International Game Technology
makes computerized gaming systems for markets worldwide.
Of the 23 analysts covering the stock, 61% recommend a buy and 35% rate a hold. A consensus forecast of analysts polled by
has an average 12-month price target of $20.36 for the stock, about 28.3% higher than the current price.
In its fourth-quarter fiscal 2011 operating results, IGT reported a 14% increase in revenue to $539.8 million from $474.2 million in the same quarter last year, generating 52% from gaming operations and 48% from product sales. Net income for the quarter surged 168.3% to $53.4 million, or 18 cents per diluted share, which compares to $19.9 million, or 7 cents per diluted share, in the prior year's fourth quarter.
For fiscal year ended Sept. 30, total revenue increased 2% to $1.95 billion from $1.92 billion last fiscal. Net income for the period increased 52.4% to $283.6 million, or 94 cents per diluted share, compared to $186 million, or 62 cents per diluted share, in 2010.
The company has declared a quarterly cash dividend of 6 cents per share payable Jan. 6, 2012 to shareholders of record Dec. 22. For fiscal year 2012, the company estimates its adjusted earnings from continuing operations to come in the range of 93 cents to $1.03 per share.
Recently, IGT announced that the Pennsylvania Gaming Control Board has approved its sbX casino management system for use in casinos across the state. The company recently announced the installation of its sbX system at Fantastic Casino Alb Rook, a CIRSA property, located in Panama, providing the casino on-demand access to more than 300 titles in the IGT Game Library -- the industry's largest game-to-system game library -- and an option to reconfigure a casino floor with the touch of a button.