Jeffrey Gates Boosts His Stake in International Game Technology (IGT)

According to a filing with the SEC Gates Capital Management, led by Jeffrey Gates, has boosted its stake in International Game Technology (NYSE:IGT) to 12.51 million shares from 8.7 million shares held at the end of September 2013. The stake currently amasses around 5% of the company’s stock.

International Game Technology (NYSE: IGT)

International Game Technology (NYSE:IGT) is a global gaming company that designs, develops, manufactures and markets electronic gaming equipment and systems products.

Of the hedge funds we track Jeffrey Gates is the largest shareholder of International Game. John W. Rogers’ Ariel Investments also has $146.49 million invested in the company, holding 7.74 million shares. Value investor Tom Gayner, billionaires Mario Gabelli, Noam Gottesman, and David Harding had also smaller bets placed on the company.

Last month, Eric Berg, chief operating officer at International Game Technology (NYSE:IGT) has sold 6,086 shares of the company and now holds 11,438 shares.

Jeffrey Gates is an event-driven investor who seeks to identify “dislocation events” at public companies. Earlier Gates’ fund had upped its stake in Richardson Electronics, Ltd. (NASDAQ:RELL) to 2.7 million shares from 2.6 million held earlier. Last month, Jeffrey Gates boosted its position in Darling International Inc. (NYSE:DAR) to 6.0 million shares from some 4.9 million held as at the end of September. The fund has also been bullish on Headwaters Inc (NYSE:HW), where the fund has doubled its stake to 7.37 million shares from 3.67 million owned earlier.

A couple of months back the fund also edged up its position in Nortek Inc (NASDAQ:NTK) by buying 344,696 shares and now holds 2.9 million shares, it represents the largest position in the Jeffrey Gates’ equity portfolio. Followed by DaVita HealthCare Partners Inc (NYSE:DVA), wherein the fund has invested 6.75% of its equity portfolio.

Disclosure: none

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