Dallas, Texas 07/22/2013 (Financialstrend) – It is expected that the gaming machines and systems manufacturer, International Game Technology (NYSE:IGT) would be announcing the results for the third quarter of fiscal year 2013 on July 22, 2013. The average analysts’ estimates on the company’s performance are fixed at 9.5% growth in revenues and 39.1% growth in the revenues for this quarter. It had further been estimated that the revenues for this quarter would be at $583.3 million and the earnings per share would be at $0.32 per share. The GAAP adjusted earnings per share for the company in the second quarter of this fiscal year was at $0.29 per share and the non GAAP EPS was at $0.36 per share.
Analysts at Credit Suisse had recently degraded the stock of IGT from the earlier neutral rating to the underperform rating on Friday, primarily owing to the prospects that the core businesses of the company are presently being challenged. The analysts had given a price target of $16 for the shares of International Game Technology, which proves to be a decline of 21% from the stock’s closing price on Thursday. It is however expected that the share prices would further surge in the near future especially with the announcement of third quarter results.
The stock had decreased by 7.34% to close at $18.69 on Friday, after the opening price at $19.76 per share. International Game Technology (NYSE:IGT) had throughout the trading session moved between $18.66 and $19.79 per share and presently has 52 week lowest price at $10.92 and 52 week highest price at $20.25 per share. The market cap of the stock is at $4.94 billion with 264.40 million shares outstanding and 84% institutional ownership of capital. The trading volume on Friday was at 8.43 million shares on the stock and the average level is at 3.55 million shares per day.
