International Game Technology PLC (NYSE:IGT – Get Rating) was the recipient of a large decrease in short interest in the month of January. As of January 15th, there was short interest totalling 1,950,000 shares, a decrease of 8.5% from the December 31st total of 2,130,000 shares. Currently, 1.8% of the shares of the company are sold short. Based on an average daily volume of 1,230,000 shares, the days-to-cover ratio is presently 1.6 days.
Wall Street Analysts Forecast Growth
Separately, StockNews.com upgraded International Game Technology from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, November 15th. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $35.00.
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Hedge Funds Weigh In On International Game Technology
Hedge funds and other institutional investors have recently modified their holdings of the stock. Trexquant Investment LP bought a new position in shares of International Game Technology during the 2nd quarter worth approximately $1,028,000. Raymond James & Associates increased its holdings in International Game Technology by 2.0% during the 3rd quarter. Raymond James & Associates now owns 228,725 shares of the company's stock valued at $3,614,000 after purchasing an additional 4,512 shares in the last quarter. Saltoro Capital LP acquired a new stake in International Game Technology during the 2nd quarter valued at $55,000. Measured Wealth Private Client Group LLC increased its holdings in International Game Technology by 64.8% during the 2nd quarter. Measured Wealth Private Client Group LLC now owns 21,390 shares of the company's stock valued at $397,000 after purchasing an additional 8,411 shares in the last quarter. Finally, WBI Investments Inc. acquired a new stake in International Game Technology during the 3rd quarter valued at $944,000. Institutional investors own 44.33% of the company's stock.
International Game Technology Price Performance
Shares of IGT stock opened at $26.45 on Wednesday. The stock has a 50 day moving average of $24.16 and a two-hundred day moving average of $21.05. The company has a current ratio of 1.16, a quick ratio of 1.01 and a debt-to-equity ratio of 2.64. International Game Technology has a 12 month low of $15.01 and a 12 month high of $30.84. The company has a market capitalization of $5.39 billion, a P/E ratio of 15.03 and a beta of 1.85.
International Game Technology (NYSE:IGT – Get Rating) last announced its quarterly earnings data on Tuesday, November 8th. The company reported $1.30 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $1.06. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.01 billion. International Game Technology had a return on equity of 24.78% and a net margin of 8.56%. The company's quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the company earned $0.31 EPS. As a group, equities analysts expect that International Game Technology will post 1.92 EPS for the current year.
International Game Technology Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, December 9th. Investors of record on Monday, November 28th were given a dividend of $0.20 per share. The ex-dividend date was Friday, November 25th. This represents a $0.80 annualized dividend and a dividend yield of 3.02%. International Game Technology's dividend payout ratio (DPR) is presently 45.45%.
About International Game Technology
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International Game Technology PLC engages in the designing, manufacturing, and marketing of electronic gaming equipment, software, and network systems. It operates through the Global Lottery, Global Gaming, and Digital & Betting segments. The Global Lottery segment has responsibility for the worldwide traditional lottery and iLottery business, including sales, operations, product development, technology, and support.
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