International Game Technology (NYSE:IGT) Research Coverage Started at StockNews.com

StockNews.com assumed coverage on shares of International Game Technology (NYSE:IGT – Get Rating) in a report issued on Thursday morning. The brokerage issued a strong-buy rating on the stock.

Several other equities research analysts have also commented on IGT. Deutsche Bank Aktiengesellschaft upped their target price on International Game Technology from $29.00 to $33.00 in a research report on Wednesday, March 1st. Stifel Nicolaus upped their target price on International Game Technology from $27.00 to $31.00 and gave the company a buy rating in a research report on Tuesday, February 7th. Finally, Credit Suisse Group upped their target price on International Game Technology from $62.00 to $66.00 and gave the company an outperform rating in a research report on Wednesday, March 1st. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Buy and a consensus target price of $37.20.

International Game Technology Trading Down 0.7 %

Shares of IGT stock opened at $25.02 on Thursday. The stock has a market cap of $4.98 billion, a price-to-earnings ratio of 18.53 and a beta of 1.85. The stock has a 50-day moving average of $25.82 and a 200-day moving average of $22.47. The company has a current ratio of 1.15, a quick ratio of 1.02 and a debt-to-equity ratio of 2.88. International Game Technology has a 1-year low of $15.01 and a 1-year high of $27.82.

International Game Technology (NYSE:IGT – Get Rating) last issued its quarterly earnings results on Tuesday, February 28th. The company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.07. International Game Technology had a return on equity of 27.89% and a net margin of 6.51%. The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the prior year, the firm posted $0.09 earnings per share. The business’s quarterly revenue was up 4.1% on a year-over-year basis. On average, equities research analysts forecast that International Game Technology will post 1.74 earnings per share for the current year.

International Game Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 28th. Shareholders of record on Tuesday, March 14th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, March 13th. This represents a $0.80 annualized dividend and a yield of 3.20%. International Game Technology’s payout ratio is currently 59.26%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IGT. Parkside Financial Bank & Trust boosted its holdings in International Game Technology by 84.9% in the first quarter. Parkside Financial Bank & Trust now owns 1,163 shares of the company’s stock worth $29,000 after acquiring an additional 534 shares in the last quarter. Great West Life Assurance Co. Can bought a new position in shares of International Game Technology in the third quarter valued at approximately $46,000. Brown Brothers Harriman & Co. bought a new position in shares of International Game Technology in the first quarter valued at approximately $49,000. Saltoro Capital LP bought a new position in shares of International Game Technology in the second quarter valued at approximately $55,000. Finally, CoreCap Advisors LLC bought a new position in shares of International Game Technology in the second quarter valued at approximately $59,000. Institutional investors own 44.33% of the company’s stock.

International Game Technology Company Profile

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International Game Technology PLC engages in the designing, manufacturing, and marketing of electronic gaming equipment, software, and network systems. It operates through the Global Lottery, Global Gaming, and Digital & Betting segments. The Global Lottery segment has responsibility for the worldwide traditional lottery and iLottery business, including sales, operations, product development, technology, and support.