International Game Technology PLC (NYSE:IGT) Receives Average “Buy” Rating from Analysts
Shares of International Game Technology PLC (New York Stock Exchange: IGT – Get a rating) have received an average “Buy” rating from the seven rating agencies that currently cover the company, Market Beat Ratings reports. Seven analysts rated the stock with a Buy recommendation. The 12-month average price target among brokers who updated their coverage on the stock in the past year is $38.67.
Several research analysts have recently commented on the company. Truist Financial lowered its target price on International Game Technology from $36.00 to $30.00 and set a “buy” rating for the company in a Wednesday, July 20 research note. Jefferies Financial Group downgraded International Game Technology from a “hold” rating to a “buy” rating and reduced its target price for the company 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 set a “buy” rating for the company in a Thursday, July 14 research note. To finish, StockNews.com upgraded International Game Technology from a “hold” rating to a “buy” rating in a Wednesday, June 15 report.
International gaming technology stock down 2.5%
International Gaming Technology Stock opened at $18.01 on Wednesday. The company has a quick ratio of 1.33, a current ratio of 1.43 and a debt ratio of 3.51. International Game Technology has a 52 week low of $16.46 and a 52 week high of $32.95. The company’s 50-day moving average price is $19.53 and its 200-day moving average price is $23.23. The company has a market capitalization of $3.67 billion, a price-earnings ratio of 7.90 and a beta of 1.91.
International game technology (New York Stock Exchange: IGT – Get a rating) last released its quarterly results on Tuesday, May 10. The company reported earnings per share (EPS) of $0.39 for the quarter, beating analyst consensus estimates of $0.34 by $0.05. International Game Technology achieved a return on equity of 3.35% and a net margin of 11.37%. The company posted revenue of $1.05 billion for the quarter, versus analyst estimates of $1.04 billion. During the same period a year earlier, the company posted earnings per share of $0.38. The company’s revenue increased 3.5% year over year. As a group, sell-side analysts expect International Game Technology to post earnings per share of 1.39 for the current year.
International Game Technology Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 7. Shareholders of record on Tuesday, May 24 received a dividend of $0.20. The ex-dividend date was Monday, May 23. This represents a dividend of $0.80 on an annualized basis and a yield of 4.44%. International Game Technology’s payout ratio is currently 35.09%.
Institutional investors weigh in on international gaming technology
A number of hedge funds have recently changed their positions in the business. Parkside Financial Bank & Trust increased its stake in International Game Technology by 84.9% during the first quarter. Parkside Financial Bank & Trust now owns 1,163 shares of the company worth $29,000 after buying 534 more shares last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in shares of International Game Technology in the first quarter worth $34,000. Steward Partners Investment Advisory LLC increased its stake in shares of International Game Technology by 100.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,200 shares of the company worth $35,000 after acquiring 600 additional shares in the last quarter. Brown Brothers Harriman & Co. acquired a new position in shares of International Game Technology in the first quarter worth $49,000. Finally, National Bank of Canada FI acquired a new position in shares of International Game Technology in the fourth quarter for a value of $60,000. Institutional investors hold 44.33% of the company’s shares.
International Gaming Technology Company Profile
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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