Zacks Investment Research Upgrades Scientific Games Corp (NASDAQ:SGMS) to Buy

Zacks Investment Research upgraded shares of Scientific Games Corp (NASDAQ:SGMS) from a hold rating to a buy rating in a research report sent to investors on Tuesday, August 1st. Zacks Investment Research currently has $41.00 price target on the technology company’s stock.

According to Zacks, “Scientific Games reported narrower-than-expected loss in the second-quarter 2017. Revenues increased on a year-over-year basis driven by robust performance from the gaming and interactive businesses.The company aims at reducing costs and optimize its operational structure to drive bottom line growth going ahead. Moreover, acquisitions of Bally Technologies and WMS Industries are positives as these expanded its global footprint. Shares have vastly outperformed the industry on a year-to-date basis.  However, leveraged balance sheet that results in signficant interest expense is hurting profitability. Moreover, unfavorable foreign exchange is a major headwind.”

A number of other equities research analysts also recently weighed in on SGMS. Stifel Nicolaus reiterated a hold rating and issued a $24.00 price target on shares of Scientific Games Corp in a research report on Friday, July 14th. ValuEngine upgraded shares of Scientific Games Corp from a sell rating to a hold rating in a research report on Friday, June 2nd. BidaskClub upgraded shares of Scientific Games Corp from a buy rating to a strong-buy rating in a research report on Saturday, June 10th. Finally, Telsey Advisory Group lifted their price target on shares of Scientific Games Corp from $20.00 to $24.00 and gave the company a market perform rating in a research report on Friday, April 28th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $30.00.

Scientific Games Corp (NASDAQ:SGMS) opened at 34.15 on Tuesday. The stock has a 50 day moving average price of $31.66 and a 200 day moving average price of $24.83. The firm’s market cap is $3.05 billion. Scientific Games Corp has a 12 month low of $8.07 and a 12 month high of $39.25.

Scientific Games Corp (NASDAQ:SGMS) last issued its quarterly earnings data on Monday, July 24th. The technology company reported ($0.44) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.08. The firm had revenue of $766.30 million for the quarter, compared to the consensus estimate of $732.93 million. During the same quarter in the prior year, the firm earned ($0.59) EPS. The company’s revenue was up 5.1% on a year-over-year basis. On average, equities analysts expect that Scientific Games Corp will post ($2.27) earnings per share for the current fiscal year.

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In other news, Director Gabrielle K. Mcdonald sold 2,133 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $38.50, for a total transaction of $82,120.50. Following the completion of the transaction, the director now directly owns 7,173 shares in the company, valued at $276,160.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP James C. Kennedy sold 122,681 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $37.14, for a total transaction of $4,556,372.34. Following the transaction, the executive vice president now owns 186,363 shares of the company’s stock, valued at $6,921,521.82. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 192,850 shares of company stock valued at $7,281,691. Company insiders own 42.03% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Oppenheimer Asset Management Inc. acquired a new stake in shares of Scientific Games Corp during the first quarter valued at $120,000. Ameritas Investment Partners Inc. boosted its stake in shares of Scientific Games Corp by 13.5% in the second quarter. Ameritas Investment Partners Inc. now owns 4,673 shares of the technology company’s stock valued at $122,000 after buying an additional 556 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Scientific Games Corp during the first quarter valued at $130,000. State of Alaska Department of Revenue boosted its stake in shares of Scientific Games Corp by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 5,640 shares of the technology company’s stock valued at $133,000 after buying an additional 150 shares in the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in shares of Scientific Games Corp during the second quarter valued at $209,000. 60.11% of the stock is currently owned by institutional investors.

About Scientific Games Corp

Scientific Games Corporation is a developer of technology-based products and services and associated content for the gaming, lottery and interactive gaming industries. Its segments include Gaming, Lottery and Interactive. Its portfolio includes gaming machines and game content, casino management systems, table game products and services, instant and draw-based lottery games, server-based gaming and lottery systems, sports betting technology, lottery content and services, loyalty and rewards programs, interactive gaming and social casino solutions.

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