B. Riley Has Optimistic View of IGT FY2024 Earnings

International Game Technology PLC (NYSE:IGT) – Equities research analysts at B. Riley boosted their FY2024 earnings per share (EPS) estimates for International Game Technology in a research note issued to investors on Wednesday, November 13th. B. Riley analyst D. Bain now anticipates that the company will earn $1.00 per share 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.

International Game Technology (NYSE:IGT) last announced its earnings results on Tuesday, November 12th. The company reported ($0.02) 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 company had revenue of $587.00 million during the quarter, compared to the consensus estimate of $591.50 million. During the same quarter in the previous year, the company earned $0.52 earnings per share. The business’s revenue was down 2.3% on a year-over-year basis.

IGT has been the topic of several other reports. Stifel Nicolaus upped their target price on International Game Technology from $26.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. StockNews.com upgraded International Game Technology from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, International Game Technology presently has an average rating of “Moderate Buy” and an average target price of $28.67.

International Game Technology Stock Performance

Shares of IGT stock opened at $18.97 on Monday. The business’s 50 day simple moving average is $20.90 and its 200 day simple moving average is $20.92. International Game Technology has a one year low of $18.65 and a one year high of $28.82. The stock has a market capitalization of $3.78 billion, a PE ratio of 31.62 and a beta of 1.96. The company has a debt-to-equity ratio of 2.85, a current ratio of 2.36 and a quick ratio of 2.31.

Hedge Funds Weigh In On International Game Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Lazard Asset Management LLC lifted its holdings in shares of International Game Technology by 63.4% in the 1st quarter. Lazard Asset Management LLC now owns 10,751,703 shares of the company’s stock worth $242,880,000 after purchasing an additional 4,170,813 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of International Game Technology by 0.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,790,889 shares of the company’s stock worth $165,946,000 after purchasing an additional 47,442 shares in the last quarter. FMR LLC lifted its holdings in shares of International Game Technology by 19.4% in the 3rd quarter. FMR LLC now owns 3,050,447 shares of the company’s stock worth $64,975,000 after purchasing an additional 495,962 shares in the last quarter. Deprince Race & Zollo Inc. lifted its holdings in shares of International Game Technology by 75.5% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 2,313,954 shares of the company’s stock worth $47,343,000 after purchasing an additional 995,570 shares in the last quarter. Finally, Solel Partners LP bought a new position in shares of International Game Technology in the 2nd quarter worth $43,478,000. 44.33% of the stock is currently owned by institutional investors.

International Game Technology Dividend Announcement

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

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.