International Game Technology PLC (NYSE:IGT – Get Rating) was the target of a significant drop in short interest in July. As of July 31, there was short interest totaling 5,020,000 shares, down 6.9% from the July 15 total of 5,390,000 shares. About 4.9% of the stock’s shares are sold short. Based on an average daily trading volume of 2,060,000 shares, the days-to-cover ratio is currently 2.4 days.
Wall Street analysts predict growth
IGT has been the subject of several research analyst reports. StockNews.com upgraded International Game Technology from a “hold” rating to a “buy” rating in a report released Tuesday. Jefferies Financial Group downgraded International Game Technology from a “hold” rating to a “buy” rating and reduced its target price for the company from $30.00 to $26.00 in a Thursday, May 12, report. Deutsche Bank Aktiengesellschaft lowered its price target on International Game Technology from $35.00 to $30.00 in a Wednesday, August 3 report. Truist Financial lowered its price target on International Game Technology from $36.00 to $30.00 and set a “buy” rating on the stock in a Wednesday, July 20 research report. Finally, Stifel Nicolaus reduced his price target on International Game Technology from $36.00 to $26.00 in a Monday, August 1 research note. Seven research analysts rated the stock with a buy rating. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $35.00.
Institutional trade in international gaming technology
A number of institutional investors have recently increased or reduced their stake in the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of International Game Technology in the fourth quarter valued at $1,040,000. Sigma Planning Corp acquired a new stake in shares of International Game Technology in the fourth quarter worth $211,000. Advisor Group Holdings Inc. increased its stake in shares of International Game Technology by 158.2% in the fourth quarter. Advisor Group Holdings Inc. now owns 38,884 shares of the company worth $1,124,000 after purchasing an additional 23,827 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of International Game Technology by 291.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 51,497 shares of the company worth $1,489,000 after purchasing an additional 38,349 shares in the last quarter. Finally, American Century Companies Inc. increased its position in International Game Technology by 1,794.0% during the fourth quarter. American Century Companies Inc. now owns 353,858 shares of the company worth $10,230,000 after acquiring an additional 335,175 shares during the period. 44.33% of the shares are currently held by institutional investors and hedge funds.
International Gaming Technology Awards Performance
NYSE IGT opened at $22.09 on Wednesday. The company has a quick ratio of 1.44, a current ratio of 1.56 and a debt ratio of 3.53. The stock has a market capitalization of $4.50 billion, a PE ratio of 28.69 and a beta of 1.83. The company has a 50-day moving average price of $19.42 and a two-hundred-day moving average price of $22.56. International Game Technology has a 12 month minimum of $16.46 and a 12 month maximum of $32.95.
Announcing the International Gaming Technology Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 30. Shareholders of record on Tuesday, August 16 will receive a dividend of $0.20. This represents a dividend of $0.80 on an annualized basis and a yield of 3.62%. The ex-dividend date is Monday, August 15. International Game Technology’s dividend payout ratio (DPR) is currently 103.90%.
About International Gaming Technology
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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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