International Game Technology (NYSE:IGT) Releases Earnings Results, Misses Expectations By $0.24 EPS

International Game Technology (NYSE:IGT) released its quarterly earnings results on Tuesday. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.24), Briefing.com reports. The company had revenue of $587.00 million during the quarter, compared to analyst estimates of $591.50 million. International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.52 EPS. International Game Technology updated its FY 2024 guidance to EPS and its Q4 2024 guidance to EPS.

International Game Technology Price Performance

Shares of NYSE:IGT opened at $19.90 on Friday. The company has a market cap of $3.96 billion, a price-to-earnings ratio of 33.17 and a beta of 1.96. The business has a 50 day moving average price of $21.03 and a 200 day moving average price of $20.92. The company has a quick ratio of 0.71, a current ratio of 2.36 and a debt-to-equity ratio of 2.85. International Game Technology has a twelve month low of $18.90 and a twelve month high of $28.82.

International Game Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, November 26th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend is Tuesday, November 26th. International Game Technology’s dividend payout ratio is currently 133.34%.

Analysts Set New Price Targets

IGT has been the subject of several recent analyst reports. StockNews.com upgraded shares of International Game Technology from a “hold” rating to a “buy” rating in a report on Friday, November 8th. B. Riley reiterated a “buy” rating and set a $30.00 price objective on shares of International Game Technology in a research report on Friday, July 26th. Finally, Stifel Nicolaus boosted their price target on shares of International Game Technology from $26.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Two 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, International Game Technology has a consensus rating of “Moderate Buy” and an average price target of $28.67.

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.