Former IGT Executive Sells Shares For Millions
Last week former chief executive officer of International Game Technology (IGT: 15.02 0.00%), Thomas J. Mathews sold $3.2 million worth of the company’s shares.
On December 16, he sold 82,322 shares for approximately $1.6 million or an average price of $18.99 a share. Mathews also exercised his stock options and sold 85,660 shares for an addition $1.6 million.
Even after the sale, Mathews continues to hold 950,000 shares directly and approximately 1.6 million shares through exercisable options, representing less than 1% of IGT’s outstanding shares.
The gaming manufacturer declined to comment on the sales, however Jonathan Moreland, director of research at InsiderInsights.com says that it is common practice for executives to reduce their stakes once they are no longer in control of the company.
Mathews resigned as president and CEO of the company in April.
Over the past six months IGT’s shares have risen 28% and reported revenue of $2.1 million for its fiscal year 2009.
Analyst William Blair rated the stock at Outperform stating that the company showed solid improvement over previous offerings, noting that the new Sex and the City slot machines were getting double the average bet at the nine locations were it has been implemented at.
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