International Game Technology PLC (NYSE:IGT – Get Free Report ) has seen a significant increase in short interest in the month of June. As of June 15, short interest totaled 3,010,000 shares, up 17.6% from a total of 2,560,000 shares on May 31. Based on an average daily trading volume of 1,090,000 shares, the days coverage ratio is currently at 2.8 days. Currently, 2.8% of the company’s shares are sold short.
Analyst Rating Changes
A number of brokerages have expressed opinions on IGT. StockNews.com raised their rating on International Game Technology from a “buy” to a “strong buy” rating in a report on Thursday. Susquehanna lowered their price target on shares of International Game Technology from $40.00 to $33.00 and set a “positive” rating on the company in a research report on Thursday, May 16. Stifel Nicolaus raised their rating on shares of International Game Technology from a “hold” to a “buy” rating and increased their price target for the company from $24.00 to $26.00 in a research report on Thursday, May 30. B. Riley initiated research on shares of International Game Technology in a research report on Friday. The firm set a “buy” rating and a $30.00 price target for the company. Finally, Truist Financial lowered their price objective on International Game Technology from $26.00 to $23.00 and rated the company a “hold” in a research report on Wednesday, May 15th. Two research analysts have rated the stock with a hold rating, four have rated it with a buy rating, and one has rated it with a strong buy rating. According to MarketBeat, the stock has a consensus rating of a “moderate buy” with an average target price of $28.00.
Get the latest IGT stock report
International Game Technology Institutional Trading
Several institutional investors recently modified their holdings of the stock. The Bank of New York Mellon Co. increased its holdings in shares of International Game Technology by 6.4% in the first quarter. The Bank of New York Mellon Co. now owns 13,871,989 shares of the company’s stock, valued at $313,368,000, after purchasing an additional 838,622 shares during the period. Lazard Asset Management LLC increased its holdings in International Game Technology by 63.4% in the first quarter. Lazard Asset Management LLC now owns 10,751,703 shares of the company’s stock, valued at $242.88 million, after purchasing an additional 4,170,813 shares during the period. Capital Research Global Investors increased its holdings in International Game Technology by 102.1% in the fourth quarter. Capital Research Global Investors now holds 6,193,990 shares valued at $169,777,000 after purchasing an additional 3,129,559 shares during the period. Parsifal Capital Management LP increased its holdings in shares of International Game Technology by 40.8% in the fourth quarter. Parsifal Capital Management LP now holds 4,290,025 shares valued at $117,590,000 after purchasing an additional 1,243,514 shares during the period. Finally, Wellington Management Group LLP increased its holdings in shares of International Game Technology by 23.1% during the fourth quarter. Wellington Management Group LLP now holds 2,717,801 shares worth $74,495,000 after purchasing an additional 509,722 shares during the period. 44.33% of the stock is owned by hedge funds and other institutional investors.
International gaming tech trade rises 1.9%
International Game Technology’s shares opened trading at $20.46 on Friday. The company has a debt-to-equity ratio of 2.59, a current ratio of 0.80 and a quick ratio of 0.67. International Game Technology’s one year low and high are $18.90 and $33.99. The company has a market cap of $4.07 billion, a P/E ratio of 19.49 and a beta of 1.94. The company’s 50-day moving average price is $20.29 and 200-day moving average price is $23.19.
International Game Technology (NYSE:IGT – Get Free Report ) announced its quarterly earnings on Tuesday, May 14th. The company reported quarterly earnings of $0.46, beating the consensus estimate of $0.29 by $0.17. The company’s quarterly revenue was $1.07 billion, beating the consensus estimate of $1.03 billion. International Game Technology’s ROE was 20.84%, with a net margin of 4.98%. International Game Technology’s revenue grew 0.7% year-over-year. In the same quarter last year, the company reported earnings per share of $0.49. Sell-side analysts expect International Game Technology to post earnings per share of $1.53 for the current fiscal year.
International Game Technology Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Thursday, May 30th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, May 30th. This equates to an annualized dividend of $0.80, or a dividend yield of 3.91%. International Game Technology’s dividend payout ratio is currently 76.19%.
About International Game Technology
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International Game Technology PLC operates and provides gaming technology products and services in the United States, Canada, Italy, the United Kingdom, other European countries, and internationally. The company operates through three segments: Global Lottery, Global Gaming, and PlayDigital. The company also designs, sells, operates and leases point-of-sale machine suites that reconcile lottery funds between retailers and lottery authorities, provides online lottery transaction processing systems, produces instant ticket games, provides printing services such as instant ticket marketing plans, graphic design, programming, packaging, shipping and delivery services, and iLottery solutions and services.
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