$1.16 Billion in Sales Expected for International Game Technology (IGT) This Quarter
Wall Street analysts expect International Game Technology (NYSE:IGT) to post sales of $1.16 billion for the current quarter, Zacks Investment Research reports. Five analysts have issued estimates for International Game Technology’s earnings. The highest sales estimate is $1.21 billion and the lowest is $1.13 billion. International Game Technology posted sales of $1.27 billion during the same quarter last year, which would suggest a negative year over year growth rate of 8.7%. The firm is expected to announce its next earnings report on Monday, November 20th.
On average, analysts expect that International Game Technology will report full-year sales of $1.16 billion for the current fiscal year, with estimates ranging from $4.75 billion to $4.89 billion. For the next financial year, analysts expect that the company will post sales of $4.93 billion per share, with estimates ranging from $4.75 billion to $5.15 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover International Game Technology.
International Game Technology (NYSE:IGT) last issued its quarterly earnings results on Tuesday, August 1st. The company reported $0.15 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.32 by $0.17. International Game Technology had a positive return on equity of 10.35% and a negative net margin of 2.28%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same quarter in the previous year, the company posted $0.43 EPS. The company’s quarterly revenue was down 5.1% on a year-over-year basis.
Several equities research analysts recently weighed in on IGT shares. ValuEngine raised shares of International Game Technology from a “hold” rating to a “buy” rating in a report on Friday, September 1st. BidaskClub raised shares of International Game Technology from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Bank of America Corporation reaffirmed a “neutral” rating and issued a $27.00 price objective (up previously from $22.00) on shares of International Game Technology in a report on Sunday, May 28th. Finally, Telsey Advisory Group reduced their price objective on shares of International Game Technology from $31.00 to $27.00 and set an “outperform” rating for the company in a report on Friday, May 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $27.38.
Shares of International Game Technology (IGT) opened at 20.09 on Monday. International Game Technology has a 52 week low of $17.25 and a 52 week high of $32.07. The firm has a 50-day moving average price of $20.07 and a 200-day moving average price of $21.14. The stock’s market cap is $4.08 billion.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Investors of record on Friday, August 11th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.98%. The ex-dividend date was Wednesday, August 9th. International Game Technology’s payout ratio is currently -142.86%.
A number of hedge funds have recently bought and sold shares of IGT. Bank of Montreal Can lifted its holdings in International Game Technology by 0.6% in the first quarter. Bank of Montreal Can now owns 70,886 shares of the company’s stock worth $1,680,000 after purchasing an additional 436 shares during the period. Janney Montgomery Scott LLC acquired a new stake in International Game Technology in the first quarter worth about $468,000. LSV Asset Management acquired a new stake in International Game Technology in the first quarter worth about $170,000. Advisors Asset Management Inc. lifted its holdings in International Game Technology by 9.1% in the first quarter. Advisors Asset Management Inc. now owns 43,235 shares of the company’s stock worth $1,025,000 after purchasing an additional 3,614 shares during the period. Finally, Boston Partners lifted its holdings in International Game Technology by 70.4% in the 1st quarter. Boston Partners now owns 218,440 shares of the company’s stock valued at $5,177,000 after acquiring an additional 90,271 shares during the last quarter. 39.01% of the stock is owned by institutional investors and hedge funds.
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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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