International Game Technology PLC (NYSE:IGT – Get Rating) – Analysts at Jefferies Financial Group raised their third quarter 2022 earnings per share estimates for shares of International Game Technology in a research note released Thursday, August 4. Jefferies Financial Group analyst D. Katz now expects the company to post earnings of $0.42 per share for the quarter, up from its previous estimate of $0.25. Jefferies Financial Group currently has a “Buy” rating and a target price of $26.00 on the stock. The consensus estimate for International Game Technology’s current annual earnings is $1.36 per share. Jefferies Financial Group also released estimates for International Game Technology Q4 2022 earnings at $0.33 EPS, fiscal year 2022 earnings at $1.71 EPS, Q1 2023 earnings at $0.47 EPS, Q2 2023 earnings at $0.53 EPS, Q3 2023 earnings at $0.51 EPS, Q4 2023 earnings at $0.45 EPS, FY2023 earnings at $1.97 EPS and FY2024 earnings at $2.27 EPS.
Several other equity research analysts have also recently commented on IGT. Stifel Nicolaus cut his price target on shares of International Game Technology from $36.00 to $26.00 in a Monday, August 1 research report. Truist Financial cut its price target on shares of International Game Technology from $36.00 to $30.00 and set a “buy” rating on the stock in a Wednesday, July 20 research note. StockNews.com downgraded International Game Technology from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft lowered its price target on International Game Technology from $35.00 to $30.00 in a Wednesday, August 3 research report. One research analyst rated the stock with a hold rating and six gave the company a buy rating. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $35.00.
Performance of international gaming technology stocks
NYSE:IGT opened at $20.61 on Monday. The stock’s 50-day moving average is $19.42 and its 200-day moving average is $22.74. The stock has a market capitalization of $4.20 billion, a P/E ratio of 26.77 and a beta of 1.83. International Game Technology has a 1-year minimum of $16.46 and a 1-year maximum of $32.95. The company has a current ratio of 1.56, a quick ratio of 1.33 and a debt ratio of 3.53.
International Game Technology (NYSE:IGT – Get Rating) last released quarterly earnings data 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. International Game Technology achieved a return on equity of 14.56% and a net margin of 3.87%. The company posted revenue of $1.05 billion for the quarter, compared to analysts’ estimates of $1.04 billion. In the same quarter a year earlier, the company posted EPS of $0.38. International Game Technology’s quarterly revenue increased 3.5% compared to the same quarter last year.
Announcing the International Gaming Technology Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 30. Investors of record on Tuesday, August 16 will receive a dividend of $0.20. The ex-dividend date is Monday, August 15. This represents an annualized dividend of $0.80 and a yield of 3.88%. International Game Technology’s payout rate is 103.90%.
Institutional trade in international gaming technology
Institutional investors have recently been buying and selling shares of the company. Parkside Financial Bank & Trust increased its stake in shares of International Game Technology by 84.9% in the 1st quarter. Parkside Financial Bank & Trust now owns 1,163 shares of the company valued at $29,000 after purchasing an additional 534 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new stake in International Game Technology in the first quarter for a value of approximately $34,000. Steward Partners Investment Advisory LLC increased its stake in International Game Technology by 100.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,200 shares of the company valued at $35,000 after purchasing an additional 600 shares during the period. Brown Brothers Harriman & Co. bought a new position in shares of International Game Technology during Q1 for a value of approximately $49,000. Finally, Great West Life Assurance Co. Can increased its shareholding 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 worth $106,000 after buying 1,048 additional shares in the last quarter. Institutional investors hold 44.33% of the company’s shares.
International Gaming Technology Company Profile
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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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