Societe Generale Downgrades International Game Technology (NYSE:IGT) to Hold

International Game Technology (NYSE:IGT) was downgraded by stock analysts at Societe Generale from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, Marketbeat reports. They presently have a $8.20 target price on the stock. Societe Generale’s price objective indicates a potential upside of 2.50% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. SunTrust Banks lowered International Game Technology from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $16.00 to $8.00 in a research report on Wednesday, May 6th. Union Gaming Research lowered International Game Technology from a “buy” rating to a “hold” rating and set a $8.50 price objective on the stock. in a research report on Tuesday. Argus restated a “hold” rating on shares of International Game Technology in a research report on Thursday, March 5th. Deutsche Bank restated a “buy” rating and issued a $11.00 price objective (up previously from $9.00) on shares of International Game Technology in a research report on Monday, May 18th. Finally, ValuEngine upgraded International Game Technology from a “sell” rating to a “hold” rating in a research report on Friday, May 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $9.62.

Shares of IGT traded up $0.18 during mid-day trading on Thursday, hitting $8.00. 2,323,631 shares of the company traded hands, compared to its average volume of 3,262,624. International Game Technology has a 1-year low of $3.59 and a 1-year high of $16.25. The company has a quick ratio of 1.00, a current ratio of 1.37 and a debt-to-equity ratio of 4.01. The company has a market capitalization of $1.60 billion, a PE ratio of 7.52 and a beta of 1.85. The business has a 50 day moving average of $6.64 and a 200 day moving average of $11.28.

International Game Technology (NYSE:IGT) last issued its quarterly earnings results on Monday, May 18th. The company reported $0.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.10. International Game Technology had a negative net margin of 6.71% and a positive return on equity of 8.68%. The company had revenue of $940.00 million for the quarter, compared to the consensus estimate of $935.49 million. During the same quarter in the prior year, the company earned $0.12 EPS. International Game Technology’s quarterly revenue was down 17.9% on a year-over-year basis. As a group, research analysts expect that International Game Technology will post -0.36 EPS for the current fiscal year.

Several large investors have recently made changes to their positions in the company. Clearbridge Investments LLC lifted its position in shares of International Game Technology by 91.5% during the 1st quarter. Clearbridge Investments LLC now owns 7,026 shares of the company’s stock valued at $42,000 after buying an additional 3,358 shares in the last quarter. Twinbeech Capital LP purchased a new position in shares of International Game Technology during the 1st quarter valued at approximately $406,000. Mercer Global Advisors Inc. ADV purchased a new position in shares of International Game Technology during the 1st quarter valued at approximately $192,000. Advisor Group Holdings Inc. purchased a new position in shares of International Game Technology during the 1st quarter valued at approximately $89,000. Finally, Squarepoint Ops LLC purchased a new position in shares of International Game Technology during the 1st quarter valued at approximately $1,213,000. Hedge funds and other institutional investors own 40.17% of the company’s stock.

About International Game Technology

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 four segments: North America Gaming and Interactive, North America Lottery, International, and Italy.

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Analyst Recommendations for International Game Technology (NYSE:IGT)

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