International Game Technology PLC (NYSE:IGT) Given Consensus Recommendation of “Buy” by Brokerages

Posted by Defense World Staff on Aug 1st, 2023

International Game Technology PLC (NYSE:IGT – Get Free Report) has been assigned an average rating of “Buy” from the five brokerages that are presently covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a buy recommendation. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $41.00.

A number of equities research analysts have weighed in on IGT shares. Stifel Nicolaus boosted their price objective on International Game Technology from $32.00 to $38.00 in a research note on Monday, June 26th. B. Riley assumed coverage on International Game Technology in a report on Thursday, April 20th. They set a “buy” rating and a $43.00 price target on the stock. Truist Financial upped their price objective on International Game Technology from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 18th. StockNews.com started coverage on International Game Technology in a report on Thursday, May 18th. They issued a “strong-buy” rating on the stock. Finally, Susquehanna raised shares of International Game Technology from a “neutral” rating to a “positive” rating and set a $31.00 price objective on the stock in a research note on Thursday, May 11th.

Institutional Investors Weigh In On International Game Technology

Large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its position in shares of International Game Technology by 48.0% in the first quarter. JPMorgan Chase & Co. now owns 435,238 shares of the company’s stock valued at $10,742,000 after acquiring an additional 141,105 shares in the last quarter. AlphaCrest Capital Management LLC purchased a new stake in shares of International Game Technology during the first quarter worth about $374,000. Rhumbline Advisers lifted its stake in shares of International Game Technology by 1.6% during the first quarter. Rhumbline Advisers now owns 103,240 shares of the company’s stock valued at $2,548,000 after buying an additional 1,616 shares during the period. Great West Life Assurance Co. Can boosted its position in International Game Technology by 35.1% during the first quarter. Great West Life Assurance Co. Can now owns 4,031 shares of the company’s stock worth $106,000 after acquiring an additional 1,048 shares during the last quarter. Finally, Raymond James Trust N.A. purchased a new stake in International Game Technology in the 1st quarter worth approximately $212,000. 44.33% of the stock is owned by institutional investors and hedge funds.

International Game Technology Stock Up 1.0 %

IGT stock opened at $33.82 on Tuesday. The stock has a market cap of $6.73 billion, a P/E ratio of 31.61 and a beta of 1.93. The company has a current ratio of 1.03, a quick ratio of 0.90 and a debt-to-equity ratio of 2.96. International Game Technology has a twelve month low of $15.01 and a twelve month high of $33.99. The company’s 50 day moving average is $30.32 and its two-hundred day moving average is $27.71.

International Game Technology (NYSE:IGT – Get Free Report) last announced its quarterly earnings results on Tuesday, May 9th. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.10. International Game Technology had a net margin of 5.17% and a return on equity of 28.84%. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the company earned $0.39 earnings per share. International Game Technology’s quarterly revenue was up .9% compared to the same quarter last year. Research analysts expect that International Game Technology will post 1.6 earnings per share for the current fiscal year.

International Game Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 8th. Investors of record on Thursday, May 25th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, May 24th. This represents a $0.80 annualized dividend and a yield of 2.37%. International Game Technology’s dividend payout ratio is presently 74.77%.

International Game Technology Company Profile

(Get Free Report

International Game Technology PLC operates and provides gaming 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 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, as well as iLottery solutions and services.