December 5, 2023

Palm Harbour Capital, an investment management company, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was up 7.2% gross of fees in the first quarter. The fund was below European benchmarks and slightly better than global benchmarks. The fund’s return from inception to quarter end was 45.2%. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Palm Harbour Capital highlighted stocks like International Game Technology PLC (NYSE:IGT) in the first quarter 2023 investor letter. Headquartered in London, the United Kingdom, International Game Technology PLC (NYSE:IGT) is a gaming technology products and services provider. On June 1, 2023, International Game Technology PLC (NYSE:IGT) stock closed at $25.10 per share. One-month return of International Game Technology PLC (NYSE:IGT) was -8.69%, and its shares gained 18.06% of their value over the last 52 weeks. International Game Technology PLC (NYSE:IGT) has a market capitalization of $5.025 billion.

Palm Harbour Capital made the following comment about International Game Technology PLC (NYSE:IGT) in its Q1 2023 investor letter:

“The fifth largest contributor was International Game Technology PLC (NYSE:IGT) (+16.8% +85 bps), the Italian-American lottery and gaming machine technology provider, which we introduced in our first quarter 2020 letter. Revenue and profit exceeded the high-end of management’s outlook for both the fourth quarter and the full year of 2022. Strong cashflows allowed for meaningful debt reduction as they ended the year 3.1x levered, ahead of guidance and in the mid-range of their 2025 target range, with 80% of the debt being fixed rate. Management guided for further margin improvement and $500-600 million in free cash flow for 2023. The defensive characteristics of the business model, deleveraging and attractive valuation continue to support a strong investment thesis.”

International Game Technology PLC (NYSE:IGT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held International Game Technology PLC (NYSE:IGT) at the end of first quarter 2023 which was 27 in the previous quarter.

We discussed International Game Technology PLC (NYSE:IGT) in another article and shared Credit Suisse’s 12 highest-conviction top picks. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.


Suggested Articles:

Disclosure: None. This article is originally published at Insider Monkey.


Leave a Reply

Your email address will not be published. Required fields are marked *