International Game Technology PLC (NYSE:IGT) Sees Large Decline in Short Interest

International Game Technology PLC (NYSE:IGT) was the target of a large decrease in short interest in the month of December. As of December 15th, there was short interest totalling 1,740,000 shares, a decrease of 10.3% from the November 30th total of 1,940,000 shares. Approximately 1.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 969,000 shares, the days-to-cover ratio is currently 1.8 days.

Institutional Investors Weigh In On International Game Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Solel Partners LP purchased a new position in shares of International Game Technology during the 2nd quarter worth approximately $43,478,000. Long Pond Capital LP acquired a new stake in shares of International Game Technology in the second quarter valued at $32,053,000. Massachusetts Financial Services Co. MA raised its holdings in shares of International Game Technology by 17.8% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,743,447 shares of the company’s stock valued at $158,431,000 after buying an additional 1,169,999 shares during the period. Deprince Race & Zollo Inc. lifted its stake in International Game Technology by 75.5% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 2,313,954 shares of the company’s stock worth $47,343,000 after acquiring an additional 995,570 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted its holdings in International Game Technology by 80.8% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,202,620 shares of the company’s stock valued at $25,616,000 after acquiring an additional 537,330 shares during the period. Institutional investors and hedge funds own 44.33% of the company’s stock.

International Game Technology Trading Up 1.6 %

NYSE IGT traded up $0.27 on Wednesday, reaching $17.66. 785,354 shares of the company were exchanged, compared to its average volume of 1,107,533. The company has a current ratio of 2.36, a quick ratio of 2.31 and a debt-to-equity ratio of 2.85. The business’s fifty day moving average price is $19.34 and its 200 day moving average price is $20.53. The stock has a market capitalization of $3.52 billion, a P/E ratio of 29.43 and a beta of 1.91. International Game Technology has a fifty-two week low of $16.83 and a fifty-two week high of $27.69.

International Game Technology (NYSE:IGT) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.24). The firm had revenue of $587.00 million for the quarter, compared to analyst estimates of $591.50 million. International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. International Game Technology’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.52 earnings per share. Analysts forecast that International Game Technology will post 1 earnings per share for the current year.

International Game Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Tuesday, November 26th were given a $0.20 dividend. The ex-dividend date was Tuesday, November 26th. This represents a $0.80 annualized dividend and a yield of 4.53%. International Game Technology’s payout ratio is 133.33%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of International Game Technology from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, International Game Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.67.

About International Game Technology

International Game Technology PLC operates and provides gaming technology products and services in the United States, Canada, Italy, The United Kingdom, rest of Europe, and internationally. It operates through three segments: Global Lottery, Global Gaming, and PlayDigital. The company designs, sells, operates, and leases a suite of point-of-sale machines that reconciles lottery funds between the retailer and 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, as well as iLottery solutions and services.