International Game Technology PLC (IGT) Expected to Post Quarterly Sales of $1.18 Billion

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Equities analysts predict that International Game Technology PLC (NYSE:IGT) will report sales of $1.18 billion for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have made estimates for International Game Technology’s earnings, with the lowest sales estimate coming in at $1.10 billion and the highest estimate coming in at $1.21 billion. International Game Technology reported sales of $1.22 billion during the same quarter last year, which would suggest a negative year-over-year growth rate of 3.3%. The firm is expected to announce its next quarterly earnings results on Tuesday, November 13th.

According to Zacks, analysts expect that International Game Technology will report full year sales of $4.90 billion for the current fiscal year, with estimates ranging from $4.77 billion to $4.99 billion. For the next financial year, analysts anticipate that the firm will report sales of $5.03 billion, with estimates ranging from $4.83 billion to $5.33 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that follow International Game Technology.

International Game Technology (NYSE:IGT) last released its quarterly earnings data on Tuesday, July 31st. The company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.06). International Game Technology had a negative net margin of 13.37% and a positive return on equity of 12.26%. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the business posted $0.15 earnings per share. The firm’s quarterly revenue was down 1.5% on a year-over-year basis.

A number of research firms have weighed in on IGT. SunTrust Banks began coverage on shares of International Game Technology in a research note on Monday, October 1st. They issued a “hold” rating and a $21.00 price objective on the stock. ValuEngine lowered shares of International Game Technology from a “hold” rating to a “sell” rating in a research note on Friday, September 7th. Credit Suisse Group began coverage on shares of International Game Technology in a research note on Tuesday, August 14th. They issued a “neutral” rating and a $24.00 price objective on the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $35.00 price objective on shares of International Game Technology in a research note on Wednesday, August 1st. Finally, Union Gaming Research raised shares of International Game Technology from a “hold” rating to a “buy” rating in a research note on Friday, June 15th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $30.17.

Hedge funds have recently made changes to their positions in the company. Davidson Kempner Capital Management LP purchased a new stake in International Game Technology during the second quarter worth about $23,240,000. FMR LLC purchased a new stake in International Game Technology during the second quarter worth about $22,797,000. Interval Partners LP purchased a new stake in International Game Technology during the first quarter worth about $20,044,000. Marshall Wace LLP increased its holdings in International Game Technology by 792.1% during the second quarter. Marshall Wace LLP now owns 643,226 shares of the company’s stock worth $14,949,000 after buying an additional 571,127 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its holdings in International Game Technology by 5.8% during the first quarter. Point72 Asset Management L.P. now owns 8,581,300 shares of the company’s stock worth $229,378,000 after buying an additional 472,447 shares during the last quarter. Institutional investors own 47.06% of the company’s stock.

Shares of International Game Technology stock traded down $0.86 during trading hours on Monday, reaching $17.61. The company’s stock had a trading volume of 6,373,061 shares, compared to its average volume of 2,347,911. International Game Technology has a one year low of $17.16 and a one year high of $31.00. The firm has a market capitalization of $4.03 billion, a price-to-earnings ratio of 11.59 and a beta of 1.38. The company has a current ratio of 1.01, a quick ratio of 0.88 and a debt-to-equity ratio of 2.97.

About International Game Technology

International Game Technology PLC operates and provides technology products and services across lotteries, electronic gaming machines, sports betting, and interactive gaming markets worldwide. The company operates through: North America Gaming and Interactive, North America Lottery, International, and Italy segments.

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