International Game Technology PLC (NYSE:IGT) Receives $45.17 Average Price Target from Analysts

Posted by MarketBeat News on Sep 27th, 2023

International Game Technology PLC (NYSE:IGT – Get Free Report) has been given an average recommendation of “Buy” by the five brokerages that are covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $45.17.

Several analysts recently issued reports on the stock. Susquehanna boosted their target price on shares of International Game Technology from $49.00 to $54.00 and gave the company a “positive” rating in a research report on Wednesday, August 2nd. Stifel Nicolaus lifted their price target on shares of International Game Technology from $32.00 to $38.00 in a report on Monday, June 26th. Truist Financial reaffirmed a “buy” rating and set a $37.00 price target on shares of International Game Technology in a report on Friday, September 15th. Finally, StockNews.com downgraded shares of International Game Technology from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 14th.

Check Out Our Latest Stock Analysis on IGT

Hedge Funds Weigh In On International Game Technology

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Several hedge funds have recently modified their holdings of IGT. Bank of New York Mellon Corp lifted its holdings in shares of International Game Technology by 47.1% in the second quarter. Bank of New York Mellon Corp now owns 11,072,313 shares of the company’s stock worth $353,096,000 after buying an additional 3,545,549 shares in the last quarter. Invesco Ltd. raised its stake in International Game Technology by 1,485.1% during the first quarter. Invesco Ltd. now owns 1,418,405 shares of the company’s stock valued at $35,006,000 after purchasing an additional 1,328,919 shares in the last quarter. Capital Research Global Investors increased its position in International Game Technology by 115.5% during the first quarter. Capital Research Global Investors now owns 2,331,200 shares of the company’s stock valued at $57,534,000 after acquiring an additional 1,249,200 shares during the last quarter. Parsifal Capital Management LP bought a new position in International Game Technology during the second quarter valued at $35,239,000. Finally, Goldman Sachs Group Inc. increased its position in International Game Technology by 87.3% during the second quarter. Goldman Sachs Group Inc. now owns 2,343,145 shares of the company’s stock valued at $43,488,000 after acquiring an additional 1,092,029 shares during the last quarter. Hedge funds and other institutional investors own 44.33% of the company’s stock.

International Game Technology Stock Performance

Shares of NYSE IGT opened at $30.05 on Wednesday. The firm has a 50 day moving average of $32.03 and a 200 day moving average of $29.26. The company has a current ratio of 1.16, a quick ratio of 0.99 and a debt-to-equity ratio of 2.95. The firm has a market capitalization of $5.98 billion, a price-to-earnings ratio of 22.77 and a beta of 1.96. International Game Technology has a 12-month low of $15.21 and a 12-month high of $33.99.

International Game Technology (NYSE:IGT – Get Free Report) last announced its earnings results on Tuesday, August 1st. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.11. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.03 billion. International Game Technology had a net margin of 6.30% and a return on equity of 27.29%. On average, research analysts anticipate that International Game Technology will post 1.77 earnings per share for the current year.

International Game Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 29th. Stockholders of record on Tuesday, August 15th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend was Monday, August 14th. International Game Technology’s dividend payout ratio (DPR) is presently 60.61%.

International Game Technology Company Profile

(Get Free Report

International Game Technology PLC operates and provides gaming technology products and services in North America, Europe, the Middle East, Africa, Asia-Pacific, Latin America, and the Caribbean. It operates in three segments: Global Lottery, Global Gaming, and Digital & Betting. 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.