International Game Technology (IGT) Stock Price Down 5.6%

International Game Technology PLC (NYSE:IGT) dropped 5.6% during mid-day trading on Thursday . The stock traded as low as $17.02 and last traded at $17.12. Approximately 3,648,251 shares changed hands during trading, an increase of 49% from the average daily volume of 2,444,970 shares. The stock had previously closed at $18.14.

IGT has been the topic of a number of research reports. Credit Suisse Group initiated coverage on shares of International Game Technology in a research note on Tuesday, August 14th. They issued a “neutral” rating and a $24.00 price target on the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $35.00 price target on shares of International Game Technology in a research note on Wednesday, August 1st. SunTrust Banks initiated coverage on shares of International Game Technology in a research note on Monday, October 1st. They issued a “hold” rating and a $21.00 price target on the stock. ValuEngine lowered shares of International Game Technology from a “hold” rating to a “sell” rating in a research note on Friday, September 7th. Finally, Societe Generale initiated coverage on shares of International Game Technology in a research note on Wednesday. They issued a “buy” rating and a $20.50 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. International Game Technology presently has an average rating of “Buy” and an average target price of $28.79.

The company has a market cap of $4.03 billion, a price-to-earnings ratio of 11.26 and a beta of 1.38. The company has a debt-to-equity ratio of 2.97, a quick ratio of 0.88 and a current ratio of 1.01.

International Game Technology (NYSE:IGT) last released its quarterly earnings data on Tuesday, July 31st. The company reported $0.28 EPS for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.06). The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.18 billion. International Game Technology had a negative net margin of 13.37% and a positive return on equity of 12.26%. The firm’s revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.15 EPS. As a group, analysts predict that International Game Technology PLC will post 1.2 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the business. Clearline Capital LP acquired a new stake in International Game Technology in the 2nd quarter valued at about $4,892,000. Brookstone Capital Management raised its holdings in International Game Technology by 39.8% in the 2nd quarter. Brookstone Capital Management now owns 19,893 shares of the company’s stock valued at $462,000 after acquiring an additional 5,664 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in International Game Technology by 56.8% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 15,530 shares of the company’s stock valued at $361,000 after acquiring an additional 5,628 shares during the last quarter. Marshall Wace LLP raised its holdings in International Game Technology by 792.1% in the 2nd quarter. Marshall Wace LLP now owns 643,226 shares of the company’s stock valued at $14,949,000 after acquiring an additional 571,127 shares during the last quarter. Finally, Bank of Montreal Can acquired a new stake in International Game Technology in the 2nd quarter valued at about $1,720,000. Institutional investors own 47.06% of the company’s stock.

About International Game Technology (NYSE:IGT)

International Game Technology PLC operates and provides technology products and services across lotteries, electronic gaming machines, sports betting, and interactive gaming markets worldwide. The company operates through: North America Gaming and Interactive, North America Lottery, International, and Italy segments.

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