Investment analysts at Argus assumed coverage on shares of International Game Technology (NYSE:IGT) in a research note issued to investors on Friday. The firm set a “buy” rating and a $30.00 price target on the stock. Argus’ price target would suggest a potential upside of 24.53% from the stock’s current price.

The analysts wrote, “We also expect IGT to benefit from greater diversification following the merger and from more moderate currency headwinds. Our long-term rating is also BUY, as we expect international expansion and new gaming markets in the U.S. to drive sales higher over time.”

A number of other brokerages also recently issued reports on IGT. Bank of America Corp. lifted their price target on International Game Technology from $23.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, September 13th. Sterne Agee CRT reaffirmed a “hold” rating on shares of International Game Technology in a report on Sunday, May 29th. Telsey Advisory Group lifted their price target on International Game Technology from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, July 29th. Finally, Macquarie assumed coverage on International Game Technology in a report on Tuesday, June 14th. They set an “outperform” rating and a $26.00 price target for the company. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $23.21.

Analyst Recommendations for International Game Technology (NYSE:IGT)

Shares of International Game Technology (NYSE:IGT) opened at 24.09 on Friday. The stock has a market cap of $4.85 billion, a P/E ratio of 80.03 and a beta of 2.03. International Game Technology has a 52 week low of $12.48 and a 52 week high of $24.74. The stock has a 50 day moving average price of $22.77 and a 200-day moving average price of $19.37.

International Game Technology (NYSE:IGT) last released its earnings results on Thursday, July 28th. The company reported $0.43 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.47 by $0.04. The company earned $1.29 billion during the quarter, compared to analysts’ expectations of $1.26 billion. International Game Technology had a net margin of 1.18% and a return on equity of 12.44%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter last year, the business posted $0.38 earnings per share. Equities analysts predict that International Game Technology will post $1.94 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 24th. Stockholders of record on Wednesday, August 10th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date was Monday, August 8th. International Game Technology’s dividend payout ratio (DPR) is currently 258.06%.

A number of institutional investors have recently modified their holdings of IGT. Nomura Holdings Inc. boosted its position in shares of International Game Technology by 57.1% in the second quarter. Nomura Holdings Inc. now owns 241,718 shares of the company’s stock valued at $4,520,000 after buying an additional 87,896 shares during the period. Royal Bank of Canada boosted its position in shares of International Game Technology by 28.0% in the second quarter. Royal Bank of Canada now owns 23,640 shares of the company’s stock valued at $443,000 after buying an additional 5,172 shares during the period. Schwab Charles Investment Management Inc. bought a new position in shares of International Game Technology during the second quarter valued at about $1,262,000. Stifel Financial Corp bought a new position in shares of International Game Technology during the second quarter valued at about $381,000. Finally, Amalgamated Bank boosted its position in shares of International Game Technology by 2.6% in the second quarter. Amalgamated Bank now owns 11,370 shares of the company’s stock valued at $251,000 after buying an additional 285 shares during the period. Hedge funds and other institutional investors own 30.65% of the company’s stock.

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.

5 Day Chart for NYSE:IGT

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