SunTrust Banks Weighs in on International Game Technology PLC’s FY2020 Earnings (IGT)

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International Game Technology PLC (NYSE:IGT) – Research analysts at SunTrust Banks raised their FY2020 earnings estimates for shares of International Game Technology in a research note issued to investors on Wednesday, January 9th. SunTrust Banks analyst B. Jonas now forecasts that the company will earn $1.44 per share for the year, up from their previous estimate of $1.34. SunTrust Banks has a “Buy” rating on the stock.

International Game Technology (NYSE:IGT) last released its earnings results on Wednesday, October 31st. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.01. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.20 billion. International Game Technology had a net margin of 3.27% and a return on equity of 11.52%. International Game Technology’s revenue for the quarter was down 5.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.40 earnings per share.

Several other equities analysts have also weighed in on the stock. ValuEngine lowered shares of International Game Technology from a “sell” rating to a “strong sell” rating in a report on Monday, October 8th. Deutsche Bank dropped their price objective on shares of International Game Technology from $35.00 to $29.00 and set a “buy” rating on the stock in a report on Thursday, November 1st. Jefferies Financial Group dropped their price objective on shares of International Game Technology from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, November 1st. Susquehanna Bancshares started coverage on shares of International Game Technology in a report on Friday, December 7th. They set a “positive” rating and a $22.00 price objective on the stock. Finally, Argus dropped their price objective on shares of International Game Technology from $28.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, November 16th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $24.69.

IGT stock opened at $15.76 on Friday. The firm has a market capitalization of $3.33 billion, a P/E ratio of 10.37, a PEG ratio of 1.01 and a beta of 1.33. The company has a current ratio of 1.03, a quick ratio of 0.88 and a debt-to-equity ratio of 2.95. International Game Technology has a 12-month low of $13.33 and a 12-month high of $31.00.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. increased its position in shares of International Game Technology by 428.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 482,082 shares of the company’s stock worth $11,204,000 after acquiring an additional 390,772 shares in the last quarter. FMR LLC bought a new stake in shares of International Game Technology during the second quarter worth about $22,797,000. Raymond James & Associates increased its position in shares of International Game Technology by 14.4% during the second quarter. Raymond James & Associates now owns 120,674 shares of the company’s stock worth $2,804,000 after acquiring an additional 15,167 shares in the last quarter. Macquarie Group Ltd. increased its position in shares of International Game Technology by 4.8% during the second quarter. Macquarie Group Ltd. now owns 121,756 shares of the company’s stock worth $2,830,000 after acquiring an additional 5,579 shares in the last quarter. Finally, Paloma Partners Management Co bought a new stake in shares of International Game Technology during the second quarter worth about $470,000. Hedge funds and other institutional investors own 51.70% of the company’s stock.

International Game Technology Company Profile

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

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