Research analysts at Argus started coverage on shares of International Game Technology (NYSE:IGT) in a report issued on Friday. The brokerage set a “buy” rating and a $30.00 price target on the stock. Argus’ price target indicates a potential upside of 24.53% from the company’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.”

Several other research analysts have also commented on IGT. Sterne Agee CRT reissued a “hold” rating on shares of International Game Technology in a research report on Sunday, May 29th. Macquarie assumed coverage on International Game Technology in a research report on Tuesday, June 14th. They issued an “outperform” rating and a $26.00 price target for the company. Telsey Advisory Group boosted their price target on International Game Technology from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, July 29th. Finally, Bank of America Corp. reissued a “buy” rating on shares of International Game Technology in a research report on Wednesday, June 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $23.21.

Analyst Recommendations for International Game Technology (NYSE:IGT)

International Game Technology (NYSE:IGT) opened at 24.09 on Friday. The firm has a 50-day moving average price of $22.77 and a 200 day moving average price of $19.37. International Game Technology has a 12 month low of $12.48 and a 12 month high of $24.74. The stock has a market capitalization of $4.85 billion, a PE ratio of 80.03 and a beta of 2.03.

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

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 24th. Stockholders of record on Wednesday, August 10th were issued a $0.20 dividend. 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 is presently 258.06%.

Several hedge funds and other institutional investors have recently made changes to their positions in IGT. Goldentree Asset Management LP raised its position in shares of International Game Technology by 0.6% in the first quarter. Goldentree Asset Management LP now owns 2,722,436 shares of the company’s stock worth $49,684,000 after buying an additional 17,131 shares in the last quarter. Aviva PLC raised its position in shares of International Game Technology by 18.6% in the second quarter. Aviva PLC now owns 63,768 shares of the company’s stock worth $1,194,000 after buying an additional 10,011 shares in the last quarter. BlackRock Inc. raised its position in shares of International Game Technology by 135.5% in the first quarter. BlackRock Inc. now owns 16,992 shares of the company’s stock worth $310,000 after buying an additional 9,776 shares in the last quarter. Boston Partners raised its position in shares of International Game Technology by 3.8% in the second quarter. Boston Partners now owns 128,169 shares of the company’s stock worth $2,402,000 after buying an additional 4,739 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of International Game Technology by 1.6% in the first quarter. Goldman Sachs Group Inc. now owns 960,402 shares of the company’s stock worth $17,527,000 after buying an additional 15,045 shares in the last quarter. 30.65% of the stock is currently owned by institutional investors and hedge funds.

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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