International Game Technology (NYSE:IGT – Get a Rating) was downgraded by StockNews.com research analysts from a “buy” rating to a “hold” rating in a research report released Wednesday to clients and investors.
IGT has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft lowered its price target on International Game Technology from $35.00 to $30.00 in a Wednesday, August 3 research note. Stifel Nicolaus reduced his target price on International Game Technology from $36.00 to $26.00 in a Monday August 1 research note. Truist Financial cut its price target on International Game Technology from $36.00 to $30.00 and set a “buy” rating on the stock in a Wednesday July 20 research note. Finally, Jefferies Financial Group upgraded International Game Technology from a “hold” rating to a “buy” rating and lowered its target price for the stock from $30.00 to $26.00 in a research note from the Thursday May 12. One analyst rated the stock with a hold rating and six rated the stock with a buy rating. Based on data from MarketBeat.com, International Game Technology currently has an average rating of “Moderate Buy” and an average price target of $35.00.
International Gaming Technology Awards Performance
NYSE IGT traded down $0.10 during Wednesday’s trading, hitting $19.89. The company’s shares had a trading volume of 588,445 shares, compared to an average trading volume of 1,882,552 shares. The stock has a market capitalization of $4.05 billion, a PE ratio of 25.83 and a beta of 1.83. The company has a debt ratio of 3.53, a current ratio of 1.56 and a quick ratio of 1.44. The company has a fifty-day moving average of $19.50 and a 200-day moving average of $22.31. International Game Technology has a one-year minimum of $16.46 and a one-year maximum of $32.95.
Hedge funds weigh on international gaming technology
Hedge funds and other institutional investors have recently changed their holdings in the company. Massachusetts Financial Services Co. MA increased its holdings in International Game Technology by 6.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,923,906 shares of the company valued at $147,068,000 after acquiring an additional 490,739 shares during the period. Lazard Asset Management LLC increased its holdings in International Game Technology by 25.0% during the second quarter. Lazard Asset Management LLC now owns 7,761,145 shares of the company valued at $144,046,000 after acquiring an additional 1,553,857 shares during the period. Boston Partners increased its stake in International Game Technology by 36.9% in the first quarter. Boston Partners now owns 6,662,138 shares of the company valued at $161,326,000 after acquiring an additional 1,796,129 shares during the period. Bank of New York Mellon Corp increased its stake in International Game Technology by 62.2% in the 1st quarter. Bank of New York Mellon Corp now owns 5,025,282 shares of the company valued at $124,024,000 after acquiring an additional 1,927,848 shares during the period. Finally, Broad Peak Investment Holdings Ltd. increased its stake in International Game Technology by 42.3% in the 1st quarter. Broad Peak Investment Holdings Ltd. now owns 2,799,638 shares of the company valued at $69,095,000 after acquiring an additional 831,644 shares during the period. 44.33% of the shares are currently held by hedge funds and other institutional investors.
About International Gaming Technology
(Get a rating)
International Game Technology PLC operates and provides game technology products and services in North America, Europe, the Middle East, Africa, Asia-Pacific, Latin America and the Caribbean. It operates in three segments: Global Lottery, Global Gaming and Digital & Betting. The company designs, sells, operates and leases a suite of point-of-sale machines that reconciles lottery funds between the retailer and the 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.
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