International Game Technology (NYSE:IGT) Shares Gap Up to $9.57

International Game Technology PLC (NYSE:IGT)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $9.24, but opened at $9.57. International Game Technology shares last traded at $9.57, with a volume of 3,820,800 shares.

IGT has been the subject of several recent research reports. ValuEngine raised International Game Technology from a “hold” rating to a “buy” rating in a report on Thursday. Union Gaming Research cut shares of International Game Technology from a “buy” rating to a “hold” rating and set a $8.50 target price for the company. in a research note on Tuesday, May 19th. Societe Generale lowered shares of International Game Technology from a “buy” rating to a “hold” rating and set a $8.20 price target on the stock. in a research note on Thursday, May 21st. SunTrust Banks downgraded shares of International Game Technology from a “buy” rating to a “hold” rating and reduced their price objective for the company from $16.00 to $8.00 in a research report on Wednesday, May 6th. Finally, Credit Suisse Group began coverage on International Game Technology in a report on Thursday, May 21st. They issued an “underperform” rating and a $5.00 price objective on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $9.62.

The stock’s 50 day moving average price is $8.92 and its two-hundred day moving average price is $10.17. The company has a current ratio of 1.37, a quick ratio of 1.28 and a debt-to-equity ratio of 4.01. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of 9.72 and a beta of 1.89.

International Game Technology (NYSE:IGT) last released its quarterly earnings data on Monday, May 18th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $940.00 million for the quarter, compared to the consensus estimate of $935.49 million. During the same quarter in the previous year, the firm earned $0.12 earnings per share. The firm’s revenue was down 17.9% on a year-over-year basis. On average, sell-side analysts forecast that International Game Technology PLC will post -0.75 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund boosted its position in shares of International Game Technology by 1.0% in the 1st quarter. New York State Common Retirement Fund now owns 168,000 shares of the company’s stock worth $1,000,000 after buying an additional 1,600 shares in the last quarter. Janney Montgomery Scott LLC raised its position in International Game Technology by 12.6% during the first quarter. Janney Montgomery Scott LLC now owns 14,448 shares of the company’s stock worth $86,000 after acquiring an additional 1,618 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of International Game Technology by 0.5% in the fourth quarter. Bank of New York Mellon Corp now owns 431,289 shares of the company’s stock valued at $6,456,000 after purchasing an additional 1,945 shares in the last quarter. Clearbridge Investments LLC grew its position in shares of International Game Technology by 91.5% in the first quarter. Clearbridge Investments LLC now owns 7,026 shares of the company’s stock valued at $42,000 after purchasing an additional 3,358 shares during the last quarter. Finally, Cambria Investment Management L.P. grew its position in shares of International Game Technology by 5.6% in the fourth quarter. Cambria Investment Management L.P. now owns 71,079 shares of the company’s stock valued at $1,064,000 after purchasing an additional 3,741 shares during the last quarter. 38.22% of the stock is owned by hedge funds and other institutional investors.

International Game Technology Company Profile (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 four segments: North America Gaming and Interactive, North America Lottery, International, and Italy.

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