B. Riley Has Bullish Forecast for IGT FY2024 Earnings

International Game Technology PLC (NYSE:IGT) – Equities research analysts at B. Riley lifted their FY2024 earnings per share (EPS) estimates for International Game Technology in a report released on Wednesday, November 13th. B. Riley analyst D. Bain now forecasts that the company will earn $1.00 per share for the year, up from their prior forecast of $0.79. B. Riley has a “Buy” rating and a $30.00 price target 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 released 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). The firm had revenue of $587.00 million during the quarter, compared to the consensus estimate of $591.50 million. International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The business’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.52 EPS.

Other analysts also recently issued reports about the stock. StockNews.com raised shares of International Game Technology from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Stifel Nicolaus increased 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. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $28.67.

International Game Technology Price Performance

IGT stock opened at $19.19 on Monday. The company has a debt-to-equity ratio of 2.85, a quick ratio of 0.71 and a current ratio of 2.36. International Game Technology has a 52 week low of $18.90 and a 52 week high of $28.82. The firm’s fifty day moving average is $20.94 and its 200 day moving average is $20.93. The firm has a market cap of $3.82 billion, a P/E ratio of 32.52 and a beta of 1.96.

International Game Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, November 26th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, November 26th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.17%. International Game Technology’s dividend payout ratio is currently 133.33%.

Institutional Investors Weigh In On International Game Technology

Large investors have recently made changes to their positions in the business. Signaturefd LLC purchased a new position in shares of International Game Technology during the third quarter valued at about $26,000. Oliver Lagore Vanvalin Investment Group purchased a new position in shares of International Game Technology during the 2nd quarter worth approximately $31,000. Blue Trust Inc. bought a new position in shares of International Game Technology in the 2nd quarter worth approximately $44,000. Hexagon Capital Partners LLC lifted its stake in shares of International Game Technology by 1,633.6% in the 2nd quarter. Hexagon Capital Partners LLC now owns 2,219 shares of the company’s stock valued at $45,000 after purchasing an additional 2,091 shares during the period. Finally, CWM LLC boosted its position in shares of International Game Technology by 156.7% during the second quarter. CWM LLC now owns 2,321 shares of the company’s stock valued at $47,000 after purchasing an additional 1,417 shares in the last quarter. 44.33% of the stock is currently owned by institutional investors.

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.