an additional 2,363 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in International Game Technology by 10.6% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 8,425 shares of the company’s stock valued at $231,000 after buying an additional 805 shares during the period. Coastline Trust Co bought a new stake in shares of International Game Technology during the 4th quarter worth about $288,000. Venturi Wealth Management LLC acquired a new stake in shares of International Game Technology in the 4th quarter worth approximately $25,000. Finally, Highlander Capital Management LLC bought a new position in shares of International Game Technology in the fourth quarter valued at approximately $27,000. 44.33% of the stock is owned by institutional investors.

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.