Short Interest in International Game Technology PLC (NYSE:IGT) Declines By 12.8%

International Game Technology PLC (NYSE:IGT) saw a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 1,900,000 shares, a drop of 12.8% from the August 15th total of 2,180,000 shares. Approximately 1.8% of the company’s shares are sold short. Based on an average daily trading volume, of 1,180,000 shares, the short-interest ratio is currently 1.6 days.

Analyst Ratings Changes

Several equities analysts recently issued reports on IGT shares. Stifel Nicolaus raised their price target on International Game Technology from $26.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. B. Riley reissued a “buy” rating and issued a $30.00 price target on shares of International Game Technology in a report on Friday, July 26th. Finally, StockNews.com downgraded shares of International Game Technology from a “buy” rating to a “hold” rating in a report on Friday, September 13th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $28.67.

Institutional Trading of International Game Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP grew its stake in International Game Technology by 99.1% in the 2nd quarter. Quarry LP now owns 5,460 shares of the company’s stock valued at $112,000 after buying an additional 2,717 shares during the last quarter. Algert Global LLC acquired a new position in International Game Technology in the 2nd quarter worth about $3,145,000. Oliver Lagore Vanvalin Investment Group acquired a new stake in International Game Technology during the 2nd quarter worth approximately $31,000. Long Pond Capital LP acquired a new stake in International Game Technology in the second quarter valued at $32,053,000. Finally, The Manufacturers Life Insurance Company raised its position in shares of International Game Technology by 8.4% during the second quarter. The Manufacturers Life Insurance Company now owns 40,622 shares of the company’s stock worth $831,000 after acquiring an additional 3,144 shares during the last quarter. 44.33% of the stock is owned by institutional investors.

International Game Technology Stock Up 0.4 %

IGT traded up $0.09 during trading hours on Wednesday, hitting $21.91. 816,456 shares of the company’s stock were exchanged, compared to its average volume of 1,160,411. The stock has a market cap of $4.36 billion, a price-to-earnings ratio of 21.04 and a beta of 1.96. International Game Technology has a 1-year low of $18.90 and a 1-year high of $32.60. The stock’s 50-day moving average is $21.66 and its two-hundred day moving average is $21.15. The company has a quick ratio of 0.71, a current ratio of 0.84 and a debt-to-equity ratio of 2.57.

International Game Technology (NYSE:IGT) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.07. International Game Technology had a net margin of 4.89% and a return on equity of 19.95%. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the prior year, the business posted $0.45 EPS. The company’s quarterly revenue was down .6% on a year-over-year basis. Sell-side analysts predict that International Game Technology will post 1.48 earnings per share for the current fiscal year.

International Game Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were paid a $0.20 dividend. The ex-dividend date was Tuesday, August 13th. This represents a $0.80 annualized dividend and a dividend yield of 3.65%. International Game Technology’s dividend payout ratio is presently 76.19%.

International Game Technology Company Profile

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.