Palm Harbour Capital, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund lost 2.5% gross of fees, and year to date, it returned -11.4%. The firm is optimistic about its portfolio and expects better returns over time. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Palm Harbour Capital discussed stocks like International Game Technology PLC (NYSE:IGT) in the third quarter investor letter. Headquartered in London, the United Kingdom, International Game Technology PLC (NYSE:IGT) is a gaming technology products and services providing company. On November 16, 2022, International Game Technology PLC (NYSE:IGT) stock closed at $24.54 per share. One-month return of International Game Technology PLC (NYSE:IGT) was 32.08%, and its shares lost 15.12% of their value over the last 52 weeks. International Game Technology PLC (NYSE:IGT) has a market capitalization of $4.915 billion.
Palm Harbour Capital made the following comment about International Game Technology PLC (NYSE:IGT) in its Q3 2022 investor letter:
“The fifth largest detractor was International Game Technology PLC (NYSE:IGT), a world leading operator of lotteries and gaming machines, which we introduced in our first quarter 2020 letter. The share price decreased by 8.3% losing 36 basis points for the fund. Management tightened full year guidance to reflect currency movements and reconfirmed operating income margin as fundamentals remain strong. IGT also announced a $270 million settlement related to Double Down Interactive which was higher than the $150 million which company set aside during the second quarter 2022. Despite foreign exchange headwinds from the weaker euro, we are optimistic that they will continue to delever and pay higher shareholder remuneration in the coming quarters as we believe the lottery business will remain robust even factoring in a recession.”
International Game Technology PLC (NYSE:IGT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held International Game Technology PLC (NYSE:IGT) at the end of the third quarter, which was 34 in the previous quarter.
We discussed International Game Technology PLC (NYSE:IGT) in another article and shared the list of biggest lottery companies in the world. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
