International Game Technology (IGT) Receives “Neutral” Rating from Bank of America Corp
International Game Technology (NYSE:IGT)‘s stock had its “neutral” rating restated by equities researchers at Bank of America Corp in a research note issued on Sunday. They presently have a $27.00 price target on the stock, up from their prior price target of $22.00. Bank of America Corp’s price objective would suggest a potential upside of 48.19% from the stock’s previous close.
Several other analysts have also recently weighed in on IGT. Telsey Advisory Group cut their price objective on International Game Technology from $33.00 to $31.00 and set an “outperform” rating on the stock in a research report on Friday, March 10th. Argus cut International Game Technology from a “buy” rating to a “hold” rating in a research report on Friday, March 24th. Finally, Wells Fargo & Co reissued a “market perform” rating and issued a $25.50 price target on shares of International Game Technology in a research report on Wednesday, April 19th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. International Game Technology currently has a consensus rating of “Hold” and a consensus price target of $27.10.
Shares of International Game Technology (NYSE:IGT) traded down 0.16% during mid-day trading on Friday, hitting $18.22. The stock had a trading volume of 2,225,719 shares. International Game Technology has a 52-week low of $17.25 and a 52-week high of $32.07. The stock’s 50-day moving average price is $21.70 and its 200-day moving average price is $25.02. The firm has a market cap of $3.69 billion, a PE ratio of 14.78 and a beta of 1.51.
International Game Technology (NYSE:IGT) last posted its quarterly earnings data on Thursday, May 25th. The company reported $0.29 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by $0.19. The firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.18 billion. International Game Technology had a net margin of 0.99% and a return on equity of 12.45%. The business’s revenue was down 10.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.57 earnings per share. On average, analysts anticipate that International Game Technology will post $2.02 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 22nd. Stockholders of record on Thursday, June 8th will be given a $0.20 dividend. The ex-dividend date is Tuesday, June 6th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.39%. International Game Technology’s dividend payout ratio is currently 307.69%.
Several hedge funds have recently modified their holdings of the company. BlackRock Advisors LLC boosted its stake in shares of International Game Technology by 1.7% in the third quarter. BlackRock Advisors LLC now owns 37,478 shares of the company’s stock worth $914,000 after buying an additional 620 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of International Game Technology by 14.7% in the third quarter. Rhumbline Advisers now owns 73,009 shares of the company’s stock worth $1,780,000 after buying an additional 9,333 shares in the last quarter. Two Sigma Advisers LP boosted its stake in shares of International Game Technology by 3.3% in the third quarter. Two Sigma Advisers LP now owns 358,121 shares of the company’s stock worth $8,731,000 after buying an additional 11,594 shares in the last quarter. National Asset Management Inc. bought a new stake in shares of International Game Technology during the third quarter worth approximately $207,000. Finally, Jane Street Group LLC bought a new stake in shares of International Game Technology during the third quarter worth approximately $1,880,000. 40.84% of the stock is currently owned by hedge funds and other institutional investors.
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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