International Game Technology (IGT) Reaches New 12-Month High Following Analyst Upgrade
Shares of International Game Technology (NYSE:IGT) reached a new 52-week high during trading on Thursday after Telsey Advisory Group raised their price target on the stock from $26.00 to $28.00. Telsey Advisory Group currently has an outperform rating on the stock. International Game Technology traded as high as $24.95 and last traded at $24.63, with a volume of 390,090 shares changing hands. The stock had previously closed at $24.78.
Several other analysts also recently commented on the stock. Argus began coverage on shares of International Game Technology in a research report on Friday, September 16th. They issued a “buy” rating and a $30.00 price target for the company. Bank of America Corp. boosted their price objective on shares of International Game Technology from $23.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, September 13th. Finally, Macquarie began coverage on shares of International Game Technology in a research note on Tuesday, June 14th. They issued an “outperform” rating and a $26.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. International Game Technology presently has an average rating of “Buy” and an average price target of $23.50.
Several institutional investors have recently bought and sold shares of IGT. BNP Paribas Arbitrage SA boosted its position in International Game Technology by 23.7% in the second quarter. BNP Paribas Arbitrage SA now owns 6,570 shares of the company’s stock worth $123,000 after buying an additional 1,259 shares during the period. Synovus Financial Corp boosted its position in International Game Technology by 0.5% in the second quarter. Synovus Financial Corp now owns 8,686 shares of the company’s stock worth $166,000 after buying an additional 44 shares during the period. Commonwealth Equity Services Inc bought a new position in International Game Technology during the second quarter worth $195,000. Paloma Partners Management Co bought a new position in International Game Technology during the second quarter worth $210,000. Finally, Amalgamated Bank boosted its position in International Game Technology by 2.6% in the second quarter. Amalgamated Bank now owns 11,370 shares of the company’s stock worth $251,000 after buying an additional 285 shares during the period. 32.70% of the stock is currently owned by institutional investors and hedge funds.
The company has a market cap of $4.91 billion, a price-to-earnings ratio of 81.00 and a beta of 2.03. The firm has a 50-day moving average price of $23.54 and a 200-day moving average price of $19.87.
International Game Technology (NYSE:IGT) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by $0.04. International Game Technology had a return on equity of 12.44% and a net margin of 1.18%. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the firm posted $0.38 earnings per share. The firm’s quarterly revenue was up .9% compared to the same quarter last year. Equities analysts predict that International Game Technology will post $1.90 earnings per share for the current year.
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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