BidaskClub Upgrades International Game Technology (NYSE:IGT) to “Hold”

BidaskClub upgraded shares of International Game Technology (NYSE:IGT) from a sell rating to a hold rating in a research note released on Monday, July 24th.

IGT has been the subject of a number of other research reports. Wells Fargo & Company reiterated a market perform rating and issued a $25.50 price objective on shares of International Game Technology in a research report on Wednesday, April 19th. Telsey Advisory Group decreased their price objective on shares of International Game Technology from $31.00 to $27.00 and set an outperform rating for the company in a research report on Friday, May 26th. Bank of America Corporation reissued a neutral rating and set a $27.00 target price (up previously from $22.00) on shares of International Game Technology in a research note on Sunday, May 28th. Finally, ValuEngine cut shares of International Game Technology from a buy rating to a hold rating in a research note on Friday, June 2nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. International Game Technology currently has an average rating of Hold and a consensus price target of $27.38.

International Game Technology (IGT) opened at 19.48 on Monday. International Game Technology has a one year low of $17.25 and a one year high of $32.07. The stock’s market cap is $3.95 billion. The company’s 50-day moving average price is $19.12 and its 200-day moving average price is $22.06.

International Game Technology (NYSE:IGT) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $0.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.17. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. International Game Technology had a positive return on equity of 10.35% and a negative net margin of 2.28%. The company’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.43 earnings per share. Analysts forecast that International Game Technology will post $1.14 EPS for the current fiscal year.

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The company also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Friday, August 11th will be issued a $0.20 dividend. The ex-dividend date is Wednesday, August 9th. This represents a $0.80 annualized dividend and a yield of 4.11%. International Game Technology’s payout ratio is -142.86%.

Several institutional investors have recently modified their holdings of IGT. State Street Corp raised its position in shares of International Game Technology by 1.8% in the fourth quarter. State Street Corp now owns 1,102,633 shares of the company’s stock valued at $28,141,000 after buying an additional 19,611 shares in the last quarter. New York State Teachers Retirement System bought a new position in shares of International Game Technology during the fourth quarter valued at approximately $212,000. UBS Asset Management Americas Inc. raised its position in shares of International Game Technology by 30.6% in the fourth quarter. UBS Asset Management Americas Inc. now owns 143,715 shares of the company’s stock valued at $3,667,000 after buying an additional 33,664 shares in the last quarter. Macquarie Group Ltd. raised its position in shares of International Game Technology by 11.0% in the fourth quarter. Macquarie Group Ltd. now owns 257,548 shares of the company’s stock valued at $6,573,000 after buying an additional 25,448 shares in the last quarter. Finally, Bank of Montreal Can raised its position in shares of International Game Technology by 0.6% in the first quarter. Bank of Montreal Can now owns 70,886 shares of the company’s stock valued at $1,680,000 after buying an additional 436 shares in the last quarter. Hedge funds and other institutional investors own 38.22% of the company’s stock.

About International Game Technology

International Game Technology (IGT) is a global gaming company specializing in the design, development, manufacture, and marketing of casino-style gaming equipment, systems technology, and game content across multiple platforms: land-based, online real-money and social gaming. The Company is a supplier of gaming entertainment products worldwide.

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