International Game Technology (IGT) Shares Gap Up After Strong Earnings
International Game Technology (NYSE:IGT)’s share price gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $21.06, but opened at $23.85. International Game Technology shares last traded at $27.45, with a volume of 8356300 shares trading hands.
The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.16. International Game Technology had a negative net margin of 2.28% and a positive return on equity of 10.35%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the company posted $0.45 EPS. The company’s revenue for the quarter was down 3.6% on a year-over-year basis.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Tuesday, November 28th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend is Monday, November 27th. International Game Technology’s payout ratio is currently -142.86%.
Several research firms have recently issued reports on IGT. Deutsche Bank AG began coverage on shares of International Game Technology in a research note on Tuesday, September 26th. They set a “buy” rating and a $30.00 target price on the stock. Bank of America Corporation increased their target price on shares of International Game Technology from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday. ValuEngine raised shares of International Game Technology from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, BidaskClub lowered shares of International Game Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $28.63.
Institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. lifted its stake in International Game Technology by 38.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,989 shares of the company’s stock valued at $118,000 after buying an additional 1,398 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its stake in International Game Technology by 101.1% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 5,790 shares of the company’s stock valued at $116,000 after buying an additional 2,911 shares in the last quarter. Sigma Planning Corp purchased a new position in International Game Technology in the 3rd quarter valued at about $214,000. Pinnacle Associates Ltd. lifted its stake in International Game Technology by 14.4% in the 2nd quarter. Pinnacle Associates Ltd. now owns 11,467 shares of the company’s stock valued at $210,000 after buying an additional 1,445 shares in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. lifted its stake in International Game Technology by 3,030.1% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,644 shares of the company’s stock valued at $286,000 after buying an additional 11,272 shares in the last quarter. 38.05% of the stock is currently owned by hedge funds and other institutional investors.
The stock has a market capitalization of $4,827.96, a P/E ratio of 13.48 and a beta of 1.45. The company has a current ratio of 0.85, a quick ratio of 0.71 and a debt-to-equity ratio of 2.02.
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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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