International Game Technology PLC (IGT) has been a strong player in the gaming industry for years, with their electronic gaming equipment, software, and network systems garnering worldwide attention. In fact, Bloomberg reports that IGT has earned a consensus recommendation of “Buy” from seven brokerages that are covering the firm. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. It’s no wonder considering the impressive earnings results IGT announced on May 9th.
During Q1 2023, IGT reported earnings per share of $0.49, beating out the estimated $0.39 by $0.10. Their quarterly revenue was up to $1.06 billion compared to the estimated $1.03 billion with an increase of .9% on a year-over-year basis, generating a net margin of 5.17%. This financial information highlights how International Game Technology is continuing to grow and be successful.
IGT operates through three main segments: Global Lottery, Global Gaming, and Digital & Betting. The Global Lottery segment concentrates on traditional lotteries and iLotteries worldwide; this includes sales, operations, product development, technology and support as well as providing clients with high-quality games and cutting-edge technology for return customers across various platforms.
In addition to lottery game offerings around the world, IGT’s Global Gaming segment supplies gaming terminals found in casinos all over the world for enhanced customer experience while playing their favorite games such as roulette or blackjack – along with other popular casino classics like slots.
The Digital & Betting segment provides high-quality online games/services throughout various platforms such as sports betting sites-from single events/playoffs/or leagues-to entire seasons-allowing customers to make reservations on upcoming matches via mobile devices while also remaining synchronized via any desired device.
Overall, it’s understandable why IGT has received so many positive reviews commendations; this renowned gaming company offers innovative technology and solutions, unparalleled customer experiences, and outstanding performance in each of their segments, backed by an impressive earnings report. Given this information, it is fair to say that IGT represents one of the most exciting opportunities in the gaming industry today.
IGT
Updated on: 18/05/2023
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Neutral
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IGT Receives Buy and Strong- Buy Ratings on Stock Market Amid Increase of Institutional Investors and Quarterly Dividend Payment Announcement
International Game Technology PLC (IGT), a company specializing in the development, manufacture and sale of electronic gaming equipment, software and network systems, has been making news in the stock market lately. This has caused several analysts to provide their views regarding the company’s performance. In March 2023, Deutsche Bank Aktiengesellschaft increased its target price on IGT shares from $29.00 to $33.00 while Stifel Nicolaus upped their target price on shares of International Game Technology from $27.00 to $31.00, giving the stock a “buy” rating.
Recently, StockNews.com initiated coverage on shares of International Game Technology giving it a “strong-buy” rating for the company. Credit Suisse Group also upped their price objective on International Game Technology from $62.00 to $66.00 and gave the stock an “outperform” rating while B Riley started coverage with a “buy” recommendation with a target price set at $43 per share.
Currently trading at $25.95 (as of May 18th,2023) IGT has maintained a market cap of approximately $5.17 billion with a P/E ratio standing at 24:25 and beta of 1:86 since its last opening trade.
The Global Lottery segment is responsible for IGT’s worldwide traditional lottery and iLottery business, including sales, operations, product development, technology and support.
IGT has recently declared that investors will receive a quarterly dividend payment which will be paid on Thursday June 8th , with investors who were recorded as receiving dividends by May 25th being issued payment of $.020 cents per share . At present this represents an annualized payout of $.80 cents per share which has been attributed an overall yield rate amounting to 3:08%. It should be noted however that the ex-dividend date had passed on Wednesday May 24, 2023.
The market has noted an increase in institutional investors taking interest in IGT in the last quarter. This included Resources Management Corp CT ADV who recently acquired a stake in International Game Technology valued at approximately $96,000. In the same period Cerity Partners LLC purchased a new position in shares of International Game Technology worth roughly $502,000 while Parkside Financial Bank & Trust increased its stake by 84.9 percent amounting to approximately $1,163 shares to which the purchase price was $29,000 after buying additional shares of 534 units. Penserra Capital Management and IFP Advisors Inc also lifted the value of their holdings from purchases made during this time. However, despite these acquisitions with hedge funds and other investors looking looking to diversify their portfolios with equities such as IGT ,44.33% of the stock is still owned by institutional investors and hedge funds.
While some may be enticed by recent movements within equities yet others may be more skeptical as to whether a potential profit can be made from these prices or dividends offered.
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