Zacks Investment Research Lowers Scientific Games Corp. (SGMS) to Sell
Scientific Games Corp. (NASDAQ:SGMS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday.
According to Zacks, “Scientific Games has been impacted by the weakness in the gaming segment especially with regard to WAP, premium installed base and gaming systems. Nonetheless, the company holds a premium position in the gaming equipment space. In addition, the acquisitions of Bally Technologies and WMS Industries are positives as they diversify its product portfolio and expand its global footprint. Earnings estimates for the company have remained stable for a while now.”
Separately, Deutsche Bank AG reissued a “hold” rating and set a $7.00 target price on shares of Scientific Games Corp. in a research note on Sunday, June 26th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $10.02.
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Scientific Games Corp. (NASDAQ:SGMS) traded down 0.78% during midday trading on Monday, hitting $12.65. The company had a trading volume of 269,642 shares. The firm has a 50-day moving average price of $10.75 and a 200-day moving average price of $9.81. The company’s market cap is $1.11 billion. Scientific Games Corp. has a 12 month low of $4.56 and a 12 month high of $13.33.
Scientific Games Corp. (NASDAQ:SGMS) last posted its earnings results on Friday, August 5th. The company reported ($0.59) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.81) by $0.22. The firm had revenue of $729.20 million for the quarter, compared to analyst estimates of $708.84 million. During the same period in the previous year, the company posted ($1.19) EPS. Equities analysts anticipate that Scientific Games Corp. will post ($3.25) EPS for the current year.
In other news, Director David L. Kennedy sold 100,000 shares of the stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $10.49, for a total value of $1,049,000.00. Following the transaction, the director now owns 121,765 shares in the company, valued at approximately $1,277,314.85. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 42.03% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SGMS. Vanguard Group Inc. increased its position in Scientific Games Corp. by 2.4% in the second quarter. Vanguard Group Inc. now owns 4,271,173 shares of the company’s stock worth $39,252,000 after buying an additional 100,329 shares during the last quarter. BlackRock Fund Advisors increased its position in Scientific Games Corp. by 4.8% in the second quarter. BlackRock Fund Advisors now owns 3,278,561 shares of the company’s stock worth $30,130,000 after buying an additional 149,498 shares during the last quarter. Bridger Management LLC acquired a new position in Scientific Games Corp. during the first quarter worth approximately $15,391,000. Bogle Investment Management L P DE acquired a new position in Scientific Games Corp. during the first quarter worth approximately $3,590,000. Finally, Principal Financial Group Inc. increased its position in Scientific Games Corp. by 3.7% in the second quarter. Principal Financial Group Inc. now owns 356,549 shares of the company’s stock worth $3,277,000 after buying an additional 12,842 shares during the last quarter. Institutional investors and hedge funds own 67.90% of the company’s stock.
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. The Company operates through three segments: Gaming, Lottery and Interactive. The Company’s 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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