International Game Technology PLC (NYSE:IGT) Short Interest Up 17.6% in June

International Game Technology PLC (NYSE:IGT) saw a large growth in short interest in June. As of June 15th, there was short interest totalling 3,010,000 shares, a growth of 17.6% from the May 31st total of 2,560,000 shares. Based on an average daily volume of 1,090,000 shares, the days-to-cover ratio is presently 2.8 days. Currently, 2.8% of the shares of the company are short sold.

Analyst Ratings Changes

A number of brokerages have weighed in on IGT. StockNews.com raised International Game Technology from a “buy” rating to a “strong-buy” rating in a report on Thursday. Susquehanna reduced their price target on shares of International Game Technology from $40.00 to $33.00 and set a “positive” rating for the company in a research report on Thursday, May 16th. Stifel Nicolaus upgraded shares of International Game Technology from a “hold” rating to a “buy” rating and lifted their price target for the company from $24.00 to $26.00 in a research report on Thursday, May 30th. B. Riley started coverage on shares of International Game Technology in a research report on Friday, April 5th. They set a “buy” rating and a $30.00 price target for the company. Finally, Truist Financial reduced their price target on shares of International Game Technology from $26.00 to $23.00 and set a “hold” rating for the company in a research report on Wednesday, May 15th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $28.00.

Institutional Trading of International Game Technology

Several institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its stake in shares of International Game Technology by 6.4% during the 1st quarter. Bank of New York Mellon Corp now owns 13,871,989 shares of the company’s stock valued at $313,368,000 after buying an additional 838,622 shares during the period. Lazard Asset Management LLC grew its stake in shares of International Game Technology by 63.4% during the 1st quarter. Lazard Asset Management LLC now owns 10,751,703 shares of the company’s stock valued at $242,880,000 after buying an additional 4,170,813 shares during the period. Capital Research Global Investors grew its stake in shares of International Game Technology by 102.1% during the 4th quarter. Capital Research Global Investors now owns 6,193,990 shares of the company’s stock valued at $169,777,000 after buying an additional 3,129,559 shares during the period. Parsifal Capital Management LP grew its stake in shares of International Game Technology by 40.8% during the 4th quarter. Parsifal Capital Management LP now owns 4,290,025 shares of the company’s stock valued at $117,590,000 after buying an additional 1,243,514 shares during the period. Finally, Wellington Management Group LLP grew its stake in shares of International Game Technology by 23.1% during the 4th quarter. Wellington Management Group LLP now owns 2,717,801 shares of the company’s stock valued at $74,495,000 after buying an additional 509,722 shares during the period. 44.33% of the stock is owned by hedge funds and other institutional investors.

International Game Technology Trading Up 1.9 %

Shares of International Game Technology stock opened at $20.46 on Friday. The company has a debt-to-equity ratio of 2.59, a current ratio of 0.80 and a quick ratio of 0.67. International Game Technology has a 1 year low of $18.90 and a 1 year high of $33.99. The company has a market capitalization of $4.07 billion, a P/E ratio of 19.49 and a beta of 1.94. The business has a 50 day moving average price of $20.29 and a 200 day moving average price of $23.19.

International Game Technology (NYSE:IGT) last issued its quarterly earnings results on Tuesday, May 14th. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.17. The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.03 billion. International Game Technology had a return on equity of 20.84% and a net margin of 4.98%. International Game Technology’s revenue was up .7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.49 EPS. Sell-side analysts anticipate that International Game Technology will post 1.53 EPS for the current fiscal year.

International Game Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, May 30th. This represents a $0.80 annualized dividend and a dividend yield of 3.91%. International Game Technology’s dividend payout ratio is presently 76.19%.

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.