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

International Game Technology PLC (NYSE:IGT) saw a significant growth in short interest in the month of May. As of May 15th, there was short interest totalling 7,100,000 shares, a growth of 8.2% from the April 30th total of 6,560,000 shares. Approximately 7.2% of the shares of the company are sold short. Based on an average trading volume of 3,490,000 shares, the short-interest ratio is presently 2.0 days.

Institutional investors have recently made changes to their positions in the company. Natixis Advisors L.P. increased its holdings in shares of International Game Technology by 3.3% in the fourth quarter. Natixis Advisors L.P. now owns 31,452 shares of the company’s stock worth $471,000 after purchasing an additional 1,000 shares during the last quarter. New York State Common Retirement Fund increased its stake in International Game Technology by 1.0% during the first quarter. New York State Common Retirement Fund now owns 168,000 shares of the company’s stock worth $1,000,000 after acquiring an additional 1,600 shares during the last quarter. Janney Montgomery Scott LLC raised its position in International Game Technology by 12.6% during the first quarter. Janney Montgomery Scott LLC now owns 14,448 shares of the company’s stock valued at $86,000 after purchasing an additional 1,618 shares during the period. Bank of New York Mellon Corp raised its position in International Game Technology by 0.5% during the fourth quarter. Bank of New York Mellon Corp now owns 431,289 shares of the company’s stock valued at $6,456,000 after purchasing an additional 1,945 shares during the period. Finally, Seelaus Asset Management LLC lifted its stake in shares of International Game Technology by 17.1% in the 4th quarter. Seelaus Asset Management LLC now owns 18,325 shares of the company’s stock valued at $274,000 after purchasing an additional 2,675 shares during the last quarter. Institutional investors and hedge funds own 40.17% of the company’s stock.

Several analysts recently commented on IGT shares. SunTrust Banks lowered International Game Technology from a “buy” rating to a “hold” rating and cut their price objective for the stock from $16.00 to $8.00 in a report on Wednesday, May 6th. Union Gaming Research lowered International Game Technology from a “buy” rating to a “hold” rating and set a $8.50 price objective for the company. in a report on Tuesday. Deutsche Bank reaffirmed a “buy” rating and issued a $11.00 price objective (up previously from $9.00) on shares of International Game Technology in a report on Monday, May 18th. ValuEngine raised International Game Technology from a “sell” rating to a “hold” rating in a report on Friday, May 1st. Finally, Credit Suisse Group initiated coverage on International Game Technology in a research report on Thursday. They set an “underperform” rating and a $5.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $9.62.

NYSE IGT traded up $0.18 on Friday, hitting $8.00. 2,323,631 shares of the company traded hands, compared to its average volume of 3,262,624. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of 7.52 and a beta of 1.85. The company has a current ratio of 1.37, a quick ratio of 1.00 and a debt-to-equity ratio of 4.01. The business’s 50 day moving average price is $6.64 and its 200-day moving average price is $11.28. International Game Technology has a 52-week low of $3.59 and a 52-week high of $16.25.

International Game Technology (NYSE:IGT) last released its earnings results on Monday, May 18th. The company reported $0.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.10. The company had revenue of $940.00 million for the quarter, compared to the consensus estimate of $935.49 million. International Game Technology had a positive return on equity of 8.68% and a negative net margin of 6.71%. International Game Technology’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.12 earnings per share. As a group, sell-side analysts predict that International Game Technology will post -0.36 earnings per share for the current year.

About International Game Technology

International Game Technology PLC operates and provides technology products and services across lotteries, electronic gaming machines, sports betting, and interactive gaming markets worldwide. The company operates through four segments: North America Gaming and Interactive, North America Lottery, International, and Italy.

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