B. Riley Has Optimistic View of IGT FY2024 Earnings

International Game Technology PLC (NYSE:IGT) – Research analysts at B. Riley boosted their FY2024 earnings per share estimates for shares of International Game Technology in a report issued on Wednesday, November 13th. B. Riley analyst D. Bain now forecasts that the company will post earnings per share of $1.00 for the year, up from their previous forecast of $0.79. B. Riley currently has a “Buy” rating and a $30.00 target price on the stock. The consensus estimate for International Game Technology’s current full-year earnings is $1.16 per share. B. Riley also issued estimates for International Game Technology’s Q4 2024 earnings at $0.20 EPS, Q2 2025 earnings at $0.20 EPS, Q3 2025 earnings at $0.21 EPS, Q4 2025 earnings at $0.24 EPS and FY2025 earnings at $0.90 EPS.

Several other equities research analysts have also issued reports on the company. Stifel Nicolaus raised their target price on International Game Technology from $26.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. StockNews.com upgraded International Game Technology from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $28.67.

International Game Technology Trading Down 1.1 %

Shares of International Game Technology stock opened at $18.97 on Monday. International Game Technology has a 1 year low of $18.65 and a 1 year high of $28.82. The firm has a market cap of $3.78 billion, a PE ratio of 31.62 and a beta of 1.96. The stock has a fifty day moving average price of $20.90 and a 200-day moving average price of $20.92. The company has a debt-to-equity ratio of 2.85, a current ratio of 2.36 and a quick ratio of 2.31.

International Game Technology (NYSE:IGT) last announced its earnings results on Tuesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.24). International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The business had revenue of $587.00 million for the quarter, compared to analysts’ expectations of $591.50 million. During the same period in the prior year, the business earned $0.52 earnings per share. The company’s revenue for the quarter was down 2.3% compared to the same quarter last year.

International Game Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, November 26th will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, November 26th. This represents a $0.80 annualized dividend and a dividend yield of 4.22%. International Game Technology’s payout ratio is 133.34%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IGT. M&G Plc bought a new position in International Game Technology in the 2nd quarter worth about $8,850,000. Solel Partners LP bought a new position in International Game Technology in the 2nd quarter worth about $43,478,000. Seven Eight Capital LP bought a new position in International Game Technology in the 2nd quarter worth about $1,182,000. SG Americas Securities LLC boosted its stake in International Game Technology by 10.8% in the 1st quarter. SG Americas Securities LLC now owns 8,607 shares of the company’s stock worth $194,000 after purchasing an additional 836 shares during the period. Finally, Caprock Group LLC bought a new position in International Game Technology in the 2nd quarter worth about $1,252,000. Institutional investors own 44.33% of the company’s stock.

About International Game Technology

International Game Technology PLC operates and provides gaming technology products and services in the United States, Canada, Italy, The United Kingdom, rest of Europe, and internationally. It operates through three segments: Global Lottery, Global Gaming, and PlayDigital. The company designs, sells, operates, and leases a suite of point-of-sale machines that reconciles lottery funds between the retailer and lottery authority; provides online lottery transaction processing systems; produces instant ticket games; and offers printing services, such as instant ticket marketing plans and graphic design, programming, packaging, shipping, and delivery services, as well as iLottery solutions and services.