International Game Technology PLC (NYSE:IGT – Get Rating) was the target of a significant drop in short-term interest in July. As of July 31, there was short interest totaling 5,020,000 shares, a decline of 6.9% from the July 15 total of 5,390,000 shares. Based on an average daily trading volume of 2,060,000 shares, the days-to-cover ratio is currently 2.4 days. Approximately 4.9% of the company’s shares are sold short.
Hedge funds weigh on international gaming technology
Several institutional investors and hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. increased its holdings in International Game Technology by 87.3% during the second quarter. Goldman Sachs Group Inc. now owns 2,343,145 shares of the company valued at $43,488,000 after purchasing an additional 1,092,029 shares during the period. Saltoro Capital LP bought a new position in International Game Technology during the second quarter at a value of $1,392,000. Captrust Financial Advisors increased its position in shares of International Game Technology by 9.8% during the second quarter. Captrust Financial Advisors now owns 6,582 shares of the company worth $122,000 after acquiring 586 additional shares in the last quarter. Woodline Partners LP increased its position in shares of International Game Technology by 341.9% during the second quarter. Woodline Partners LP now owns 210,783 shares of the company worth $3,912,000 after acquiring an additional 163,088 shares last quarter. Finally, Paloma Partners Management Co purchased a new equity stake in International Game Technology during the second quarter at a value of $245,000. 44.33% of the shares are held by institutional investors.
Analyst upgrades and downgrades
A number of research analysts have weighed in on IGT shares. StockNews.com upgraded International Game Technology from a “hold” rating to a “buy” rating in a research rating on Tuesday. Jefferies Financial Group upgraded International Game Technology from a “hold” rating to a “buy” rating and lowered its price target for the company from $30.00 to $26.00 in a Thursday research note May 12. Deutsche Bank Aktiengesellschaft reduced its price target on International Game Technology from $35.00 to $30.00 in a Wednesday, August 3 research note. Stifel Nicolaus reduced his price target on International Game Technology from $36.00 to $26.00 in a Monday, August 1 research note. Finally, Truist Financial reduced its price target on International Game Technology from $36.00 to $30.00 and set a “buy” rating for the company in a Wednesday, July 20 research report. Seven research analysts rated the stock with a buy rating. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $35.00.
International Gaming Technology Awards Performance
NYSE IGT shares opened at $21.67 on Friday. The stock has a fifty-day simple moving average of $19.42 and a two-hundred-day simple moving average of $22.55. International Game Technology has a 1-year minimum of $16.46 and a 1-year maximum of $32.95. The company has a market capitalization of $4.41 billion, a price-earnings ratio of 28.14 and a beta of 1.83. The company has a current ratio of 1.56, a quick ratio of 1.44 and a debt ratio of 3.53.
International Game Technology Announces 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 per share. This represents an annualized dividend of $0.80 and a yield of 3.69%. The ex-dividend date is Monday, August 15. International Game Technology’s dividend payout ratio (DPR) is 103.90%.
International Gaming Technology Company Profile
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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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