International Game Technology PLC (NYSE:IGT) Receives $31.00 Average Target Price from Analysts

Shares of International Game Technology PLC (NYSE:IGT) have been assigned a consensus recommendation of “Moderate Buy” from the six analysts that are presently covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $31.00.

A number of analysts have commented on IGT shares. Truist Financial dropped their price target on shares of International Game Technology from $28.00 to $26.00 and set a “hold” rating on the stock in a research report on Tuesday, April 23rd. Stifel Nicolaus reissued a “hold” rating and issued a $26.00 price objective (down previously from $30.00) on shares of International Game Technology in a research note on Wednesday, March 13th. Argus decreased their target price on International Game Technology from $30.00 to $27.00 and set a “buy” rating for the company in a research note on Wednesday, March 13th. B. Riley started coverage on shares of International Game Technology in a research report on Friday, April 5th. They set a “buy” rating and a $30.00 price objective for the company. Finally, StockNews.com upgraded shares of International Game Technology from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 3rd.

International Game Technology Stock Performance

Shares of NYSE IGT opened at $19.82 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.26 and a debt-to-equity ratio of 2.90. The firm’s 50-day moving average price is $21.85 and its two-hundred day moving average price is $25.05. The stock has a market capitalization of $3.95 billion, a P/E ratio of 26.08 and a beta of 1.94. International Game Technology has a 52-week low of $19.48 and a 52-week high of $33.99.

International Game Technology (NYSE:IGT) last released its quarterly earnings results on Tuesday, March 12th. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.11. International Game Technology had a return on equity of 21.10% and a net margin of 3.62%. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the company posted $0.40 earnings per share. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, sell-side analysts forecast that International Game Technology will post 1.46 earnings per share for the current year.

International Game Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 9th. Shareholders of record on Tuesday, March 26th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.04%. The ex-dividend date was Monday, March 25th. International Game Technology’s dividend payout ratio (DPR) is currently 105.26%.

Institutional Trading of International Game Technology

A number of hedge funds have recently modified their holdings of IGT. SG Americas Securities LLC grew its stake in International Game Technology by 10.8% during the 1st quarter. SG Americas Securities LLC now owns 8,607 shares of the company’s stock valued at $194,000 after acquiring an additional 836 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in International Game Technology by 9.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 17,669 shares of the company’s stock valued at $399,000 after purchasing an additional 1,501 shares in the last quarter. Principal Financial Group Inc. grew its position in International Game Technology by 16.5% during the first quarter. Principal Financial Group Inc. now owns 14,610 shares of the company’s stock valued at $330,000 after purchasing an additional 2,065 shares in the last quarter. Bank of New York Mellon Corp increased its stake in International Game Technology by 6.4% in the 1st quarter. Bank of New York Mellon Corp now owns 13,871,989 shares of the company’s stock valued at $313,368,000 after buying an additional 838,622 shares during the period. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in International Game Technology in the 1st quarter worth approximately $339,000. Hedge funds and other institutional investors own 44.33% of the company’s stock.

About International Game Technology

International Game Technology PLC operates and provides gaming technology products and services in the United States, Canada, Italy, The United Kingdom, rest of Europe, and internationally. It operates through three segments: Global Lottery, Global Gaming, and PlayDigital. The company designs, sells, operates, and leases a suite of point-of-sale machines that reconciles lottery funds between the retailer and lottery authority; provides online lottery transaction processing systems; produces instant ticket games; and offers printing services, such as instant ticket marketing plans and graphic design, programming, packaging, shipping, and delivery services, as well as iLottery solutions and services.