International Game Technology (IGT) Expected to Announce Quarterly Sales of $1.25 Billion

Analysts expect that International Game Technology (NYSE:IGT) will report sales of $1.25 billion for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for International Game Technology’s earnings. The highest sales estimate is $1.28 billion and the lowest is $1.23 billion. International Game Technology posted sales of $1.32 billion during the same quarter last year, which suggests a negative year-over-year growth rate of 5.3%. The business is expected to issue its next earnings report on Thursday, March 8th.

According to Zacks, analysts expect that International Game Technology will report full-year sales of $1.25 billion for the current year, with estimates ranging from $4.82 billion to $4.87 billion. For the next financial year, analysts forecast that the company will post sales of $4.91 billion per share, with estimates ranging from $4.88 billion to $5.00 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover International Game Technology.

International Game Technology (NYSE:IGT) last posted its quarterly earnings results on Tuesday, November 14th. The company reported $0.40 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.16. International Game Technology had a positive return on equity of 10.68% and a negative net margin of 18.62%. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the firm earned $0.45 earnings per share. International Game Technology’s quarterly revenue was down 3.6% on a year-over-year basis.

A number of research firms have weighed in on IGT. Deutsche Bank raised their price target on International Game Technology to $34.00 and gave the company a “buy” rating in a research note on Monday, November 20th. Argus upgraded International Game Technology from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a research note on Wednesday, November 29th. Bank of America raised their price target on International Game Technology from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, November 15th. Finally, ValuEngine cut International Game Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $30.70.

A number of institutional investors have recently bought and sold shares of IGT. TimesSquare Capital Management LLC acquired a new stake in International Game Technology in the third quarter valued at $62,053,000. Point72 Asset Management L.P. increased its position in shares of International Game Technology by 40.4% during the third quarter. Point72 Asset Management L.P. now owns 6,632,396 shares of the company’s stock worth $162,825,000 after purchasing an additional 1,908,038 shares in the last quarter. Jennison Associates LLC increased its position in shares of International Game Technology by 114.4% during the fourth quarter. Jennison Associates LLC now owns 2,132,681 shares of the company’s stock worth $56,537,000 after purchasing an additional 1,138,049 shares in the last quarter. Rubric Capital Management LP acquired a new stake in shares of International Game Technology during the third quarter worth about $19,883,000. Finally, Boston Advisors LLC increased its position in shares of International Game Technology by 1,671.7% during the fourth quarter. Boston Advisors LLC now owns 626,276 shares of the company’s stock worth $16,603,000 after purchasing an additional 590,928 shares in the last quarter. Institutional investors own 40.00% of the company’s stock.

Shares of International Game Technology (NYSE:IGT) opened at $28.84 on Friday. International Game Technology has a 52 week low of $17.25 and a 52 week high of $29.89. The company has a quick ratio of 0.70, a current ratio of 0.84 and a debt-to-equity ratio of 2.66. The firm has a market capitalization of $6,000.03, a price-to-earnings ratio of 17.23 and a beta of 1.57.

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International Game Technology Company Profile

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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