International Game Technology (IGT) Shares Gap Up on Strong Earnings

International Game Technology (NYSE:IGT) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $21.06, but opened at $23.85. International Game Technology shares last traded at $27.45, with a volume of 8356300 shares trading hands.

The company reported $0.40 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.16. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.16 billion. International Game Technology had a negative net margin of 2.28% and a positive return on equity of 10.35%. International Game Technology’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period last year, the firm posted $0.45 EPS.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 12th. Investors of record on Tuesday, November 28th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, November 27th. This represents a $0.80 annualized dividend and a yield of 2.91%. International Game Technology’s dividend payout ratio is presently -142.86%.

A number of research firms have commented on IGT. Bank of America Corporation boosted their price target on shares of International Game Technology from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday. Deutsche Bank AG began coverage on shares of International Game Technology in a research report on Tuesday, September 26th. They set a “buy” rating and a $30.00 price target on the stock. ValuEngine upgraded shares of International Game Technology from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Finally, BidaskClub downgraded shares of International Game Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $28.63.

Several hedge funds have recently added to or reduced their stakes in the business. Ladenburg Thalmann Financial Services Inc. raised its position in shares of International Game Technology by 3,030.1% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,644 shares of the company’s stock worth $286,000 after buying an additional 11,272 shares in the last quarter. Point72 Asset Management L.P. raised its position in shares of International Game Technology by 40.4% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,632,396 shares of the company’s stock worth $162,825,000 after buying an additional 1,908,038 shares in the last quarter. Boothbay Fund Management LLC raised its holdings in shares of International Game Technology by 33.3% in the 3rd quarter. Boothbay Fund Management LLC now owns 36,545 shares of the company’s stock worth $897,000 after purchasing an additional 9,127 shares in the last quarter. 22NW LP bought a new stake in shares of International Game Technology in the 3rd quarter worth approximately $368,000. Finally, Synovus Financial Corp bought a new stake in shares of International Game Technology in the 3rd quarter worth approximately $316,000. Institutional investors own 38.05% of the company’s stock.

The company has a quick ratio of 0.71, a current ratio of 0.85 and a debt-to-equity ratio of 2.02. The company has a market capitalization of $4,827.96, a price-to-earnings ratio of 13.48 and a beta of 1.45.

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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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