B. Riley Has Optimistic Outlook of IGT FY2024 Earnings

International Game Technology PLC (NYSE:IGT) – Analysts at B. Riley raised their FY2024 earnings per share (EPS) estimates for shares of International Game Technology in a note issued to investors on Wednesday, November 13th. B. Riley analyst D. Bain now expects that the company will post earnings of $1.00 per share for the year, up from their prior estimate of $0.79. B. Riley has a “Buy” rating and a $30.00 price objective 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.

International Game Technology (NYSE:IGT) last posted its earnings results on Tuesday, November 12th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $587.00 million during the quarter, compared to the consensus estimate of $591.50 million. During the same period in the prior year, the company posted $0.52 EPS. The firm’s revenue was down 2.3% compared to the same quarter last year.

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

International Game Technology Stock Performance

NYSE:IGT opened at $19.51 on Monday. International Game Technology has a 52-week low of $18.90 and a 52-week high of $28.82. The firm has a market capitalization of $3.88 billion, a PE ratio of 32.52 and a beta of 1.96. The stock has a 50-day simple moving average of $20.94 and a two-hundred day simple moving average of $20.92. The company has a debt-to-equity ratio of 2.85, a quick ratio of 0.71 and a current ratio of 2.36.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Barclays PLC increased its stake in International Game Technology by 49.1% in the third quarter. Barclays PLC now owns 291,626 shares of the company’s stock worth $6,212,000 after purchasing an additional 96,019 shares during the period. Y Intercept Hong Kong Ltd grew its stake in International Game Technology by 180.1% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 29,932 shares of the company’s stock worth $638,000 after acquiring an additional 19,247 shares in the last quarter. Zacks Investment Management purchased a new position in shares of International Game Technology during the third quarter worth approximately $645,000. State Street Corp increased its holdings in International Game Technology by 1.0% during the 3rd quarter. State Street Corp now owns 2,103,275 shares of the company’s stock worth $44,800,000 after purchasing an additional 21,295 shares during the period. Finally, Stifel Financial Corp lifted its holdings in shares of International Game Technology by 22.2% in the 3rd quarter. Stifel Financial Corp now owns 56,179 shares of the company’s stock worth $1,197,000 after buying an additional 10,193 shares during the period. Institutional investors own 44.33% of the company’s stock.

International Game Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, November 26th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.10%. The ex-dividend date of this dividend is Tuesday, November 26th. International Game Technology’s payout ratio is 133.33%.

International Game Technology Company Profile

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.