International Game Technology PLC (NYSE: IGT) Sees Strong Short-Term Interest Growth


International Game Technology PLC (NYSE: IGT) was targeted for significant growth in short-term interest in October. As of October 29, there was short interest totaling 4,800,000 shares, an increase of 25.7% over the October 14 total of 3,820,000 shares. Based on an average trading volume of 2,150,000 shares, the short-term interest rate is currently 2.2 days. Currently 4.8% of the company’s shares are sold short.

Several stock analysts recently commented on the title. Credit Suisse Group raised its price target for International Game Technology shares from $ 36.00 to $ 57.00 and gave the company an “outperformance” rating in a Wednesday, November 10 research note. Deutsche Bank Aktiengesellschaft raised its price target for International Game Technology shares from $ 32.00 to $ 42.00 and gave the company a “buy” rating in a research note on Wednesday, November 10 . Jefferies Financial Group downgraded International Game Technology’s stock from a “buy” rating to a “keep” rating and reduced its target price for the stock from $ 38.00 to $ 33.00 in a research report released Wednesday. Finally, Berenberg Bank assumed coverage of International Game Technology’s shares in a research report released on Tuesday, October 19. They set a “buy” rating and a price target of $ 35 for the company. An equity research analyst rated the stock with a conservation rating and six gave the company a buy rating. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $ 35.50.

Actions of IGT actions traded at $ 1.34 on Friday, reaching $ 27.57. The company had a trading volume of 3,525,644 shares, compared to its average volume of 2,237,094. The stock has a market cap of $ 5.65 billion, a PE ratio of 26.01 and a beta of. 2.10. The company has a quick ratio of 1.21, a current ratio of 1.31, and a debt ratio of 3.24. International Game Technology has a one-year minimum of $ 11.87 and a one-year maximum of $ 32.95. The company’s 50-day moving average is $ 27.79 and its 200-day moving average is $ 23.82.

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International Game Technology (NYSE: IGT) last released its results on Tuesday, November 9. The company reported EPS of $ 0.31 for the quarter, beating analyst consensus estimates of $ 0.21 by $ 0.10. The company posted revenue of $ 984.00 million in the quarter, compared to analysts’ expectations of $ 981.00 million. International Game Technology delivered a net margin of 5.63% and a negative return on equity of 2.85%. The company’s revenue for the quarter increased 20.6% from the same quarter last year. In the same quarter of the previous year, the company made a profit of $ 0.26 per share. On average, sell-side analysts predict that International Game Technology will post earnings per share of 0.55 for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 7. Shareholders of record on Tuesday, November 23 will receive a dividend of $ 0.20. The ex-dividend date is Monday, November 22. This represents a dividend of $ 0.80 on an annualized basis and a dividend yield of 2.90%.

Several hedge funds have recently bought and sold shares in the company. BlackRock Inc. increased its holdings of International Game Technology shares by 16.6% in the second quarter. BlackRock Inc. now owns 10,954,614 shares of the company valued at $ 262,471,000 after acquiring an additional 1,562,197 shares during the last quarter. Boston Partners increased its stake in International Game Technology shares by 5.4% in the third quarter. Boston Partners now owns 6,962,134 shares of the company valued at $ 179,958,000 after purchasing an additional 356,457 shares during the period. Lazard Asset Management LLC increased its stake in International Game Technology shares by 9.6% in the second quarter. Lazard Asset Management LLC now owns 4,790,917 shares of the company valued at $ 114,790,000 after purchasing an additional 417,737 shares during the period. Massachusetts Financial Services Co. MA increased its stake in International Game Technology shares by 55.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 4,244,249 shares of the company valued at $ 111,709,000 after purchasing an additional 1,506,542 shares during the period. Finally, Neuberger Berman Group LLC increased its stake in the shares of International Game Technology by 12.1% in the second quarter. Neuberger Berman Group LLC now owns 3,278,448 shares of the company valued at $ 77,847,000 after purchasing an additional 354,328 shares during the period. 42.59% of the shares are held by hedge funds and other institutional investors.

Global Gaming Technology Company Profile

International Game Technology Plc is engaged in the design, manufacture and marketing of electronic game equipment, software and network systems. It operates through the Global Lottery and Global Gaming segments. The Global Lottery segment is responsible for the global traditional lottery and iLottery business, including sales, operations, product development, technology and support.

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