B. Riley Analysts Lift Earnings Estimates for International Game Technology PLC (NYSE:IGT)

International Game Technology PLC (NYSE:IGT – Get Rating) – Equities research analysts at B. Riley boosted their Q2 2023 EPS estimates for shares of International Game Technology in a research note issued to investors on Wednesday, May 10th. B. Riley analyst D. Bain now forecasts that the company will earn $0.31 per share for the quarter, up from their prior estimate of $0.30. B. Riley currently has a “Buy” rating and a $43.00 target price on the stock. The consensus estimate for International Game Technology’s current full-year earnings is $1.57 per share. B. Riley also issued estimates for International Game Technology’s Q3 2023 earnings at $0.32 EPS, Q4 2023 earnings at $0.36 EPS, Q1 2024 earnings at $0.33 EPS, Q2 2024 earnings at $0.34 EPS, Q3 2024 earnings at $0.39 EPS, Q4 2024 earnings at $0.47 EPS and FY2024 earnings at $1.52 EPS.

International Game Technology (NYSE:IGT – Get Rating) last posted its quarterly earnings data on Tuesday, May 9th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.10. International Game Technology had a net margin of 6.51% and a return on equity of 27.89%. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period last year, the firm posted $0.39 earnings per share. The business’s revenue was up .9% on a year-over-year basis.

Several other brokerages have also commented on IGT. Susquehanna upgraded shares of International Game Technology from a “neutral” rating to a “positive” rating and set a $31.00 price target on the stock in a research note on Thursday. Deutsche Bank Aktiengesellschaft increased their price target on shares of International Game Technology from $29.00 to $33.00 in a report on Wednesday, March 1st. Credit Suisse Group increased their price target on shares of International Game Technology from $62.00 to $66.00 and gave the company an “outperform” rating in a report on Wednesday, March 1st. Stifel Nicolaus increased their price target on shares of International Game Technology from $27.00 to $31.00 and gave the company a “buy” rating in a report on Tuesday, February 7th. Finally, StockNews.com began coverage on shares of International Game Technology in a report on Thursday, March 16th. They set a “strong-buy” rating for the company. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, International Game Technology has a consensus rating of “Buy” and an average target price of $37.14.

International Game Technology Stock Up 1.4 %

IGT stock opened at $26.22 on Thursday. The company has a 50 day moving average of $26.40 and a two-hundred day moving average of $24.97. International Game Technology has a 12-month low of $15.01 and a 12-month high of $28.98. The company has a market cap of $5.22 billion, a price-to-earnings ratio of 19.42 and a beta of 1.86. The company has a quick ratio of 1.02, a current ratio of 1.15 and a debt-to-equity ratio of 2.88.

International Game Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 8th. Stockholders of record on Thursday, May 25th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, May 24th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.05%. International Game Technology’s dividend payout ratio (DPR) is currently 59.26%.

Institutional Trading of International Game Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IGT. Lazard Asset Management LLC increased its stake in International Game Technology by 28.2% during the 3rd quarter. Lazard Asset Management LLC now owns 9,946,043 shares of the company’s stock valued at $157,146,000 after purchasing an additional 2,184,898 shares in the last quarter. Invesco Ltd. increased its position in shares of International Game Technology by 1,485.1% during the first quarter. Invesco Ltd. now owns 1,418,405 shares of the company’s stock valued at $35,006,000 after buying an additional 1,328,919 shares during the period. Capital Research Global Investors increased its position in shares of International Game Technology by 115.5% in the first quarter. Capital Research Global Investors now owns 2,331,200 shares of the company’s stock worth $57,534,000 after purchasing an additional 1,249,200 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in International Game Technology by 87.3% in the second quarter. Goldman Sachs Group Inc. now owns 2,343,145 shares of the company’s stock worth $43,488,000 after buying an additional 1,092,029 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in International Game Technology by 19.7% in the third quarter. Bank of New York Mellon Corp now owns 6,390,821 shares of the company’s stock worth $100,974,000 after buying an additional 1,050,703 shares in the last quarter. Institutional investors and hedge funds own 44.33% of the company’s stock.

About International Game Technology

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International Game Technology PLC engages in the designing, manufacturing, and marketing of electronic gaming equipment, software, and network systems. It operates through the Global Lottery, Global Gaming, and Digital & Betting segments. The Global Lottery segment has responsibility for the worldwide traditional lottery and iLottery business, including sales, operations, product development, technology, and support.