What Do Hedge Funds Think of International Game Technology (IGT)?

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With a general bullishness amongst the heavyweights, some big names have jumped into International Game Technology (NYSE:IGT) headfirst. BloombergSen, managed by Jonathan Bloomberg, initiated the most outsized position in International Game Technology (NYSE:IGT). BloombergSen had $84.1 million invested in the company at the end of the quarter. Shane Finemore’s Manikay Partners also initiated a $42.2 million position during the quarter. The other funds with brand new IGT positions are Millennium Management Subsidiary’s Green Arrow Capital Management, Peter Muller’s PDT Partners, and Matthew Hulsizer’s PEAK6 Capital Management.

Let’s also examine hedge fund activity in other stocks similar to International Game Technology (NYSE:IGT). We will take a look at The Cheesecake Factory Incorporated (NASDAQ:CAKE), Companhia de Saneamento Basico (ADR) (NYSE:SBS), Armstrong World Industries, Inc. (NYSE:AWI), and Noble Corporation (NYSE:NE). This group of stocks’ market values are closest to IGT’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
CAKE 20 168602 -2
SBS 13 88878 -1
AWI 37 1317888 5
NE 22 186718 -5

As you can see these stocks had an average of 23 hedge funds with bullish positions and the average amount invested in these stocks was $441 million. That figure was $481 million in IGT’s case. Armstrong World Industries, Inc. (NYSE:AWI) is the most popular stock in this table. On the other hand Companhia de Saneamento Basico (ADR) (NYSE:SBS) is the least popular one with only 13 bullish hedge fund positions. International Game Technology (NYSE:IGT) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard AWI might be a better candidate to consider a long position.

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