International Game Technology (IGT) Stock Rating Reaffirmed by Wells Fargo & Co
International Game Technology (NYSE:IGT)‘s stock had its “market perform” rating reissued by analysts at Wells Fargo & Co in a report released on Wednesday. They currently have a $25.50 price objective on the stock. Wells Fargo & Co’s price target would suggest a potential upside of 15.23% from the company’s previous close.
Other equities analysts also recently issued reports about the company. Argus downgraded International Game Technology from a “buy” rating to a “hold” rating in a research note on Friday, March 24th. Bank of America Corp downgraded International Game Technology from a “buy” rating to a “neutral” rating and set a $30.00 price objective for the company. in a research note on Thursday, January 26th. Finally, Telsey Advisory Group dropped their price objective on International Game Technology from $33.00 to $31.00 and set an “outperform” rating for the company in a research note on Friday, March 10th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. International Game Technology has an average rating of “Hold” and an average price target of $27.17.
Shares of International Game Technology (NYSE:IGT) opened at 22.13 on Wednesday. The firm has a 50-day moving average price of $23.94 and a 200 day moving average price of $26.10. International Game Technology has a one year low of $16.65 and a one year high of $32.07. The firm has a market capitalization of $4.48 billion, a price-to-earnings ratio of 21.10 and a beta of 1.51.
International Game Technology (NYSE:IGT) last released its quarterly earnings data on Thursday, March 9th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.36. International Game Technology had a return on equity of 12.45% and a net margin of 0.99%. The firm earned $1.32 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period last year, the business posted $0.63 EPS. International Game Technology’s quarterly revenue was down 3.2% on a year-over-year basis. Equities analysts forecast that International Game Technology will post $2.11 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 6th. Investors of record on Thursday, March 23rd were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.62%. The ex-dividend date was Tuesday, March 21st. International Game Technology’s payout ratio is currently 307.69%.
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A number of large investors have recently made changes to their positions in the stock. Crow Point Partners LLC bought a new stake in shares of International Game Technology during the third quarter worth approximately $146,000. Advisor Group Inc. boosted its stake in shares of International Game Technology by 5,670.9% in the third quarter. Advisor Group Inc. now owns 6,348 shares of the company’s stock worth $155,000 after buying an additional 6,238 shares during the period. National Asset Management Inc. bought a new stake in shares of International Game Technology during the third quarter worth approximately $207,000. New York State Teachers Retirement System bought a new stake in shares of International Game Technology during the fourth quarter worth approximately $212,000. Finally, State of New Jersey Common Pension Fund D bought a new stake in shares of International Game Technology during the third quarter worth approximately $250,000. Hedge funds and other institutional investors own 40.84% of the company’s stock.
About International Game Technology
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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