International Game Technology PLC (NYSE:IGT) Short Interest Up 19.8% in June


International Game Technology PLC (New York Stock Exchange: IGTGet a rating) benefited from a sharp increase in short-term interest during the month of June. As of June 15, there was short interest totaling 6,290,000 shares, an increase of 19.8% from the May 31 total of 5,250,000 shares. Currently, 6.1% of the stock’s shares are sold short. Based on an average trading volume of 1,980,000 shares, the short interest ratio is currently 3.2 days.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Parkside Financial Bank & Trust increased its stake in shares of International Game Technology by 84.9% in the first quarter. Parkside Financial Bank & Trust now owns 1,163 shares of the company worth $29,000 after buying an additional 534 shares in the last quarter. Steward Partners Investment Advisory LLC increased its stake in shares of International Game Technology by 100.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,200 shares of the company worth $35,000 after purchasing an additional 600 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of International Game Technology in the first quarter worth $34,000. Brown Brothers Harriman & Co. bought a new stake in shares of International Game Technology in the first quarter worth $49,000. Finally, National Bank of Canada FI acquired a new stake in the shares of International Game Technology in the fourth quarter at a value of $60,000. Institutional investors hold 44.33% of the company’s shares.

IGT has been the subject of a number of research reports. StockNews.com moved shares of International Game Technology from a “hold” rating to a “buy” rating in a Wednesday, June 15 research note. Deutsche Bank Aktiengesellschaft lowered its price target on shares of International Game Technology from $39.00 to $37.00 in a Wednesday, May 11 research note. Finally, Jefferies Financial Group downgraded shares of International Game Technology from a “hold” rating to a “buy” rating and lowered its price target for the stock from $30.00 to $26.00 in a research note from Thursday, May 12. Six investment analysts have rated the stock with a buy rating. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $40.80.

IGT opened at $18.70 on Thursday. The company’s 50-day simple moving average is $20.36 and its 200-day simple moving average is $24.27. The company has a debt ratio of 3.51, a quick ratio of 1.33 and a current ratio of 1.43. International Game Technology has a 1-year minimum of $17.27 and a 1-year maximum of $32.95. The stock has a market capitalization of $3.81 billion, a PE ratio of 8.20 and a beta of 1.91.

International game technology (New York Stock Exchange: IGTGet a rating) last released its quarterly results on Tuesday, May 10. The company reported EPS of $0.39 for the quarter, beating the consensus estimate of $0.34 by $0.05. International Game Technology achieved a net margin of 11.37% and a return on equity of 3.35%. The company posted revenue of $1.05 billion for the quarter, versus analyst estimates of $1.04 billion. During the same quarter last year, the firm posted earnings per share of $0.38. International Game Technology’s revenue for the quarter increased 3.5% compared to the same quarter last year. As a group, sell-side analysts expect International Game Technology to post earnings per share of 1.4 for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 7. Shareholders of record on Tuesday, May 24 received a dividend of $0.20 per share. The ex-dividend date was Monday, May 23. This represents a dividend of $0.80 on an annualized basis and a dividend yield of 4.28%. International Game Technology’s dividend payout ratio is currently 35.09%.

International Gaming Technology Company Profile (Get a rating)

International Game Technology PLC operates and provides game technology products and services in North America, Europe, the Middle East, Africa, Asia-Pacific, Latin America and the Caribbean. It operates in three segments: Global Lottery, Global Gaming and Digital & Betting. The company designs, sells, operates and leases a suite of point-of-sale machines that reconciles lottery funds between the retailer and the 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.

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