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.

Analyst Recommendations for International Game Technology (NYSE:IGT)

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.

5 Day Chart for NYSE:IGT

Receive News & Ratings for International Game Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for International Game Technology and related companies with MarketBeat.com's FREE daily email newsletter.