Argus Begins Coverage on International Game Technology (IGT)
Argus started coverage on shares of International Game Technology (NYSE:IGT) in a research note released on Friday morning. The brokerage issued a buy rating and a $30.00 price objective on the stock.
“We also expect IGT to benefit from greater diversification following the merger and from more moderate currency headwinds. Our long-term rating is also BUY, as we expect international expansion and new gaming markets in the U.S. to drive sales higher over time.,” the firm’s analyst commented.
A number of other brokerages also recently commented on IGT. Sterne Agee CRT boosted their price objective on shares of International Game Technology from $19.00 to $20.50 and gave the company a neutral rating in a research report on Friday, May 27th. Macquarie started coverage on shares of International Game Technology in a research report on Tuesday, June 14th. They set an outperform rating and a $26.00 price objective on the stock. Bank of America Corp. reaffirmed a buy rating on shares of International Game Technology in a research report on Wednesday, June 22nd. Finally, Telsey Advisory Group boosted their price objective on shares of International Game Technology from $25.00 to $26.00 and gave the company an outperform rating in a research report on Friday, July 29th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $23.21.
Shares of International Game Technology (NYSE:IGT) opened at 24.21 on Friday. The firm has a market capitalization of $4.87 billion, a price-to-earnings ratio of 80.43 and a beta of 2.03. International Game Technology has a 12-month low of $12.48 and a 12-month high of $24.74. The company’s 50-day moving average is $22.94 and its 200-day moving average is $19.47.
International Game Technology (NYSE:IGT) last released its earnings results on Thursday, July 28th. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.47 by $0.04. The firm earned $1.29 billion during the quarter, compared to analysts’ expectations of $1.26 billion. International Game Technology had a return on equity of 12.44% and a net margin of 1.18%. The business’s revenue was up .9% on a year-over-year basis. During the same period last year, the business earned $0.38 earnings per share. On average, equities analysts forecast that International Game Technology will post $1.90 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 24th. Shareholders of record on Wednesday, August 10th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date was Monday, August 8th. International Game Technology’s dividend payout ratio (DPR) is presently 258.06%.
A number of hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new stake in International Game Technology during the fourth quarter worth about $41,602,000. Emerald Acquisition Ltd. acquired a new stake in International Game Technology during the second quarter worth about $20,105,000. BloombergSen Inc. boosted its stake in International Game Technology by 17.1% in the second quarter. BloombergSen Inc. now owns 6,508,881 shares of the company’s stock worth $121,976,000 after buying an additional 948,553 shares during the period. JPMorgan Chase & Co. boosted its stake in International Game Technology by 114.3% in the first quarter. JPMorgan Chase & Co. now owns 1,579,041 shares of the company’s stock worth $28,817,000 after buying an additional 842,144 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in International Game Technology by 174.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,106,343 shares of the company’s stock worth $20,729,000 after buying an additional 703,730 shares during the period. Hedge funds and other institutional investors own 32.70% of the company’s stock.
About International Game Technology
International Game Technology (IGT) is a global gaming company specializing in the design, development, manufacture, and marketing of casino-style gaming equipment, systems technology, and game content across multiple platforms: land-based, online real-money and social gaming. The Company is a supplier of gaming entertainment products worldwide.
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