International Game Technology (IGT) Price Target Cut to $20.00 by Analysts at Argus

International Game Technology (NYSE:IGT) had its price target cut by Argus from $28.00 to $20.00 in a research note published on Friday morning. They currently have a buy rating on the stock.

A number of other brokerages have also issued reports on IGT. Jefferies Financial Group reaffirmed a buy rating and set a $35.00 target price on shares of International Game Technology in a research report on Wednesday, August 1st. ValuEngine lowered International Game Technology from a buy rating to a hold rating in a research report on Friday, August 3rd. Credit Suisse Group assumed coverage on International Game Technology in a research report on Tuesday, August 14th. They set a neutral rating and a $24.00 target price on the stock. SunTrust Banks assumed coverage on International Game Technology in a research report on Monday, October 1st. They set a hold rating and a $21.00 target price on the stock. Finally, Societe Generale assumed coverage on International Game Technology in a research report on Wednesday, October 17th. They set a buy rating and a $20.50 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company’s stock. International Game Technology has a consensus rating of Buy and a consensus target price of $25.21.

Shares of International Game Technology stock opened at $15.44 on Friday. The firm has a market cap of $3.18 billion, a PE ratio of 10.99, a P/E/G ratio of 1.42 and a beta of 1.30. The company has a current ratio of 1.03, a quick ratio of 0.88 and a debt-to-equity ratio of 2.95. International Game Technology has a 12-month low of $14.84 and a 12-month high of $31.00.

International Game Technology (NYSE:IGT) last announced its earnings results on Wednesday, October 31st. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.01. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.20 billion. International Game Technology had a return on equity of 11.52% and a net margin of 3.27%. International Game Technology’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.40 earnings per share. Equities research analysts predict that International Game Technology will post 1.1 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 28th. Stockholders of record on Wednesday, November 14th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.18%. The ex-dividend date of this dividend is Tuesday, November 13th. International Game Technology’s dividend payout ratio (DPR) is presently 52.63%.

A number of large investors have recently bought and sold shares of IGT. Rubric Capital Management LP raised its position in International Game Technology by 65.9% during the third quarter. Rubric Capital Management LP now owns 3,850,000 shares of the company’s stock valued at $76,038,000 after buying an additional 1,530,000 shares during the period. TIAA CREF Investment Management LLC raised its position in International Game Technology by 336.8% during the third quarter. TIAA CREF Investment Management LLC now owns 1,564,264 shares of the company’s stock valued at $30,894,000 after buying an additional 1,206,152 shares during the period. Davidson Kempner Capital Management LP acquired a new position in International Game Technology during the second quarter valued at $23,240,000. FMR LLC acquired a new position in International Game Technology during the second quarter valued at $22,797,000. Finally, Teachers Advisors LLC raised its position in International Game Technology by 560.9% during the third quarter. Teachers Advisors LLC now owns 861,074 shares of the company’s stock valued at $17,006,000 after buying an additional 730,783 shares during the period. 47.85% of the stock is currently owned by hedge funds and other institutional investors.

International Game Technology Company Profile

International Game Technology PLC operates and provides technology products and services across lotteries, electronic gaming machines, sports betting, and interactive gaming markets worldwide. The company operates through: North America Gaming and Interactive, North America Lottery, International, and Italy segments.

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Analyst Recommendations for International Game Technology (NYSE:IGT)

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