International Game Technology PLC (NYSE:IGT) Receives $31.00 Average Price Target from Brokerages

Shares of International Game Technology PLC (NYSE:IGT) have been given an average recommendation of “Moderate Buy” by the six brokerages that are covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $31.00.

Several equities research analysts have commented on the stock. StockNews.com raised shares of International Game Technology from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 3rd. Argus reduced their price target on International Game Technology from $30.00 to $27.00 and set a “buy” rating for the company in a research report on Wednesday, March 13th. Truist Financial decreased their price target on International Game Technology from $28.00 to $26.00 and set a “hold” rating for the company in a research note on Tuesday, April 23rd. Stifel Nicolaus reiterated a “hold” rating and set a $26.00 price objective (down previously from $30.00) on shares of International Game Technology in a research note on Wednesday, March 13th. Finally, B. Riley initiated coverage on shares of International Game Technology in a research note on Friday, April 5th. They issued a “buy” rating and a $30.00 target price for the company.

Hedge Funds Weigh In On International Game Technology

Several large investors have recently modified their holdings of IGT. Venturi Wealth Management LLC bought a new position in shares of International Game Technology during the fourth quarter worth approximately $25,000. CWM LLC increased its position in International Game Technology by 166.5% during the 3rd quarter. CWM LLC now owns 898 shares of the company’s stock worth $27,000 after buying an additional 561 shares during the period. Highlander Capital Management LLC acquired a new stake in shares of International Game Technology during the fourth quarter worth $27,000. Huntington National Bank boosted its position in shares of International Game Technology by 113.2% in the third quarter. Huntington National Bank now owns 921 shares of the company’s stock valued at $28,000 after acquiring an additional 489 shares during the period. Finally, Allworth Financial LP grew its stake in shares of International Game Technology by 770.0% in the third quarter. Allworth Financial LP now owns 957 shares of the company’s stock valued at $29,000 after acquiring an additional 847 shares in the last quarter. 44.33% of the stock is owned by institutional investors.

International Game Technology Stock Up 0.7 %

IGT stock opened at $20.05 on Thursday. The company has a debt-to-equity ratio of 2.90, a current ratio of 1.26 and a quick ratio of 1.07. The stock has a market capitalization of $3.99 billion, a P/E ratio of 26.38 and a beta of 1.94. International Game Technology has a fifty-two week low of $19.48 and a fifty-two week high of $33.99. The business has a 50-day moving average of $21.97 and a 200-day moving average of $25.15.

International Game Technology (NYSE:IGT) last released its quarterly earnings results on Tuesday, March 12th. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.11. International Game Technology had a return on equity of 21.10% and a net margin of 3.62%. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the firm posted $0.40 EPS. The business’s revenue was up 3.4% on a year-over-year basis. On average, sell-side analysts anticipate that International Game Technology will post 1.47 earnings per share for the current fiscal year.

International Game Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 9th. Investors of record on Tuesday, March 26th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date was Monday, March 25th. International Game Technology’s payout ratio is presently 105.26%.

About International Game Technology

International Game Technology PLC operates and provides gaming technology products and services in the United States, Canada, Italy, The United Kingdom, rest of Europe, and internationally. It operates through three segments: Global Lottery, Global Gaming, and PlayDigital. The company designs, sells, operates, and leases a suite of point-of-sale machines that reconciles lottery funds between the retailer and 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, as well as iLottery solutions and services.