International Game Technology (IGT) will release its results on Tuesday
International Games Technology (NYSE: IGT – Get a rating) will publish its quarterly results before the market opens on Tuesday, August 2. Analysts expect International Game Technology to post earnings of $0.35 per share for the quarter. International Game Technology has set its fiscal year 2022 guidance to EPS and its second quarter 2022 guidance to EPS. Individuals wishing to register for the company’s earnings conference call can do so using this link.
International Games Technology (NYSE: IGT – Get a rating) last released its quarterly results on Tuesday, May 10. The company reported earnings per share of $0.39 for the quarter, beating analyst consensus estimates of $0.34 by $0.05. The company posted revenue of $1.05 billion in the quarter, versus a consensus estimate of $1.04 billion. International Game Technology achieved a net margin of 11.37% and a return on equity of 3.35%. The company’s quarterly revenue increased by 3.5% compared to the same quarter last year. In the same quarter last year, the company earned earnings per share of $0.38. On average, analysts expect International Game Technology to post EPS of $1 for the current fiscal year and EPS of $2 for the next fiscal year.
Performance of international gaming technology stocks
International Game Technology stock opened Tuesday at $18.47. The company has a market capitalization of $3.76 billion, a PE ratio of 8.10 and a beta of 1.91. The company has a fifty-day moving average price of $19.60 and a two-hundred-day moving average price of $23.26. The company has a debt ratio of 3.51, a current ratio of 1.43 and a quick ratio of 1.33. International Game Technology has a 12-month low of $16.46 and a 12-month high of $32.95.
International Game Technology Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 7. Investors of record on Tuesday, May 24 received a dividend of $0.20 per share. This represents a dividend of $0.80 on an annualized basis and a dividend yield of 4.33%. The ex-dividend date was Monday, May 23. International Game Technology’s dividend payout ratio is currently 35.09%.
Institutional investors weigh in on international gaming technology
Several institutional investors and hedge funds have recently increased or reduced their stake in the stock. Lazard Asset Management LLC increased its stake in International Game Technology by 3.7% in the 1st quarter. Lazard Asset Management LLC now owns 6,207,288 shares of the company worth $153,195,000 after purchasing an additional 220,574 shares in the last quarter. Capital Research Global Investors increased its stake in International Game Technology by 115.5% in Q1. Capital Research Global Investors now owns 2,331,200 shares of the company worth $57,534,000 after purchasing an additional 1,249,200 shares in the last quarter. State Street Corp increased its holdings of International Game Technology shares 3.3% in the first quarter. State Street Corp now owns 1,703,943 shares of the company worth $42,053,000 after purchasing an additional 53,817 shares in the last quarter. Invesco Ltd. increased its holdings of International Game Technology shares by 1,485.1% in the first quarter. Invesco Ltd. now owns 1,418,405 shares of the company worth $35,006,000 after purchasing an additional 1,328,919 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holding in shares of International Game Technology by 89.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,251,116 shares of the company worth $30,878,000 after purchasing an additional 590,469 shares in the last quarter. 44.33% of the shares are currently held by institutional investors and hedge funds.
Analyst upgrades and downgrades
A number of research analysts have recently published reports on the company. Jefferies Financial Group downgraded 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 Thursday, May 12, report. Deutsche Bank Aktiengesellschaft lowered its price target on International Game Technology from $37.00 to $35.00 and placed a “buy” rating on the stock in a Thursday, July 14 research note. StockNews.com upgraded International Game Technology from a “hold” rating to a “buy” rating in a Wednesday, June 15 research note. Finally, Truist Financial lowered its price target on International Game Technology from $36.00 to $30.00 and placed a “buy” rating on the stock in a Wednesday, July 20 research note. Seven equity research analysts gave the stock a buy rating. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $38.67.
About International Gaming Technology
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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