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

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

Wall Street Analyst Weigh In

IGT has been the topic of a number of analyst reports. B. Riley initiated coverage on shares of International Game Technology in a research note on Friday, April 5th. They issued a “buy” rating and a $30.00 target price on the stock. Stifel Nicolaus raised shares of International Game Technology from a “hold” rating to a “buy” rating and upped their target price for the company from $24.00 to $26.00 in a research note on Thursday, May 30th. Truist Financial lowered their target price on shares of International Game Technology from $26.00 to $23.00 and set a “hold” rating on the stock in a research note on Wednesday, May 15th. StockNews.com raised shares of International Game Technology from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Finally, Susquehanna lowered their target price on shares of International Game Technology from $40.00 to $33.00 and set a “positive” rating on the stock in a research note on Thursday, May 16th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $28.00.

Hedge Funds Weigh In On International Game Technology

A number of large investors have recently modified their holdings of IGT. Venturi Wealth Management LLC acquired a new position in shares of International Game Technology during the fourth quarter worth approximately $25,000. Highlander Capital Management LLC acquired a new position in shares of International Game Technology during the fourth quarter worth approximately $27,000. VisionPoint Advisory Group LLC acquired a new position in shares of International Game Technology during the fourth quarter worth approximately $38,000. General Partner Inc. acquired a new position in shares of International Game Technology during the first quarter worth approximately $45,000. Finally, Covestor Ltd lifted its position in shares of International Game Technology by 70.2% during the first quarter. Covestor Ltd now owns 3,539 shares of the company’s stock worth $80,000 after purchasing an additional 1,460 shares in the last quarter. 44.33% of the stock is currently owned by institutional investors and hedge funds.

International Game Technology Price Performance

NYSE:IGT opened at $20.46 on Friday. The firm has a market cap of $4.07 billion, a PE ratio of 19.49 and a beta of 1.94. International Game Technology has a 12 month low of $18.90 and a 12 month high of $33.99. The company has a quick ratio of 0.67, a current ratio of 0.80 and a debt-to-equity ratio of 2.59. The company’s 50-day moving average price is $20.29 and its two-hundred day moving average price is $23.19.

International Game Technology (NYSE:IGT) last released its quarterly earnings results on Tuesday, May 14th. The company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.17. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.03 billion. International Game Technology had a net margin of 4.98% and a return on equity of 20.84%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.49 earnings per share. On average, equities 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 announced a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, May 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.91%. International Game Technology’s payout ratio is 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.