Wall Street brokerages expect International Game Technology (NYSE:IGT) to announce sales of $1.20 billion for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for International Game Technology’s earnings. The lowest sales estimate is $1.14 billion and the highest is $1.24 billion. International Game Technology reported sales of $1.29 billion in the same quarter last year, which would suggest a negative year over year growth rate of 7%. The business is scheduled to announce its next earnings results on Thursday, July 27th.
According to Zacks, analysts expect that International Game Technology will report full-year sales of $1.20 billion for the current year, with estimates ranging from $4.68 billion to $4.91 billion. For the next year, analysts forecast that the business will report sales of $4.89 billion per share, with estimates ranging from $4.71 billion to $5.16 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover International Game Technology.
International Game Technology (NYSE:IGT) last issued its quarterly earnings results on Thursday, May 25th. The company reported $0.29 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by $0.19. International Game Technology had a net margin of 4.96% and a return on equity of 11.97%. The business had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the prior year, the business earned $0.57 EPS. The business’s quarterly revenue was down 10.1% on a year-over-year basis.
Several equities research analysts have issued reports on IGT shares. Argus downgraded shares of International Game Technology from a “buy” rating to a “hold” rating in a research note on Friday, March 24th. Bank of America Corporation reiterated a “neutral” rating and set a $27.00 price objective (up from $22.00) on shares of International Game Technology in a research note on Sunday, May 28th. Wells Fargo & Company reiterated a “market perform” rating and set a $25.50 price objective on shares of International Game Technology in a research note on Wednesday, April 19th. ValuEngine downgraded shares of International Game Technology from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Telsey Advisory Group decreased their price objective on shares of International Game Technology from $31.00 to $27.00 and set an “outperform” rating for the company in a research note on Friday, May 26th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. International Game Technology has a consensus rating of “Hold” and a consensus target price of $27.38.
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A number of large investors have recently added to or reduced their stakes in the company. Mittleman Brothers LLC increased its stake in International Game Technology by 8.8% in the first quarter. Mittleman Brothers LLC now owns 1,729,836 shares of the company’s stock valued at $40,997,000 after buying an additional 139,578 shares in the last quarter. Blue Sky Asset Management LLC purchased a new position in shares of International Game Technology during the first quarter valued at $588,000. Oxford Asset Management purchased a new position in shares of International Game Technology during the first quarter valued at $1,448,000. Koch Industries Inc. purchased a new position in shares of International Game Technology during the first quarter valued at $219,000. Finally, FMR LLC increased its position in shares of International Game Technology by 188.8% in the fourth quarter. FMR LLC now owns 1,742,955 shares of the company’s stock valued at $44,480,000 after buying an additional 1,139,365 shares during the period. Institutional investors own 39.78% of the company’s stock.
Shares of International Game Technology (IGT) traded up 0.405% during trading on Friday, reaching $18.595. 588,508 shares of the company’s stock traded hands. The stock has a 50-day moving average of $19.04 and a 200-day moving average of $23.49. International Game Technology has a 1-year low of $17.25 and a 1-year high of $32.07. The company has a market capitalization of $3.77 billion, a price-to-earnings ratio of 15.081 and a beta of 1.42.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 22nd. Shareholders of record on Thursday, June 8th were paid a dividend of $0.20 per share. The ex-dividend date was Tuesday, June 6th. This represents a $0.80 annualized dividend and a yield of 4.32%. International Game Technology’s dividend payout ratio is currently 65.04%.
International Game Technology Company Profile
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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