International Game Technology PLC (NYSE:IGT) Sees Large Growth in Short Interest

International Game Technology PLC (NYSE:IGT) saw a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 2,030,000 shares, a growth of 12.2% from the October 31st total of 1,810,000 shares. Based on an average daily volume of 870,000 shares, the days-to-cover ratio is presently 2.3 days. Currently, 1.9% of the company’s stock are sold short.

International Game Technology Price Performance

IGT stock traded down $0.17 during trading on Tuesday, hitting $19.90. The company had a trading volume of 718,304 shares, compared to its average volume of 1,111,264. International Game Technology has a fifty-two week low of $18.56 and a fifty-two week high of $28.82. The firm has a market capitalization of $3.96 billion, a price-to-earnings ratio of 33.17 and a beta of 1.91. The business has a 50 day moving average of $20.38 and a 200 day moving average of $20.85. The company has a current ratio of 2.36, a quick ratio of 2.31 and a debt-to-equity ratio of 2.85.

International Game Technology (NYSE:IGT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.24). International Game Technology had a return on equity of 16.17% and a net margin of 4.17%. The firm had revenue of $587.00 million during the quarter, compared to the consensus estimate of $591.50 million. During the same period in the prior year, the firm posted $0.52 EPS. The firm’s quarterly revenue was down 2.3% on a year-over-year basis. As a group, research analysts predict that International Game Technology will post 1 earnings per share for the current year.

International Game Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, November 26th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.02%. The ex-dividend date of this dividend is Tuesday, November 26th. International Game Technology’s dividend payout ratio is presently 133.34%.

Institutional Investors Weigh In On International Game Technology

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its holdings in shares of International Game Technology by 14.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 30,965 shares of the company’s stock valued at $700,000 after purchasing an additional 3,935 shares during the last quarter. Tidal Investments LLC purchased a new stake in International Game Technology during the first quarter valued at about $455,000. Virtu Financial LLC acquired a new position in shares of International Game Technology in the first quarter worth about $401,000. Harbor Capital Advisors Inc. increased its position in shares of International Game Technology by 270.1% in the second quarter. Harbor Capital Advisors Inc. now owns 24,037 shares of the company’s stock worth $492,000 after acquiring an additional 17,542 shares in the last quarter. Finally, CWM LLC raised its holdings in shares of International Game Technology by 156.7% during the second quarter. CWM LLC now owns 2,321 shares of the company’s stock valued at $47,000 after acquiring an additional 1,417 shares during the period. Institutional investors and hedge funds own 44.33% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of International Game Technology from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, International Game Technology has a consensus rating of “Moderate Buy” and a consensus price target of $28.67.

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.