SunTrust Banks Comments on International Game Technology PLC’s Q4 2019 Earnings (NYSE:IGT)

International Game Technology PLC (NYSE:IGT) – SunTrust Banks boosted their Q4 2019 EPS estimates for shares of International Game Technology in a report issued on Monday, May 20th, according to Zacks Investment Research. SunTrust Banks analyst B. Jonas now anticipates that the company will post earnings per share of $0.29 for the quarter, up from their previous forecast of $0.28.

International Game Technology (NYSE:IGT) last posted its quarterly earnings results on Monday, May 20th. The company reported $0.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.11). International Game Technology had a return on equity of 7.19% and a net margin of 2.56%. The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the company earned $0.15 earnings per share. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year.

Several other research analysts have also commented on the stock. Credit Suisse Group restated a “neutral” rating on shares of International Game Technology in a report on Wednesday, March 20th. ValuEngine lowered shares of International Game Technology from a “sell” rating to a “strong sell” rating in a report on Thursday, March 7th. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $23.64.

NYSE IGT traded down $0.07 during mid-day trading on Thursday, hitting $13.23. The company’s stock had a trading volume of 2,531,500 shares, compared to its average volume of 3,023,921. International Game Technology has a 52-week low of $12.31 and a 52-week high of $26.72. The company has a debt-to-equity ratio of 2.66, a quick ratio of 0.60 and a current ratio of 0.69. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 1.18 and a beta of 1.36.

Several hedge funds have recently added to or reduced their stakes in the company. Stormborn Capital Management LLC grew its stake in International Game Technology by 11.3% during the 1st quarter. Stormborn Capital Management LLC now owns 351,100 shares of the company’s stock valued at $4,561,000 after acquiring an additional 35,600 shares in the last quarter. Cerebellum GP LLC grew its stake in shares of International Game Technology by 151.2% in the 1st quarter. Cerebellum GP LLC now owns 24,633 shares of the company’s stock valued at $320,000 after buying an additional 14,827 shares in the last quarter. FMR LLC grew its stake in shares of International Game Technology by 222.8% in the 1st quarter. FMR LLC now owns 2,057,614 shares of the company’s stock valued at $26,729,000 after buying an additional 1,420,212 shares in the last quarter. Abbot Financial Management Inc. grew its stake in shares of International Game Technology by 65.6% in the 1st quarter. Abbot Financial Management Inc. now owns 35,200 shares of the company’s stock valued at $457,000 after buying an additional 13,950 shares in the last quarter. Finally, Morgan Stanley grew its stake in shares of International Game Technology by 359.2% in the 1st quarter. Morgan Stanley now owns 1,521,835 shares of the company’s stock valued at $19,769,000 after buying an additional 1,190,444 shares in the last quarter. 41.69% of the stock is owned by institutional investors and hedge funds.

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd 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 6.05%. The ex-dividend date is Friday, May 31st. International Game Technology’s payout ratio is currently 81.63%.

About International Game Technology

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 four segments: North America Gaming and Interactive, North America Lottery, International, and Italy.

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