Wall Street analysts’ outlook for International Game Technology PLC (IGT)

International Game Technology PLC (NYSE: IGT) stock jumped 1.75% on Friday to $20.88 against a previous-day closing price of $20.52. With 2.3 million shares changed hands, the volume of the stock remained heavier than its average volume of 2.11 million shares. During the session, the Gambling company that operates in wider Consumer Cyclical sector, reached to the highest price of $21.20 whereas the lowest price it dropped to was $20.52. The 52-week range on IGT shows that it touched its highest point at $32.95 and its lowest point at $16.46 during that stretch. It currently has a 1-year price target of $33.66. With its current market cap of 4.29 billion, IGT has annualized dividend of $0.80 while the current yield stands at 3.83%. Beta for the stock currently stands at 1.89.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of IGT was up-trending over the past week, with a rise of 8.69%, but this was up by 6.37% over a month. Three-month performance dropped to -7.08% while six-month performance fell -24.46%. The stock gained 9.21% in the past year, while it has lost -27.78% so far this year. A look at the trailing 12-month EPS for IGT yields 0.32 with Next year EPS estimates of 1.56. For the next quarter, that number is 0.29. This implies an EPS growth rate of 106.90% for this year and 24.94% for next year. EPS is expected to grow by 30.18% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of -21.40%.

Float and Shares Shorts:

At present, 203.74 million IGT shares are outstanding with a float of 101.83 million shares on hand for trading. On Jul 14, 2022, short shares totaled 5.39 million, which was 2.66% higher than short shares on Jun 14, 2022. In addition to Mr. Marco Sala as the firm’s Exec. Chairman, Mr. Vincent L. Sadusky serves as its CEO & Exec. Director.

Institutional Ownership:

Through their ownership of 47.90% of IGT’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 24.37% of IGT, in contrast to 21.97% held by mutual funds. Shares owned by individuals account for –. As the largest shareholder in IGT with 3.66% of the stake, Massachusetts Financial Services holds 7,433,167 shares worth 7,433,167. A second-largest stockholder of IGT, Boston Partners Global Investors, holds 6,662,138 shares, controlling over 3.28% of the firm’s shares. Lazard Asset Management LLC is the third largest shareholder in IGT, holding 6,207,288 shares or 3.06% stake. With a 1.41% stake in IGT, the John Hancock III – Disciplined Va is the largest stakeholder. A total of 2,864,527 shares are owned by the mutual fund manager. The MFS New Discovery Value Fund, which owns about 1.33% of IGT stock, is the second-largest Mutual Fund holder. It holds 2,704,975 shares valued at 50.2 million. MFS Mid Cap Value Fund holds 1.32% of the stake in IGT, owning 2,687,927 shares worth 49.89 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for IGT since 7 analysts follow the stock currently. There are 6 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 1 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With IGT analysts setting a high price target of $62.00 and a low target of $23.00, the average target price over the next 12 months is $33.00. Based on these targets, IGT could surge 196.93% to reach the target high and rise by 10.15% to reach the target low. Reaching the average price target will result in a growth of 58.05% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. IGT will report FY 2022 earnings on 03/09/2023. Analysts have provided yearly estimates in a range of $1.93 being high and $0.66 being low. For IGT, this leads to a yearly average estimate of $1.33. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. International Game Technology PLC surprised analysts by $0.23 when it reported $0.57 EPS against a consensus estimate of $0.34. The surprise factor in the prior quarter was $0.07. Based on analyst estimates, the high estimate for the next quarter is $0.41 and the low estimate is $0.14. The average estimate for the next quarter is thus $0.28.

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